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

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Latest Alternative Investment News
Digital Assets: 1% Of Chileans Sign Up For Worldcoin; Rush Seen In Argentina, Too
September 28, 2023     Digital Assets, News

Worldcoin, the innovative biometric wallet and ID project, is making significant waves in Chile as it surpasses a remarkable milestone. The organization has reported that over 200,000 Chileans have embraced…
FinTech: Atom Bank And Kamma To Partner For Greening UK Mortgage Assets
September 28, 2023     ESG and Sustainability, FinTech, News, Real Estate

Atom bank and Kamma have formed a significant partnership aimed at addressing the pressing concerns of climate change. This collaboration brings together Atom bank’s cutting-edge banking technology with Kamma’s climate…
Venture Capital: Slope, A B2B Solutions Provider Backed By Sam Altman, Scores $30M Funding

Slope, a two-year-old AI startup based in San Francisco, has secured a substantial $30 million equity round led by Union Square Ventures and featuring participation from OpenAI’s CEO, Sam Altman….
Artificial Intelligence: Palantir Awarded $250M Contract By US Department Of Defense For AI R&D
September 28, 2023     Artificial Intelligence, Latest News, News

Palantir Technologies Inc. (NYSE: PLTR) has secured a significant contract worth $250 million with the US Defense Department. The primary focus of this contract is the research and development of…