Orcan Energy and Baseload Capital to partner on geothermal in U.S.
Germany-based Orcan Energy and Swedish Baseload Capital kick off a joint project in the U.S. oil and gas market, to tap geothermal heat seeing a great scaling potential.
Swedish investment entity Baseload Capital, which specializes in funding and deployment of clean heat power solutions worldwide, and Munich-based company Orcan Energy, the leading waste heat solutions provider in Europe and Asia with over 500 ORC plants installed internationally announce a partnership on geothermal development in the oil and gas industry in the U.S.
Orcan‘s ORC systems will be used to convert previously unused geothermal heat from oil and gas production into CO2-free and low-cost electricity. Together with a Baseload Capital industry partner, a reference project will be developed in the U.S. as a first step in a promising application.
Orcan Energy has been active in Germany, having set up its small-scale ORC units at the Kirchweidach geothermal site in Bavaria, Germany as we reported in 2021. Baseload Capital has been focused on smaller scale geothermal development with operating power plants in Iceland, projects in Japan, Taiwan, Iceland and the United States. To read more about the company’s activities in 2021, check out its Annual Report released yesterday.
“It is great to see, that our technology and products provide the key to tap another huge field of unused energy, in this case, geothermal heat in the oil and gas extraction process,” says Andreas Sichert, CEO of Orcan Energy. “This project and its follow-ups will contribute to an affordable and secure energy transition towards a net-zero future.”
Orcan’s decentralized modules have already proven themselves in the oil and gas environment, through a reference in the respective segment in Germany. In May 2021 Orcan Energy first entered the U.S. oil and gas market in a cooperation with ICE Thermal Harvesting LLC. After signing a major order with the U.S. supplier, now follows a second cooperation, further establishing Orcan’s technology in North America.
“The world cannot yet live without oil, but by taking advantage of an existing green energy source, we can reduce its CO2 footprint. If the project is as successful as we anticipate, it will be the first of many successful joint projects.” says Baseload Capital CEO Alexander Helling.
Based on the results of the project, Baseload Capital will be able to evaluate the potential of developing similar projects at sites across the U.S.
Source: Press release by email, Baseload Capital