Organic Rankine Cycle ORC Plants

Organic Rankine Cycle ORC Plants Market Outlook

The global Organic Rankine Cycle (ORC) plants market is projected to reach approximately USD 4.3 billion by 2035, expanding at a compound annual growth rate (CAGR) of around 8.5% during the forecast period from 2025 to 2035. This growth trajectory is driven primarily by increasing demand for sustainable energy solutions, heightened regulatory support for renewable energy technologies, and advancements in waste heat recovery systems. The rising focus on enhancing energy efficiency in various industries, coupled with the escalating need for reliable and clean power generation solutions, is expected to significantly bolster market growth. Furthermore, the ongoing shift towards decarbonization and the integration of ORC systems in emerging economies are anticipated to provide additional impetus to the market over the coming years.

Growth Factor of the Market

The Organic Rankine Cycle plants market is benefiting from several pivotal growth factors. Firstly, the increasing emphasis on energy efficiency across various sectors is driving investments in ORC technology, which utilizes low-grade heat sources effectively. Additionally, the growing awareness of environmental sustainability is pushing industries to adopt cleaner energy solutions, thereby propelling the demand for ORC plants. Furthermore, government incentives and policies aimed at promoting renewable energy utilization are fostering favorable market conditions for ORC technologies. The expanding industrial sector in developing regions, particularly in Asia-Pacific, is also expected to contribute significantly to the market growth as industries seek cost-effective energy solutions. Moreover, technological advancements in turbine efficiency and heat exchangers are enhancing the overall performance of ORC systems, making them more attractive to potential users.

Key Highlights of the Market

• Projected market size of USD 4.3 billion by 2035 with a CAGR of 8.5%.
• Strong demand for renewable energy solutions and waste heat recovery systems.
• Significant investments driven by regulatory support and sustainability initiatives.
• Technological advancements enhancing the efficiency and reliability of ORC systems.
• Growing industrialization in developing regions creating new market opportunities.

By Plant Type

Biomass ORC Plants:

Biomass ORC plants are increasingly gaining traction as a viable option for converting biomass into usable energy. These plants utilize organic materials, such as agricultural residues, forest biomass, and waste, to produce heat that drives the ORC process. By efficiently harnessing low-temperature biomass resources, these systems can operate effectively and provide a renewable energy source. The growing emphasis on sustainable waste management and the proliferation of biomass resources in regions with agricultural activities contribute to the favorable growth outlook of biomass ORC plants. As industries seek to minimize their carbon footprint, the adoption of biomass ORC technology is expected to facilitate cleaner energy generation while promoting waste valorization.

Geothermal ORC Plants:

Geothermal ORC plants capitalize on the Earth's internal heat to generate electricity efficiently. This technology is well-suited for regions with significant geothermal resources, allowing for sustainable power generation with minimal environmental impact. The ability to tap into low-temperature geothermal sources makes ORC systems particularly appealing, as they can operate efficiently where traditional geothermal technologies may be less effective. As the global focus on renewable energy intensifies, investments in geothermal ORC systems are projected to rise, especially in countries with established geothermal energy sectors. This segment is anticipated to see robust growth due to the increasing recognition of geothermal energy's potential in reducing greenhouse gas emissions.

Waste Heat ORC Plants:

Waste heat ORC plants are designed to recover and convert waste heat from industrial processes into electricity. These systems play a crucial role in enhancing overall energy efficiency by utilizing heat that would otherwise be discarded. The growing awareness among industries regarding energy conservation and operational efficiency is driving the adoption of waste heat recovery technologies. Industries such as manufacturing, oil and gas, and chemical processing are prime candidates for waste heat ORC solutions, as they generate substantial amounts of waste heat. The potential for significant cost savings and improved sustainability is expected to fuel the demand for waste heat ORC plants in the coming years.

Solar ORC Plants:

Solar ORC plants utilize solar energy to generate electricity through the ORC process, leveraging solar collectors to heat a working fluid. This technology offers a sustainable solution for regions with abundant sunlight, allowing for clean and renewable power generation. The increasing investments in solar energy infrastructure and the declining costs associated with solar technology are propelling the growth of solar ORC plants. Additionally, the versatility of ORC systems enables their integration into existing solar installations, enhancing overall energy output. The pursuit of greener energy solutions aligns well with the solar ORC market, making it a promising segment for stakeholders looking to capitalize on renewable energy opportunities.

