Kanin Energy secures $100M for industrial waste heat recovery

Kanin Energy, a Calgary-based industrial energy developer, has secured up to $100 million in new equity financing to expand its waste heat-to-power (WHP) projects across North America. The funding round was led by S2G Investments with a $50 million commitment, alongside a $50 million contribution from the Canada Growth Fund.

The company utilizes an ‘Energy-as-a-Service’ model to finance, build, and operate systems that convert thermal energy—often vented as a byproduct in sectors like steel, cement, and refining—into baseload electricity. Kanin notes that up to 58% of energy used in manufacturing is lost as waste heat. By capturing this energy, the company aims to help heavy industries reduce power costs, improve reliability, and meet decarbonization targets without requiring additional fuel or producing new emissions.