Kanin Energy

What Kanin Energy does

Kanin Energy is a North American project developer, founded in 2020 and headquartered at Greentown Labs in Houston with offices in Calgary and Middletown, Delaware, that specializes in waste heat to power (WHP) and adjacent industrial decarbonization solutions. The company targets energy-intensive heavy-industry sites — natural gas processing, pipelines, cement, refineries, steel, and increasingly data centers — and converts waste heat from gas turbines, compressors, kilns, and furnaces into baseload electricity using a technology-agnostic stack spanning Organic Rankine Cycle (ORC), Steam Rankine Cycle, and supercritical CO2 systems. Kanin operates as a turnkey developer, owning and operating assets through long-term Energy-as-a-Service contracts with host facilities.

The commercial model is structured around EaaS: Kanin finances, engineers, constructs, operates, and maintains WHP assets for the asset life, then monetizes output via behind-the-meter sales to the host at discounted rates, utility Power Purchase Agreements (e.g., AES Ohio), or royalty arrangements tied to power generation. Its largest disclosed engagement is a four-project partnership with Tallgrass Energy totaling 48 MW at Rockies Express Pipeline compressor stations in Ohio and Indiana, expected to generate 410,000 MWh annually and offset roughly 250,000 short tons of CO2e per year. Additional projects include a 7 MW facility at Phillips 66's Mewbourn natural gas processing complex in Colorado, a 9.2 MW University of Dayton project delivered with AES Ohio and Samuel EPC, and an active pipeline extending into hydrogen, chemicals, carbon capture, and data center applications.

The company's funding stack includes project-level capital from PaceZero Capital Partners (credit facility, August 2025) and equity from Wollemi Capital, Earthshot Ventures, and Bandera Capital. Kanin has been validated through repeated accelerator selections including Third Derivative, Rice Alliance, Plug and Play, and Canadian Technology Accelerator, and recognized on the 2024 NAWRCC Diamond List and the CPA Achievement Award. The leadership team — CEO Janice Tran (ex-Generate Capital), CDO Daniel Fipke, and CTO Jake Bainbridge — combines commercial origination, engineering, and project finance experience specific to industrial energy assets.

Name

Kanin Energy

Legal name

Kanin Energy Inc.

Website

https://www.kaninenergy.com/

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

11–50 employees

Short description

Kanin Energy is a turnkey waste heat to power project developer serving heavy industry. Founded in 2020 and based in Houston and Calgary, the company finances, builds, owns, and operates WHP systems at industrial facilities under Energy-as-a-Service agreements with midstream, refining, and utility customers.

Ownership category

akta.pro rank

Product category

Industrial Decarbonization Services

NAICS

Electric Power Generation (22111)

SIC

Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Onsite Low-Carbon Heat & CHP (Electrified CHP, Fuel Cells, Renewable CHP) (EUABAJAI)

akta.pro secondary industry

Biomass Plant EPC & Integration (Design/Build, Balance of Plant) (EUAAAGAH)

Keywords

• Waste heat recovery
• Industrial decarbonization
• Combined heat and power
• Energy-as-a-service
• Heavy industry emissions

Headquarters

HQ city

Calgary

HQ country

Canada

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Energy-as-a-Service (EaaS): Customers pay for energy services without any upfront capital investment. In this model, customers subscribe to energy services through projects owned and operated by Kanin. The company sells electricity to host facilities at discounted rates or generates revenue from royalty arrangements based on power generation.
2. Electricity Sales to Grid: Kanin generates electricity from waste heat recovery and sells it back to the power grid, creating revenue streams for industrial partners and providing baseload carbon-free power to utilities.
3. Power Sales to Industrial Facilities: Direct electricity sales to industrial facility owners at preferential rates, enabling them to reduce energy costs while Kanin generates revenue from the power generation assets they own and operate.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels8 records

Core offering

Kanin Energy is a turnkey project developer that designs, finances, engineers, constructs, owns, and operates waste heat to power (WHP), combined heat and power, and related decarbonization infrastructure for heavy industrial facilities. Using third-party capital under an Energy-as-a-Service model, the company captures waste heat from processes such as gas compression, refining, and cement production and converts it into baseload electricity via Organic Rankine Cycle, Steam Rankine Cycle, or Supercritical CO2 systems.