Others:

This category encompasses various other types of ORC plants that may not fall directly under the primary classifications. It includes innovative technologies and hybrid systems that combine multiple energy sources to optimize efficiency. The ongoing research and development in this field are fostering the emergence of novel ORC applications and configurations. As industries look for tailored solutions to meet unique energy demands, these alternative ORC plants are expected to gain popularity. The adaptability and potential for customization within this segment make it an intriguing area of exploration for future advancements in ORC technology.

By Application

Power Generation:

The power generation segment represents a significant application for ORC plants, where they are deployed to produce electricity from various heat sources. The efficiency of ORC technology in converting low-temperature heat into electrical energy makes it an attractive option for diverse industries. With the increasing demand for clean and sustainable energy solutions, the integration of ORC systems in power generation projects is expected to grow substantially. Additionally, the ability to complement conventional energy sources with ORC technology enhances energy diversification. As more countries aim to transition to sustainable energy grids, the power generation application of ORC plants will continue to be a focal point for market growth.

Combined Heat and Power (CHP):

CHP, or cogeneration, is another vital application of ORC plants, where both electricity and useful heat are generated from the same energy source. This dual output significantly improves overall energy efficiency and reduces emissions compared to separate heat and power generation systems. Industries seeking to maximize resource utilization are increasingly adopting ORC-based CHP systems, especially in sectors such as manufacturing, food processing, and district heating. The rising focus on energy efficiency and sustainability aligns well with the CHP application, highlighting its potential for future market expansion. The ability to provide both power and thermal energy from renewable sources positions CHP as a key driver in the evolving energy landscape.

Others:

The 'Others' category in applications includes various niche and emerging uses of ORC technology that are not classified under conventional power generation or CHP. This area is characterized by innovative applications such as remote power supply systems, integration with industrial processes, and energy recovery from other waste heat sources. With the continuous evolution of technology and increasing recognition of ORC systems’ flexibility, new applications are continuously being explored. These innovative approaches are contributing to the diversification of the market, as industries seek customized solutions to their energy needs. The growing interest in unconventional applications will play a pivotal role in shaping the future of the ORC plants market.

By Combined Heat and Power

Micro CHP:

Micro Combined Heat and Power (CHP) systems are small-scale installations that produce both heat and power for residential or small commercial applications. These systems are increasingly favored due to their ability to enhance energy efficiency and reduce utility costs in low-energy settings. Micro CHP systems utilizing ORC technology are gaining traction as they can operate efficiently even at low thermal loads. The growing trend toward decentralized energy production and energy independence is driving interest in micro CHP solutions, as they empower consumers to generate their power and heat. As awareness of energy security continues to rise, the micro CHP segment of ORC plants is poised for significant growth.

Small Scale CHP:

Small scale CHP systems bridge the gap between micro and larger installations, catering to small and medium-sized enterprises (SMEs) and certain residential applications. These systems typically range from tens to a few hundred kilowatts in output and are designed to optimize energy use in specific facilities. The versatility of small scale CHP using ORC technology allows for efficient operation across numerous industries, including hospitality, healthcare, and light manufacturing. As average energy consumption patterns in these sectors evolve, the demand for small-scale CHP solutions is expected to rise, backed by a focus on energy efficiency and sustainability.

Large Scale CHP:

Large scale CHP systems are designed for larger facilities and industrial applications, providing substantial electricity and heat generation. These systems can serve significant energy demands in sectors such as manufacturing, district heating networks, and large commercial buildings. The effectiveness of large-scale CHP systems greatly enhances energy efficiency, reduces operational costs, and enables industries to meet regulatory compliance for emissions. With the transition to greener energy sources becoming a priority, large scale CHP utilizing ORC technology is anticipated to experience robust growth, as industries look for reliable and sustainable power generation solutions.

By Capacity

Up to 5 MW:

ORC plants with a capacity of up to 5 MW are ideal for smaller applications, such as remote power generation and niche industrial processes. These systems can efficiently convert low-temperature heat from various sources into electricity. The compact size and scalability of these plants make them particularly appealing for industries looking to integrate renewable energy solutions without significant infrastructure investments. As the demand for decentralized energy solutions continues to grow, the market for ORC systems in this capacity range is expected to expand, driven by the need for reliable and cost-effective power generation.

