Munich Startup: What problem does Orcan Energy solve?
Andreas Sichert, Orcan Energy: To put it bluntly: With our solutions, we put an end to energy waste. We develop, produce, and distribute modules to generate clean electricity from waste heatUntil now, waste heat from industrial processes, for example, has often simply been released into the atmosphere – making it the world's largest untapped energy resource. We are tapping into this enormous waste heat potential – enabling not only significant cost savings but also massive reductions in CO2 emissions. This makes Orcan Energy's technology a key factor in the energy world of today and tomorrow. The modules sold in 2022 alone will save approximately one million tons of CO2 over their lifetime.
Munich Startup: How has your solution developed since its founding?
Andreas Sichert: Since Orcan Energy was founded, we have significantly advanced the Organic Rankine Cycle (ORC) technology, which is well-known in power plant construction. Most importantly, we have massively reduced the technology's dimensions, by a factor of approximately 1,000. This innovation has enabled us to develop a product with broad applicability. For the first time, Orcan Energy is harnessing smaller waste heat sources and lower temperatures with this technology, thus tapping into previously wasted heat potential.
On this basis, we are continuously developing our technology and our products so that we can use them in an ever-increasing number of applications. Our technology is now highly flexible in terms of waste heat sources. We can install the modules anywhere waste heat is generated—for example, in engines, in industrial processes, on ships, or even in geothermal plants. We are very pleased that many customers in the marine, cement, steel, geothermal, and oil and gas sectors are already generating affordable, clean electricity with our support, thereby improving their ecological footprint and making an active contribution to climate protection.
Orcan Energy aims to “make a significant contribution to the global energy transition”
Munich Startup: What have been your greatest successes so far?
Andreas Sichert: In the almost 15 years since then, we have achieved several milestones. Andreas Schuster, Richard Aumann, and I founded Orcan Energy in 2008 with the goal of offering companies from various industries and sectors a simple, economical, and efficient solution for generating electricity from waste heat. Together with our customers, we aim to make a significant contribution to the global energy transition. The company's greatest success is certainly that we have been achieving these goals step by step since then: More than 500 Orcan modules have now been marketed internationally.
Munich Startup: And how are things looking financially for you?
Andreas Sichert: We are clearly on Growth path: Last year, we tripled our order intake, and this year we expect sales to multiply. Just a few months ago, we raised €28.5 million in growth capital. This financing will enable us to continue expanding rapidly, sustainably, and internationally.
With perseverance and patience to become a “seasoned company”
Munich Startup: What learnings did you take with you as a founding team?
Andreas Sichert: Over the past few years, we've been able to gain innumerable experience and learn many lessons. First and foremost, you need a good idea and a strong product. That is and remains crucial. Our technology has a direct impact on the environment. For our energy modules to have such a significant impact today, it took persistence and patience above all else. Both product development and, even more so, the scaling of companies simply takes time – especially in the hardware and energy sectors. Now we're a seasoned company with international customers and renowned investors. But it hasn't been an easy path.
Munich Startup: What role did the Munich ecosystem play in your journey?
Andreas Sichert: Initially, TUM, the "home university" of the three of us founders, naturally played a major role. It offers excellent opportunities to conduct cutting-edge research and then translate it into commercially viable concepts. Munich startup initiatives and programs like "UnternehmerTUM" are also valuable platforms—be it for events or for expanding the network. Finally, it is certainly no coincidence that we still have valuable partners here in Munich today, with our investor Wellington Partners, and especially with our esteemed Chairman of the Supervisory Board, Christian Reitberger (of Wellington Partners).
Munich Startup: What milestones are you working towards next?
Andreas Sichert: Our current focus is on internationalization and expanding global supply chains. Our solutions are already well established in markets such as Europe and the US. We now want to accelerate our commercial development, especially in fast-growing emerging markets such as the Middle East, North Africa, Asia, and the Pacific.
