Baseload Capital and Orcan Energy are pleased to announce the commissioning of a first project utilizing waste heat from existing oilfield operations at Chevron U.S.A. Inc.´s (Chevron) San Ardo oil and gas field in California, USA. Baseload Capital is the project operator, collaborating with leading cleantech company Orcan Energy providing the state-of-the-art heat-to-power technology. The project, which started operations in July 2022, demonstrates the potential of using existing oil and gas wells for reliable and cost-effective renewable power production.
Up to 90% of the fluid produced from oil and gas wells is hot water - a source of heat energy waiting to be fully tapped. When paired with next-generation Organic Rankine Cycle (ORC) equipment, it can leverage that potential heat from the water to produce clean electricity at minimal costs. Baseload Capital and Orcan Energy's project with Chevron showcases the significant opportunities for the oil and gas industry to develop renewable energy and will pave the way for similar projects at other sites worldwide.
In 2021, Baseload Capital announced Chevron as a new strategic investor as part of a USD 25 million equity round. The partnership provides the potential for collaboration since ORC equipment, commonly used in the geothermal industry, opens new possibilities for the oil and gas industry. A new test site was commissioned in July 2022, demonstrating Orcan Energy's potential as a quickly accessible and easily installed waste heat-capturing solution.
"This project is a great start and demonstrates the tremendous potential for similar installations and cooperation. The results will boost renewable electricity production in the future. Collaboration is definitely the way forward to transform the energy sector," says Baseload Capital's CEO Alexander Helling.
"We are proud to work together with Baseload Capital and Chevron, converting unused energy into clean and affordable electricity. A special thanks go to Baseload Capital, an expert partner in geothermal applications. This project is just the start of novel geothermal energy conversion in the oil and gas sector. There are many active oil and gas wells in the United States suitable for excess heat recovery, making it an untapped clean energy resource with significant potential that we shall quickly make use of," says Andreas Sichert, CEO of Orcan Energy.
For Baeload Capital, please contact:
Alexander Helling CEO of Baseload Capital
alexander.helling@baseloadcap.com
For Orcan Energy, please contact:
Peter von Kageneck
peter.kageneck@orcan-energy.com
About Baseload Capital
Baseload Capital is a specialized investment entity that funds the deployment of heat power worldwide. Our portfolio of companies in Iceland, Japan, Taiwan and the U.S. work with local communities and power companies to permit, build and commission heat power plants.
Heat power is an affordable form of renewable energy that can be harnessed from either geothermal resources or waste heat. By applying innovative financing structures to help our local operators build and run the heat power plants, Baseload Capital can help nations quickly transition away from fossil fuels and toward energy independence. The result will lead to more resilient societies and a planet in balance.
About Orcan Energy
Orcan Energy AG is Europe's leading cleantech company that develops, manufactures and markets energy solutions for converting waste heat into clean electricity. The business was founded in 2008 by Dr. Andreas Sichert, Dr.-Ing. Andreas Schuster and Richard Aumann to provide a simple, economical and efficient solution for power generation through waste heat to companies from a variety of industries. Orcan Energy unlocks the enormous energy potential of unused waste heat sources based on Organic Rankine Cycle (ORC) technology. Customers in the marine, cement, steel, geothermal, oil and gas, and power generation sectors benefit from clean electricity at the lowest power generation costs in the world. More than 500 Orcan modules have already been marketed internationally. This makes Orcan Energy's efficiency PACKs the most used solution in the low-temperature sector worldwide. The global waste heat potential enables a massive reduction in CO2 emissions, making Orcan Energy's technology an important factor in the energy world of today and tomorrow. Orcan Energy employs approximately 60 people and is based in Munich, Germany.
For more information on the company, its products and its services, please visit www.orcan-energy.com.