5-10 MW:

The 5-10 MW capacity range caters to medium-sized applications, including small industrial plants and commercial facilities. ORC systems in this category are well-suited for processes that produce substantial waste heat, enabling efficient energy recovery and utilization. The increasing focus on operational efficiency and sustainability is propelling the adoption of ORC plants in this capacity range, as industries seek to optimize resource use and reduce energy costs. As more organizations recognize the importance of energy efficiency, the demand for ORC systems in the 5-10 MW range is projected to rise significantly over the coming years.

10-20 MW:

Plants in the 10-20 MW capacity range are often implemented in larger industrial settings and utility-scale projects, where substantial heat recovery opportunities exist. These ORC systems are capable of serving more significant energy requirements while optimizing the conversion of waste heat into usable electricity. The efficiency and reliability of ORC plants in this capacity segment are crucial for industries aiming to enhance their sustainability profiles and comply with environmental regulations. The growing trend of integrating ORC technology into industrial processes is expected to drive the demand for 10-20 MW capacity systems, as companies look for robust solutions to meet their energy needs.

20-50 MW:

ORC plants with a capacity of 20-50 MW are increasingly being deployed in large-scale industrial applications and district heating networks. These systems are well-equipped to handle significant energy demands and are often utilized in conjunction with other renewable energy technologies. The ability to generate both electricity and heat efficiently positions 20-50 MW ORC plants as a compelling option for industries seeking to enhance their energy efficiency and sustainability. As global energy markets shift toward cleaner technologies, the demand for larger capacity ORC systems is anticipated to grow, particularly in sectors such as manufacturing, oil and gas, and waste management.

Above 50 MW:

ORC plants with capacities exceeding 50 MW typically cater to large-scale power generation projects and provide substantial energy outputs for industrial applications. These systems are designed to optimize the recovery of waste heat from significant sources, making them highly effective in enhancing overall energy efficiency. The growing emphasis on sustainable energy generation and the transition to low-carbon technologies are driving the demand for larger-capacity ORC solutions. As industries and utilities strive to meet ambitious sustainability targets, the adoption of above 50 MW ORC plants is expected to increase, reflecting the need for advanced energy generation solutions in the evolving energy landscape.

By User

Industrial:

The industrial segment represents a significant user category for ORC plants, as numerous industries generate substantial amounts of waste heat during their operations. Industries such as manufacturing, chemical processing, and oil and gas are key adopters of ORC technology, leveraging its ability to convert waste heat into usable energy. The ongoing pursuit of energy efficiency and sustainability within the industrial sector is driving investments in ORC systems, as companies seek to optimize their energy consumption and reduce operational costs. As regulatory pressures to minimize emissions continue to mount, the industrial user segment is poised for growth, reinforcing the role of ORC plants in supporting cleaner production processes.

Commercial:

The commercial sector is increasingly recognizing the benefits of ORC technology, particularly in applications where waste heat recovery can enhance overall energy performance. Commercial buildings such as hotels, shopping malls, and hospitals can benefit from ORC systems, as these installations enable efficient heating and power generation. The growing emphasis on energy efficiency and sustainability in the commercial sector is fueling the adoption of ORC plants, allowing businesses to reduce their energy costs and carbon footprints. As energy prices continue to rise, the demand for cost-effective and reliable energy solutions in the commercial segment is expected to expand significantly.

Residential:

In the residential sector, the adoption of ORC technology is gradually gaining momentum as awareness of energy efficiency and sustainability increases. Micro ORC systems, designed for homes, can utilize low-grade heat sources or solar energy to provide both heating and electricity. The growing trend toward decentralized energy solutions is encouraging homeowners to explore options for energy independence. As government incentives and support for renewable energy solutions become more prevalent, the residential user segment is likely to witness growth, making ORC technology an appealing alternative for consumers seeking sustainable energy solutions.

By Region

The regional analysis of the Organic Rankine Cycle plants market highlights distinct growth patterns and opportunities across various geographies. In North America, the market is projected to grow due to increasing energy efficiency regulations and the rising focus on renewable energy solutions. The United States, in particular, is expected to account for a significant share of the market, driven by investments in waste heat recovery technologies and the adoption of ORC systems for industrial applications. Meanwhile, Europe is witnessing robust growth, fueled by stringent environmental policies and a strong emphasis on sustainability. The region is projected to register a CAGR of 9.2% during the forecast period, as countries like Germany, France, and Italy invest heavily in renewable energy technologies, including ORC systems.

