Provided herein is a power generation system and method for transforming thermal energy, such as waste heat, into mechanical energy and/or electrical energy. The system employs features designed to accelerate start times, reduce size, lower cost, and be more environmentally friendly. Tire system may include multiple compressors on separate pinion shafts with multiple expanders, a temperature valve upstream of compressors with a mass management system downstream, an intercooler between compressors, and a cascade exchanger. In one embodiment, the system is configured to drive a synchronous generator, with the separate pinion shafts rotating at two separate, but constant, speeds.