Sapphire Technologies has successfully raised $10 million in Series B funding for hydrogen. Notable investors, including Energy Capital Ventures, Marathon Petroleum, Chevron Technology Ventures, Equinor Ventures, and Cooper and Company, joined forces to back this endeavor.
The funding is set to propel the commercialization of Sapphire Technologies’ innovative FreeSpin® In-line Turboexpander. This technology surge is projected to boost production by a staggering 400% by year-end and is aligned with the company’s mission to significantly curtail global carbon emissions.
Freddie Sarhan, CEO of Sapphire Technologies, stated that their strategic collaborations with eminent energy and venture capital firms have paved the way for the implementation of their cutting-edge turboexpander technology on a global scale. This funding infusion, he noted, marks an important milestone for the company, enabling portfolio expansion and penetration into broader markets.
The investment syncs perfectly with the anticipated surge in the global clean energy technologies market, expected to reach a value of $650 billion annually by 2030. The FreeSpin® system, a standout innovation from Sapphire Technologies, generates a substantial 2.6 GWh of clean energy each year and simultaneously reduces atmospheric CO2e emissions by a notable 2,000 tons.
The company’s impressive journey began in 2021 with installations taking root in Japan and across the United States. Not only is Sapphire Technologies making technological strides, but it has also witnessed remarkable growth, amassing a 220% increase in its employee base over the past year, with expectations of continued expansion in the foreseeable future.
Victor Pascucci III, Co-Founder and Managing General Partner at Energy Capital Ventures acknowledged the pivotal role played by Sapphire Technologies. He asserted that the company’s transformative product is a game-changer, poised to expedite the worldwide shift towards a more sustainable, lower-carbon future. Pascucci emphasized the crucial timing for technology adoption and commended the efforts towards decarbonizing the natural gas value chain while future-proofing the industry.