Kanin Energy Closes $100M Fundraise to Scale Industrial Waste Heat to Power Across North America

S2G Investments Leads Round with Participation from Canada Growth Fund

CALGARY, AB and HOUSTON, Sept. 16, 2026 /PRNewswire/ -- Kanin Energy (Kanin) today announced it has raised up to $100 million (~C$138 million) in new equity financing, with S2G Investments (S2G) leading the round with a commitment of up to $50 million (~C$69 million), alongside a commitment of up to $50 million (~C$69 million) from Canada Growth Fund (CGF). The capital will directly support Kanin's development, construction, and operation of waste heat to power (WHP) and other on-site power projects across heavy industry in Canada and the United States, expanding on a commercial pipeline that already includes an operating facility and several in construction facilities.

The financing marks a significant milestone for Kanin as it scales its innovative Energy-as-a-Service business model, allowing Kanin to finance, develop, build, and operate power assets for industrial operators, reducing their cost of power, improving power reliability, and reducing emissions. With an operating WHP project now supplying zero-emission electricity to the University of Dayton and a growing project pipeline across midstream and other industrial sectors, including the Mewbourn WHP Power Project in Weld County, Colorado, Kanin's model is commercially proven. The company's commercial portfolio includes ~50 MW of WHP projects in construction or operation.

"Kanin was built on the belief that industrial facilities already hold the solution to their own energy challenges, they just need the right partner to execute," said Janice Tran, CEO of Kanin. "We are proud to partner with S2G and CGF, who share this vision. Their investments will allow more WHP and on-site power projects to get built. At a time when power costs continue to rise, these solutions are an important tool for our industrial customers to manage their costs, operations and emissions."

"Rising power prices, grid congestion, and reliability constraints are pushing industrial companies to rethink how they source power. Waste heat has largely been an underused solution, but as these constraints persist, there's a clear and growing incentive to capture it and put it to productive use," said Marisa Sweeney, Principal at S2G. "We view this as a category with real staying power, and believe that Kanin's team has the experience and discipline to meet this rising demand at scale."

"Investing in scalable cleantech solutions strengthens Canada's economy and helps create new, reliable power for heavy industries," said Yannick Beaudoin, President and Chief Executive Officer of Canada Growth Fund Investment Management (CGFIM). "Kanin Energy's waste heat to power solutions turn an already-wasted resource into reliable, cost-effective, clean electricity for industrial operators, and we're pleased to back a Canadian company with a proven, commercially operating track record across North America."

About the opportunity

The industrial sector generates enormous amounts of waste heat as a byproduct of normal operations that is continuously vented to the atmosphere at thousands of facilities across North America in oil & gas operations, cement plants, steel mills, and other metals & minerals production. Capturing this waste heat and creating power requires no additional fuel and produces no additional emissions. It is a valuable but wasted resource that can offer a solution at a time when industrial facilities are finding ways to reduce their power costs and emissions.

Up to 58% of energy consumed in industrial processes is lost as waste heat. Kanin's model converts this waste heat into baseload electricity delivered directly to the host facility or a local off-taker at below-market rates. Rather than developing new power generation technology, Kanin deploys a suite of well-established solutions at industrial sites. The waste heat offering is built around organic Rankine cycle (ORC) turbines with over four decades of deployment history. Kanin's approach prioritizes bankability and reliability, with a focus on delivering projects customers can count on.

Kanin is positioned to bring its commercially proven model to industrial operators across the continent as industry faces increasing pressure to improve energy efficiency and reduce emissions.

About Kanin Energy

Kanin Energy is a technology-agnostic developer, owner, and operator of industrial energy assets, including Waste Heat to Power (WHP) and Combined Heat & Power (CHP). They bring expertise in designing, building, and operating power generation and thermal systems, structuring long-term offtake and interconnection agreements, as well as sourcing capital to finance major infrastructure projects for industrial operators. For more information, visit kaninenergy.com.

About S2G Investments

S2G Investments is a multi-asset investment firm focused on scaling durable, market-defining businesses across food & agriculture, energy, and oceans. We provide capital and value-added resources to companies commercializing solutions designed to improve efficiency, resilience, and long-term value across industries powering the global economy. Through fit-for-purpose financing and a systems-focused investment approach, S2G is committed to driving measurable, sustained outcomes with tailored solutions that span late-stage venture, growth equity, structured finance, and infrastructure. For more information about S2G, visit s2ginvestments.com or connect with us on LinkedIn.

About Canada Growth Fund 

CGF is a $15 billion arm's-length investment vehicle designed to attract private capital to build Canada's clean economy. It uses investment instruments that absorb certain risks to catalyze private investment in low-carbon projects, technologies, businesses, and supply chains. Visit http://www.cgf-fcc.ca for more information.

About Canada Growth Fund Investment Management

In Budget 2023, the Government of Canada appointed PSP Investments, through a wholly owned subsidiary, to act as the asset manager for CGF. CGFIM serves as the independent and exclusive asset manager for CGF.

SOURCE Kanin Energy