In the Asia-Pacific region, the ORC plants market is poised to experience substantial growth, driven by rapid industrialization and the rising demand for energy-efficient solutions. Countries such as China and India, which are focusing on enhancing their energy infrastructure and reducing emissions, are anticipated to be key contributors to this growth. Additionally, the Latin America and Middle East & Africa regions are expected to witness gradual market expansion, supported by increasing investments in renewable energy projects and growing awareness of waste heat recovery technology. Collectively, these regions present promising opportunities for stakeholders in the ORC plants market, as the global transition towards sustainable energy solutions gathers momentum.

Opportunities

The Organic Rankine Cycle plants market is set to benefit from numerous opportunities in the coming years. One significant opportunity lies in the rising demand for energy-efficient solutions across various industries. As companies strive to reduce energy consumption and carbon emissions, the implementation of ORC technology presents a viable option for improving energy efficiency. Furthermore, with advancements in technology, ORC systems are becoming more adaptable and scalable, enabling their integration into diverse applications, from small-scale projects to large industrial facilities. The ongoing research into enhancing ORC efficiency and performance is expected to open new avenues for market participants, fostering innovation and driving growth.

Another opportunity arises from the global push for sustainable energy solutions and waste heat recovery systems. As governments worldwide introduce favorable policies and incentives to encourage renewable energy adoption, the interest in ORC technology is likely to grow. Industries with high energy demands, such as manufacturing and oil and gas, are particularly well-positioned to capitalize on ORC plants for energy recovery and efficiency improvements. Additionally, the increasing focus on circular economy practices and waste management initiatives further aligns with the goals of ORC systems, presenting a unique opportunity for market players to provide tailored solutions that meet the evolving energy needs of various sectors.

Threats

Despite the promising outlook for the Organic Rankine Cycle plants market, several threats could hinder growth. One key threat is the potential competition from alternative renewable energy technologies, such as solar photovoltaic (PV) and wind energy, which may attract investments away from ORC systems. The rapid advancements in these technologies could lead to their wider adoption, thereby limiting the market share of ORC plants, particularly in regions where solar and wind resources are abundant. Additionally, economic fluctuations and changes in government policies can impact funding for renewable energy projects, potentially affecting the growth of the ORC market.

Another significant restraining factor is the high initial investment required for ORC systems, which can deter potential adopters, especially in developing regions. While the long-term operational savings and environmental benefits are appealing, the upfront costs associated with equipment, installation, and maintenance may pose a barrier for some industries. As a result, stakeholders need to devise cost-effective solutions and financing models to facilitate the adoption of ORC technology, ensuring that it remains competitive against other energy generation options in the market.

Competitor Outlook

• ORC Energy S.r.l
• Enel Green Power
• Siemens AG
• General Electric Company
• Exergy
• Thermal Energy International Inc.
• Turboden S.p.A.
• Centrica plc
• MAN Energy Solutions
• Kawasaki Heavy Industries, Ltd.
• Honeywell International Inc.
• KSB SE & Co. KGaA
• Veolia Environnement S.A.
• Abengoa Solar
• Climeon AB

The competitive landscape of the Organic Rankine Cycle plants market is characterized by the presence of several key players focused on expanding their product offerings and enhancing technological capabilities. Companies are investing in research and development to innovate and improve ORC technology, aiming for higher efficiency and adaptability. Notably, established players such as Siemens AG and General Electric Company are leveraging their extensive experience and resources to develop advanced ORC systems tailored for various applications. These companies are also actively partnering with regional players to enhance their market presence and penetrate emerging markets.

Additionally, companies like Turboden S.p.A. and ORC Energy S.r.l are recognized for their specialized expertise in ORC technology, offering customized solutions to meet specific energy demands. Their commitment to sustainability and energy efficiency has positioned them as leaders in the market, attracting attention from industries seeking reliable energy recovery solutions. The continued evolution of regulatory frameworks promoting renewable energy is expected to further intensify competition among market players as they strive to differentiate their offerings and capture a larger market share.