Product overview

Kanin Energy is a turnkey waste heat to power project developer offering a portfolio of decarbonization solutions. Their core products include Waste Heat to Power (WHP), Combined Heat & Power, and Data Center Power Solutions, with complementary offerings in Carbon Capture and Heat Pumps. All solutions are delivered through an Energy-as-a-Service (EaaS) model where Kanin develops, finances, engineers, constructs, operates, and maintains projects without requiring upfront capital from host facilities. The company is technology agnostic and adapts solutions to each industrial application, primarily deploying Organic Rankine Cycle (ORC) systems for waste heat conversion.

Differentiator

Problem solved

Functional benefit

Products and services

• Waste Heat to Power (WHP) Transforms industrial waste heat into clean baseload electricity by matching the appropriate thermodynamic cycle (ORC, Steam Rankine Cycle, or Supercritical CO2) to each facility's heat resource. Kanin develops, finances, and operates these projects for industrial host facilities.
• Combined Heat and Power On-site cogeneration assets that produce firm power and high-quality process heat for heavy industrial customers. Lower energy costs, reduce operational risk, manage emissions, and create revenue by exporting excess power.
• Data Center Power Solutions Builds and finances on-site power systems for data centers using gas turbines, reciprocating engines, fuel cells, waste heat to power, battery energy storage, carbon capture, and grid power management. Designed for rapid deployment and high-reliability requirements.
• Mewbourn Power Project

Quantifiable outcome

• Reduce carbon footprint by 71% (University of Dayton project)
• +7 more outcomes

Named customers4 records

Segments9 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Eight partnerships are on record, tiered core, flagship and minor.

• Samuel EPCcoreImplementation/ SI/ Consulting Partner · 2 July 2024Samuel EPC (Engineering, Procurement, and Construction) was selected to lead construction of the ~10 MW WHP project for University of Dayton. Samuel brings over three decades of global experience in the energy sector, providing project management, engineering and design, procurement and logistics, and construction and commissioning services.
• Tallgrass EnergyflagshipStrategic or Co-development Partner · 15 July 2022Tallgrass and Kanin Energy developed four waste heat to power projects capturing heat from Rockies Express Pipeline compressor stations. The partnership includes three projects in Ohio and one in Indiana with combined capacity of approximately 48 MW. Tallgrass provides infrastructure access while Kanin handles project development, financing, and operations. Projects offset nearly 250,000 tons of CO2 equivalent annually.
• Greentown LabsminorOthersKanin Energy is headquartered at Greentown Labs in Houston, a major climate technology incubator and community for startups working on energy and sustainability solutions.
• Generate CapitalminorStrategic or Co-development PartnerCEO Janice Tran previously worked as a director for San Francisco-based sustainable infrastructure investor Generate Capital before founding Kanin Energy. She described creating 'the company I always wanted to invest in.'
• Tallgrass EnergyflagshipTechnology or IntegrationTallgrass Energy partnership for WHP projects at Rockies Express Pipeline compressor stations. The waste heat from gas turbines is captured and converted to electricity using ORC technology. Tallgrass provides compressor station infrastructure access for WHP installations.
• AES OhiocoreStrategic or Co-development PartnerAES Ohio, a regulated electric utility serving over 527,000 customers, entered into an agreement with Tallgrass to purchase power from the WHP project to meet the University of Dayton's electricity needs. The utility acts as power offtaker enabling the innovative decarbonization project.
• Phillips 66coreStrategic or Co-development PartnerKanin Energy developing 7 MW waste heat to power facility at Phillips 66's Mewbourn natural gas processing complex in Platteville, Colorado. Kanin will develop, own, and operate the facility enabling Phillips 66 to access lower-cost power and reduced emissions without upfront capital investment.
• Rockies Express Pipeline (REX)flagshipTechnology or IntegrationRockies Express Pipeline is one of the largest natural gas pipelines in North America spanning 1,698 miles from Colorado to Ohio. Kanin's WHP projects capture heat from compressor stations along the pipeline, which is 75% owned by Tallgrass and 25% by Phillips 66.

Scale indicators9 records

Recent moves6 records

Expansion highlights4 records

Market position

Strengths4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/kaninenergy
• LinkedInlinkedin.com/company/kaninenergy

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds8 records

Investors9 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Kanin Energy