Funding news · Sep 16, 2026
Kanin Energy Raises $100M Series A Led by S2G Investments for Waste Heat to Power
Kanin Energy Secures $100M Series A
Kanin Energy, a waste heat to power developer, has raised $100 million in Series A funding. The round was led by S2G Investments, with participation from Canada Growth Fund.
What Kanin Energy Does
Kanin Energy converts heat exhausted by industrial facilities into carbon-free, on-site electricity. The company operates under an Energy-as-a-Service model: it finances, builds, owns, and operates the assets, so customers commit no upfront capital.
Headquartered in Calgary with an office in Houston, Kanin Energy serves heavy-industry clients across North America. Its commercial portfolio includes roughly 50 MW of projects in operation or construction, including a facility powering the University of Dayton.
The company is led by CEO Janice Tran.
Round Details
- Company: Kanin Energy
- Headquarters: Calgary, Canada (with an office in Houston)
- Stage: Series A
- Amount: $100,000,000
- Date: September 16, 2026
- Lead Investor: S2G Investments
- Investors: S2G Investments, Canada Growth Fund
Why It Matters
Waste heat to power sits at the intersection of industrial efficiency and carbon-free generation. Kanin Energy's Energy-as-a-Service structure removes the capital barrier that often stalls industrial decarbonization projects, allowing heavy-industry customers to adopt on-site generation without upfront investment.
The roughly 50 MW portfolio in operation or construction gives the company a commercial track record rather than a purely developmental pipeline. The University of Dayton facility serves as a reference installation in the portfolio.
With $100 million in new capital and backing from S2G Investments and Canada Growth Fund, Kanin Energy is positioned to expand its project development across North America. For acquirers and strategic investors in energy transition infrastructure, the company offers an operating platform, a repeatable financing model, and a customer base in hard-to-abate industrial sectors.