Cleantech startup Sapphire Technologies announced that it has raised $10 million, with proceeds from the fundraising aimed at accelerating the commercialization of its energy recovery systems for hydrogen and natural gas applications.
Founded in 2021, California-based Sapphire develops and manufactures energy recovery systems, including its turboexpander generator product Freespin, to convert energy wasted in pressure reduction processes into electric power. The company’s solutions enable companies to maximize plant efficiency, improve productivity, and reduce carbon emissions.
With the new funding, Sapphire said that it projects expanding turbocharger production by 400% by the end of the year, and the company said that it anticipates continuing to grow its employee base going forward, after increasing it by 220% over the past year.
Freddie Sarhan, CEO at Sapphire Technologies, said:
“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.”
The Series B funding round was led by sustainability-focused venture capital investor Energy Capital Ventures and include participation by Marathon Petroleum, Chevron Technology Ventures, Equinor Ventures and Cooper and Company.
Victor Pascucci III, Co-Founder and Managing General Partner at Energy Capital Ventures, said:
“Sapphire Technologies is delivering 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.”