In summary, the competitive landscape of the ORC plants market is evolving rapidly, with established and emerging players continuously innovating and adapting to changing market dynamics. The focus on sustainability, energy efficiency, and technological advancements is shaping the strategies of key competitors, leading to a vibrant and competitive market environment. Stakeholders are likely to witness an influx of innovative solutions as companies respond to the growing demand for cleaner energy alternatives and waste heat recovery technologies.

• 1 Appendix

  • 1.1 List of Tables
  • 1.2 List of Figures

• 2 Introduction

  • 2.1 Market Definition
  • 2.2 Scope of the Report
  • 2.3 Study Assumptions
  • 2.4 Base Currency & Forecast Periods

• 3 Market Dynamics

  • 3.1 Market Growth Factors
  • 3.2 Economic & Global Events
  • 3.3 Innovation Trends
  • 3.4 Supply Chain Analysis

• 4 Consumer Behavior

  • 4.1 Market Trends
  • 4.2 Pricing Analysis
  • 4.3 Buyer Insights

• 5 Key Player Profiles

  • 5.1 Exergy
    • 5.1.1 Business Overview
    • 5.1.2 Products & Services
    • 5.1.3 Financials
    • 5.1.4 Recent Developments
    • 5.1.5 SWOT Analysis
  • 5.2 Climeon AB
    • 5.2.1 Business Overview
    • 5.2.2 Products & Services
    • 5.2.3 Financials
    • 5.2.4 Recent Developments
    • 5.2.5 SWOT Analysis
  • 5.3 Siemens AG
    • 5.3.1 Business Overview
    • 5.3.2 Products & Services
    • 5.3.3 Financials
    • 5.3.4 Recent Developments
    • 5.3.5 SWOT Analysis
  • 5.4 Centrica plc
    • 5.4.1 Business Overview
    • 5.4.2 Products & Services
    • 5.4.3 Financials
    • 5.4.4 Recent Developments
    • 5.4.5 SWOT Analysis
  • 5.5 Abengoa Solar
    • 5.5.1 Business Overview
    • 5.5.2 Products & Services
    • 5.5.3 Financials
    • 5.5.4 Recent Developments
    • 5.5.5 SWOT Analysis
  • 5.6 Turboden S.p.A.
    • 5.6.1 Business Overview
    • 5.6.2 Products & Services
    • 5.6.3 Financials
    • 5.6.4 Recent Developments
    • 5.6.5 SWOT Analysis
  • 5.7 Enel Green Power
    • 5.7.1 Business Overview
    • 5.7.2 Products & Services
    • 5.7.3 Financials
    • 5.7.4 Recent Developments
    • 5.7.5 SWOT Analysis
  • 5.8 ORC Energy S.r.l
    • 5.8.1 Business Overview
    • 5.8.2 Products & Services
    • 5.8.3 Financials
    • 5.8.4 Recent Developments
    • 5.8.5 SWOT Analysis
  • 5.9 KSB SE & Co. KGaA
    • 5.9.1 Business Overview
    • 5.9.2 Products & Services
    • 5.9.3 Financials
    • 5.9.4 Recent Developments
    • 5.9.5 SWOT Analysis
  • 5.10 MAN Energy Solutions
    • 5.10.1 Business Overview
    • 5.10.2 Products & Services
    • 5.10.3 Financials
    • 5.10.4 Recent Developments
    • 5.10.5 SWOT Analysis
  • 5.11 General Electric Company
    • 5.11.1 Business Overview
    • 5.11.2 Products & Services
    • 5.11.3 Financials
    • 5.11.4 Recent Developments
    • 5.11.5 SWOT Analysis
  • 5.12 Veolia Environnement S.A.
    • 5.12.1 Business Overview
    • 5.12.2 Products & Services
    • 5.12.3 Financials
    • 5.12.4 Recent Developments
    • 5.12.5 SWOT Analysis
  • 5.13 Honeywell International Inc.
    • 5.13.1 Business Overview
    • 5.13.2 Products & Services
    • 5.13.3 Financials
    • 5.13.4 Recent Developments
    • 5.13.5 SWOT Analysis
  • 5.14 Kawasaki Heavy Industries, Ltd.
    • 5.14.1 Business Overview
    • 5.14.2 Products & Services
    • 5.14.3 Financials
    • 5.14.4 Recent Developments
    • 5.14.5 SWOT Analysis
  • 5.15 Thermal Energy International Inc.
    • 5.15.1 Business Overview
    • 5.15.2 Products & Services
    • 5.15.3 Financials
    • 5.15.4 Recent Developments
    • 5.15.5 SWOT Analysis

