Sapphire Technologies, developer and manufacturer of energy recovery systems for hydrogen and natural gas applications, today announced that it closed its Series B funding round. The $10 million investment led by Energy Capital Ventures and joined by Marathon Petroleum, Chevron Technology Ventures, Equinor Ventures and Cooper and Company will go toward accelerating the commercialization of Sapphire Technologies FreeSpin In-line Turboexpander. Powered by this funding, targeted projections show the turboexpander increasing production by 400% by the end of the year. Moreover, the $10 million will bolster resources and expertise to support Sapphire Technologies' mission to significantly reduce global carbon emissions.
Since inception, Sapphire Technologies has prioritized strategic partnerships with the worlds leading energy and venture capital firms, who are supporting our efforts to implement our groundbreaking turboexpander technology on a global scale, said Freddie Sarhan, CEO at Sapphire Technologies. We are thrilled to be partnering with investors who believe in our vision and recognize the importance of driving global decarbonization. This funding round marks an exciting milestone for us, enabling the expansion of our portfolio and the markets we serve.
The investment aligns with the projected growth of the global market for clean energy technologies estimated to be worth USD 650 billion a year by 2030. Each FreeSpin system generates 2.6 GWh of clean energy annually and reduces atmospheric CO2e emissions by 2,000 tons. Since launching in 2021, the company secured and began development on installations in Japan and across the U.S. Beyond technological advancements, Sapphire Technologies has experienced an impressive 220% growth in its employee base over the past year and expects continuous expansion in the years to come.
"Sapphire Technologies is delivering a game-changing product that will accelerate the global transition to a lower carbon future," said Victor Pascucci III, Co-Founder and Managing General Partner at Energy Capital Ventures. "We firmly believe that now is the opportune moment to achieve higher adoption rates for this technology, and we are excited to contribute to the advancement of the decarbonization of the natural gas value chain and future proofing of the industry."
About Sapphire Technologies
Sapphire Technologies is driving global decarbonization through developing and manufacturing energy recovery systems that harness the power of gas expansion to produce reliable and clean electricity. Sapphire Technologies' systems are designed to convert energy wasted in pressure reduction processes into electric power without interrupting operations. By recovering this wasted pressure energy, Sapphire Technologies helps customers maximize efficiencies, improve productivity, reduce carbon emissions, offset electrical costs and achieve substantial financial returns. For additional information visit: https://www.sapphiretechnologies.com.
About Energy Capital Ventures (ECV)
Energy Capital Ventures (ECV) is the only early-stage venture capital firm dedicated to the sustainability, resilience and digital transformation of the natural gas industry. In addition to this unique focus that champions innovation in green molecules, ECV further differentiates itself with a customized engagement and deep integration with its strategic limited partners. This model empowers Energy Capital Ventures to provide a platform for innovation so that the startup ecosystem and natural gas utilities can collaborate on technologies that enable clean, safe, reliable, cost-effective energy. Learn more at www.energycapitalventures.com
About Equinor Ventures
Equinor Ventures is Equinors corporate venture capital arm dedicated to investing in ambitious early phase and growth companies. We believe that the innovation, creativity and agility of start-ups can drive change, and transition the energy industry towards a low carbon future.
About Cooper and Company
Cooper and Company is a private investment company based in Newport Beach, Calif., that acquires and actively develops assets on a long-term ownership basis. It has been a key shareholder of Calnetix Technologies for over 20 years and capital partner to Calnetix innovative subsidiaries. For more information, visit www.cooperandcompany.org.
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