Venture Capital: Chevron And Equinor-Backed Sapphire Technologies Raises $10M For Gas Turboexpanders
Sapphire develops and manufactures energy recovery systems that harness the power of gas expansion to produce reliable and clean electricity.
Sapphire Technologies, a company specializing in energy recovery systems for hydrogen and natural gas applications, has successfully raised $10 million in a Series B funding round. The primary investors in this round are Energy Capital Ventures, along with participation from Marathon Petroleum (NYSE: MPC), Chevron Technology Ventures, Equinor Ventures, and Cooper and Company.
The funding will be used to expedite the commercialization of Sapphire Technologies’ FreeSpin® In-line Turboexpander (FIT), with the aim of increasing production by 400% by the end of the year.
Each FreeSpin® system generates 2.6 GWh of clean energy annually and reduces atmospheric CO2e emissions by 2,000 tons by converting energy wasted in pressure reduction processes. For example, high-pressure gas would flow into the FIT and expand through a turbine wheel, spinning a generator and producing electric power.
Sapphire’s system operates on magnetic bearing technology to provide frictionless, oil-free and low maintenance operation.
This technology contributes to reducing global carbon emissions and aligns with the growing market for clean energy solutions, which is projected to be worth $650 billion annually by 2030.
Sapphire Technologies has experienced significant growth and has strategic partnerships in place with leading energy and venture capital firms.
Victor Pascucci III, Co-Founder and Managing General Partner at Energy Capital Ventures described Sapphire’s product as “transformative,” saying it would reduce the carbon impact within the natural gas sector and ensure its long-term viability.
This funding marks a significant step towards advancing their technology and global mission of decarbonization.
Related Story: Advanced Ionics Raises $12.5M In bp-Led Series A Round
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