Sapphire Technologies, a Cerritos, CA-based developer and manufacturer of energy recovery systems for hydrogen and natural gas applications, raised $10M in Series B funding.
The round was led by Energy Capital Ventures and joined by Marathon Petroleum, Chevron Technology Ventures, Equinor Ventures and Cooper and Company.
The company intends to use the funds to accelerate the development of its clean energy solution, the FreeSpin® In-line Turboexpander.
Led by CEO Freddie Sarhan, Sapphire Technologies is driving global decarbonization through developing and manufacturing energy recovery systems that harness the work of gas expansion to produce reliable and clean electricity. Its systems are designed to convert energy wasted in pressure reduction processes into electric power without interrupting operations.
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 a 220% growth in its employee base over the past year and expects continuous expansion in the years to come.
FinSMEs
16/08/2023