Munich Startup: What problem does Orcan Energy solve?
Andreas Sichert, Orcan Energy: To put it bluntly: with our solutions, we end energy waste. We develop, produce, and distribute modules for generating clean electricity from waste heat. Until now, waste heat in industrial processes, for example, is often simply blown into the air – making it the world’s largest unused energy resource. We unlock this enormous waste heat potential – and enable not only significant cost savings but also massive reductions in CO2 emissions. This makes Orcan Energy’s technology an important factor in today’s and tomorrow’s energy world. The modules sold throughout 2022 alone will save approximately one million tons of CO2 over their lifetime.
Munich Startup: How has your solution developed since founding?
Andreas Sichert: Since founding Orcan Energy, we have significantly advanced the Organic Rankine Cycle (ORC) technology known from power plant construction. Most importantly, we drastically reduced the technology’s size – by a factor of around 1,000. This innovation enabled us to develop a product with broad applicability. Orcan Energy is the first to make smaller waste heat sources and lower temperatures usable with this technology, thereby unlocking previously wasted heat potential.
Based on this foundation, we continuously develop our technology and products so we can deploy them in ever more applications. Our technology is highly flexible today with respect to the waste heat source. We can install the modules wherever waste heat is generated – for example, in motors, industrial processes, ships, or geothermal systems. We are very pleased that many customers from the marine, cement, steel, geothermal, oil, and gas sectors already generate clean electricity cost-effectively with our support, improve their environmental balance, and make an active contribution to climate protection.
Orcan Energy wants to “make a significant contribution to the global energy transition”
Munich Startup: What have been your biggest successes so far?
Andreas Sichert: In almost 15 years now, we have achieved some important 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 converting waste heat into electricity. Together with our customers, we want to make a significant contribution to the global energy transition. The biggest company success is certainly that we have achieved these goals step by step ever since: more than 500 Orcan modules have already been marketed internationally.
Munich Startup: And how are things looking financially for you?
Andreas Sichert: We are clearly on a growth trajectory: last year we were able to triple our order intake, and this year we expect to multiply our revenue. Just a few months ago, we raised 28.5 million euros in growth capital. This financing enables us to continue to expand rapidly, sustainably, and internationally in the future.
From persistence and patience to an “established company”
Munich Startup: What lessons did your founding team learn?
Andreas Sichert: Over the past years, we have gathered countless experiences and drawn many lessons. First of all, you need a good idea and a strong product. That is and remains crucial. Our technology has direct impact for the environment. For our energy modules to have great impact today, it took above all persistence and patience. Both the development of products and especially the scaling of companies simply requires time – particularly in the hardware and energy sector. Now we are an “established” company with international customers and renowned investors. But it was not an easy path.
Munich Startup: What role did the Munich ecosystem play on your journey?
Andreas Sichert: First of all, TUM, the “home university” of us three founders, played a major role. Here there are excellent opportunities to conduct cutting-edge research and translate it into commercially viable concepts. Munich entrepreneurship initiatives and offerings like “UnternehmerTUM” are also valuable platforms – whether for events or for expanding your network. Finally, it is certainly no coincidence that with our investor Wellington Partners and especially with our esteemed board chairman Christian Reitberger (from Wellington Partners) we have valuable partners here in Munich to this day.
Munich Startup: What milestones are you working toward next?
Andreas Sichert: Our focus is currently on internationalization and expanding global supply chains. In markets like Europe and the USA, we are already well established with our solutions. Now we want to accelerate our commercial development especially in fast-growing emerging markets such as the Middle East, North Africa, Asia, and the Pacific region.