• 6 Market Segmentation

  • 6.1 Organic Rankine Cycle ORC Plants Market, By User
    • 6.1.1 Industrial
    • 6.1.2 Commercial
    • 6.1.3 Residential
  • 6.2 Organic Rankine Cycle ORC Plants Market, By Capacity
    • 6.2.1 Up to 5 MW
    • 6.2.2 5-10 MW
    • 6.2.3 10-20 MW
    • 6.2.4 20-50 MW
    • 6.2.5 Above 50 MW
  • 6.3 Organic Rankine Cycle ORC Plants Market, By Plant Type
    • 6.3.1 Biomass ORC Plants
    • 6.3.2 Geothermal ORC Plants
    • 6.3.3 Waste Heat ORC Plants
    • 6.3.4 Solar ORC Plants
    • 6.3.5 Others
  • 6.4 Organic Rankine Cycle ORC Plants Market, By Application
    • 6.4.1 Power Generation
    • 6.4.2 Combined Heat and Power (CHP)
    • 6.4.3 Others

• 7 Competitive Analysis

  • 7.1 Key Player Comparison
  • 7.2 Market Share Analysis
  • 7.3 Investment Trends
  • 7.4 SWOT Analysis

• 8 Research Methodology

  • 8.1 Analysis Design
  • 8.2 Research Phases
  • 8.3 Study Timeline

• 9 Future Market Outlook

  • 9.1 Growth Forecast
  • 9.2 Market Evolution

• 10 Geographical Overview

  • 10.1 Europe - Market Analysis
    • 10.1.1 By Country
      • 10.1.1.1 UK
      • 10.1.1.2 France
      • 10.1.1.3 Germany
      • 10.1.1.4 Spain
      • 10.1.1.5 Italy
  • 10.2 Asia Pacific - Market Analysis
    • 10.2.1 By Country
      • 10.2.1.1 India
      • 10.2.1.2 China
      • 10.2.1.3 Japan
      • 10.2.1.4 South Korea
  • 10.3 Latin America - Market Analysis
    • 10.3.1 By Country
      • 10.3.1.1 Brazil
      • 10.3.1.2 Argentina
      • 10.3.1.3 Mexico
  • 10.4 North America - Market Analysis
    • 10.4.1 By Country
      • 10.4.1.1 USA
      • 10.4.1.2 Canada
  • 10.5 Middle East & Africa - Market Analysis
    • 10.5.1 By Country
      • 10.5.1.1 Middle East
      • 10.5.1.2 Africa
  • 10.6 Organic Rankine Cycle ORC Plants Market by Region

• 11 Global Economic Factors

  • 11.1 Inflation Impact
  • 11.2 Trade Policies

• 12 Technology & Innovation

  • 12.1 Emerging Technologies
  • 12.2 AI & Digital Trends
  • 12.3 Patent Research

• 13 Investment & Market Growth

  • 13.1 Funding Trends
  • 13.2 Future Market Projections

• 14 Market Overview & Key Insights

  • 14.1 Executive Summary
  • 14.2 Key Trends
  • 14.3 Market Challenges
  • 14.4 Regulatory Landscape

Segments Analyzed in the Report

The global Organic Rankine Cycle ORC Plants market is categorized based on

By Plant Type

• Biomass ORC Plants
• Geothermal ORC Plants
• Waste Heat ORC Plants
• Solar ORC Plants
• Others

By Application

• Power Generation
• Combined Heat and Power (CHP)
• Others

By Capacity

• Up to 5 MW
• 5-10 MW
• 10-20 MW
• 20-50 MW
• Above 50 MW

By User

• Industrial
• Commercial
• Residential

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Players

• ORC Energy S.r.l
• Enel Green Power
• Siemens AG
• General Electric Company
• Exergy
• Thermal Energy International Inc.
• Turboden S.p.A.
• Centrica plc
• MAN Energy Solutions
• Kawasaki Heavy Industries, Ltd.
• Honeywell International Inc.
• KSB SE & Co. KGaA
• Veolia Environnement S.A.
• Abengoa Solar
• Climeon AB