Sapphire Technologies, a company specializing in energy recovery systems for hydrogen and natural gas applications, has successfully concluded its Series B funding round. The funding, totalling $10 million, was led by Energy Capital Ventures and saw participation from Marathon Petroleum, Chevron Technology Ventures, Equinor Ventures, and Cooper and Company.
This financial injection will be utilized to expedite the commercialization of Sapphire Technologies’ innovative FreeSpin® In-line Turboexpander. With the backing of this investment, strategic forecasts indicate that the turboexpander’s production will surge by 400% by the year’s end. Furthermore, the $10 million infusion will fortify resources and expertise, furthering Sapphire Technologies’ mission of making substantial strides in curbing global carbon emissions.
This investment aligns seamlessly with the projected growth trajectory of the worldwide market for clean energy technologies, which is anticipated to reach an annual value of USD 650 billion by 2030. Each FreeSpin® system has the capacity to generate 2.6 GWh of clean energy annually, concurrently leading to a reduction of 2,000 tons in atmospheric CO2e emissions.
Since its inception in 2021, the company has successfully secured and initiated the development of installations in both Japan and various locations across the United States. In addition to its technological advancements, Sapphire Technologies has exhibited remarkable growth, boasting a 220% expansion in its workforce over the past year, with expectations of continuous expansion in the foreseeable future.
“Since inception, Sapphire Technologies has prioritized strategic partnerships with the world’s 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.”
“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.”
