Sapphire Technologies – a developer and manufacturer of energy recovery systems for hydrogen and natural gas applications – recently announced that it closed its Series B funding round.
The $10 million funding round — which was 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. This $10 million funding round will support the company’s resources and expertise to drive its mission to reduce global carbon emissions significantly.
This funding round also aligns with the projected growth of the global market for clean energy technologies estimated to be worth USD 650 billion a year by 2030. And 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 started 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.
KEY QUOTES:
“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. 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.”
— Freddie Sarhan, CEO at Sapphire Technologies
“Sapphire Technologies is elivering a game-changing product that will accelerate the global transition to a lower carbon future. 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.”
— Victor Pascucci III, Co-Founder and Managing General Partner at Energy Capital Ventures
