Waste heat is the most boring thing on an industrial site until someone turns it into clean baseload power and hands you the savings. Janice Tran, co-founder of Kanin Energy, joins Jason to break down how her team builds and finances waste heat to power projects, why their biggest competitor is a customer doing it themselves, the fresh $100 million raise, project finance capital stacks, and why heavy industrials with spare land are suddenly prime real estate for data centers.

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00:00 Intro
01:20 Meet Kanin Energy
02:27 Baseload power and project size
04:07 Why waste heat projects are hard
07:25 The real competition
09:06 Phillips 66 and Tallgrass projects
11:16 The $100M raise
14:34 Project finance and capital stacks
19:57 Infrastructure vs venture returns
25:23 Learning project finance
28:05 The founding story
31:02 Building for climate impact
34:03 Data centers on industrial sites
38:52 Wrap up

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