Kanin Energy closes $100M growth equity fundraise
What's the deal? Kanin EnergyDealroom has a profile for this one. Try Dealroom →, a startup that converts industrial waste heat into on-site electricity, has raised up to $100 million (~US$101.2M) in new equity financing in a growth equity round. S2G Investments leads with a commitment of up to $50 million (~US$50.6M), alongside a commitment of up to $50 million (~US$50.6M) from the Canada Growth Fund. The capital will directly support the 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. As part of the deal, investors also gained control of the company's board, Axios Pro reported.
Why now? The startup is navigating tariffs, shifting emissions regimes, and a difficult fundraising environment for companies outside of AI.
Why it matters: The raise backs a commercially proven model — Kanin's portfolio already includes ~50 MW of WHP projects in construction or operation, including a facility supplying zero-emission electricity to the University of Dayton — and pairs S2G with the Canada Growth Fund, a $15 billion federal clean-economy vehicle.
The signal: Even amid investor caution toward non-AI startups, capital is flowing to industrial decarbonisation — though the ceded board control shows what founders may concede to close a large round in a tight market.
Read more: finance.yahoo.com
Image credit: Kanin Energy
