Kanin Energy announced that it has raised $100 million, approximately C$138 million, in new equity financing. S2G Investments is leading the round with up to $50 million, and Canada Growth Fund is providing up to $50 million. The capital will support waste heat to power and other on-site power projects across heavy industry in Canada and the United States, expanding a commercial pipeline that already includes an operating facility and several facilities under construction.
Strategic Equity Commitments
S2G Investments is a multi-asset investment firm focused on scaling durable businesses across food and agriculture, energy, and oceans. Canada Growth Fund is a $15 billion arm's-length public investment vehicle designed to attract private capital to build Canada's clean economy. The two commitments provide Kanin with institutional backing to accelerate its Energy-as-a-Service model for industrial power assets.
Powering Industry with Waste Heat
Industrial operations lose up to 58 percent of the energy they consume as waste heat, which is normally vented to the atmosphere at thousands of facilities across North America. Kanin captures this thermal energy and converts it into baseload electricity using organic Rankine cycle turbines that have more than four decades of deployment history. The process requires no additional fuel and produces no additional emissions, delivering power directly to host facilities or local off-takers at below-market rates.
Commercially Proven Pipeline
Kanin operates an Energy-as-a-Service business model that finances, develops, builds and operates power assets for industrial operators. Its commercial portfolio includes roughly 50 megawatts of waste heat to power projects in construction or operation. An operating project currently supplies zero-emission electricity to the University of Dayton, and the pipeline includes the Mewbourn Waste Heat to Power Project in Weld County, Colorado.
Executive Perspectives
Janice Tran, Chief Executive Officer of Kanin, said industrial facilities already hold the solution to their own energy challenges and need the right partner to execute. Marisa Sweeney, Principal at S2G Investments, noted that rising power prices, grid congestion and reliability constraints are pushing industrial companies to rethink how they source power. Yannick Beaudoin, President and Chief Executive Officer of Canada Growth Fund Investment Management, said the investment strengthens Canada's economy and helps create new reliable power for heavy industries.
Market Tailwinds and Strategic Fit
Grid congestion, rising electricity costs and reliability constraints are increasing demand for on-site power solutions across North America. Waste heat has historically been an underused industrial electricity source, but persistent constraints are creating clearer incentives to capture and use it productively. Kanin's technology-agnostic approach is positioned to meet this demand by deploying established systems at facilities in oil and gas, cement, steel and metals production.
Company and Partner Profiles
Kanin Energy is a technology-agnostic developer, owner and operator of industrial energy assets including waste heat to power and combined heat and power systems. S2G Investments provides capital and value-added resources to companies commercializing solutions that improve efficiency, resilience and long-term value. Canada Growth Fund uses investment instruments that absorb certain risks to catalyze private investment in low-carbon projects, technologies, businesses and supply chains.
The financing positions Kanin to expand its commercially proven waste heat-to-power and on-site power model across heavy industry in Canada and the United States. With backing from S2G Investments and Canada Growth Fund, the company gains both capital and institutional support to deliver reliable, cost-effective, and cleaner electricity for industrial operators. As power costs and emissions pressures continue to rise, Kanin's model offers a practical way to improve energy efficiency without adding fuel consumption or emissions.