Orcan Energy and FutEra Power are collaborating to enhance the efficiency of FutEra's geothermal projects in Canada, as well as oil and gas assets
Co-produced natural gas and geothermal power project in Swan Hills, Alberta, Canada (source: FutEra Power Public Report, January 2023)
Orcan Energy (Orcan) has signed a Letter of Intent (LOI) with FutEra Power Corp (FutEra) to collaborate on projects across Canada. As part of this collaboration, Orcan will provide their know-how on modular heat recovery solutions to utilize the excess heat from FutEra’s geothermal projects, particularly in Western and Northern Canada, including the repurposing of sub-economic oil and gas wells and facilities.
Through the collaboration, FutEra also seeks to add waste heat recovery to existing oil and gas assets such as compressor stations.
Through this collaboration, Orcan will gain access to both large oil and gas refineries and a diverse pipeline of geothermal projects across Canada, tapping into FutEra’s local expertise and experience. For the oil and gas sector, adding waste heat recovery to existing assets will generate emission-free electricity from waste heat and significantly improve their overall efficiency.
For the geothermal scope, the focus will be on maximizing the energy efficiency of smaller and mid-sized geothermal projects. Orcan’s know-how in modular waste heat recovery solutions fits well with FutEra’s mission of developing geothermal and waste heat projects..
In early 2023, FutEra announced the start of operations of Canada’s first co-produced natural gas and geothermal power project in Swan Hills, Alberta. A few months later, the majority stake of FutEra was transferred from Razor Energy Corp. to the Alberta Investment Management Corporation (AIMCo).
Orcan’s waste heat recovery technology turns heat into clean electricity. Applying this modular technology will not only improve the operational efficiency of oil and gas assets and geothermal projects but also significantly reduce CO? emissions, helping Canada’s energy sector transition towards a more sustainable and diverse energy industry.
Orcan has already proven the reliability and efficiency of their modules with implementations at compressor stations and geothermal projects, among others.
““This collaboration marks an important step for us in entering the Canadian market. With FutEra’s local expertise and our innovative technology, we are excited to contribute to the decarbonization of the energy sector by leveraging a wide array of projects,” ”
““We are thrilled to partner with Orcan to bring scalable and modular solutions that work well in the oil, gas and geothermal sectors. Together, we can even tap into the sunk value of subeconomic oil and gas assets to maximize the efficiency of geothermal projects. For us, a strong business case, short implementation timelines, and a modular, scalable approach were essential. Orcan meets those requirements” ”