Kanin Energy raises up to $100 million for waste heat-to-power projects across North America

Type: Financing · Technology: Industrial · Country: Canada · Value: $100M · Announced: 2026-09-17

Kanin Energy, a Calgary-based industrial energy developer founded in 2020, announced closing up to $100 million in new equity financing led by S2G Investments with a $50 million commitment, alongside participation from the Canada Growth Fund (CGF) which committed up to $50 million. The proceeds will accelerate deployment of projects converting industrial waste heat into electricity for facilities across North America, targeting sectors including natural gas, cement, refineries, and steel. Kanin's Energy-as-a-Service model finances, develops, constructs, and operates waste heat recovery projects that deliver baseload electricity at below-market rates while reducing host facilities' power costs, reliability constraints, and emissions. The transaction addresses the material industrial energy loss where up to 58% of consumed energy is vented as waste heat, providing a carbon-free power solution with no additional fuel requirements.

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