Sapphire Technologies Inc., a power generation equipment manufacturer, has secured $18 million in Series C financing. The round included investments from Mitsubishi Heavy Industries Ltd. (MHI), as well as existing investors Equinor Ventures, Cooper and Company, and Energy Capital Ventures, Sapphire said in a media release.
The capital will be used to enhance capacity at Sapphire Technologies’ new manufacturing facility in Cypress, California. The company said the funds will also be put toward supporting the growth of the installed base of FreeSpin In-line Turboexpanders in key regions like Japan, as well as broadening market reach into new applications.
Turboexpanders are designed to convert energy lost during pressure reduction processes into clean electricity, Sapphire explained. In the energy sector, many assets, such as natural gas wells and transmission pipelines, often require pressure reduction before they can be used, it said. By incorporating turboexpanders into these processes, companies can generate carbon-free electricity, it said.
“Japan is one of the most important global markets for Sapphire”, Freddie Sarhan, CEO of Sapphire Technologies, said. “We are deepening our commitment to our Japanese clients. This partnership will accelerate the deployment of waste pressure power generation equipment across natural gas infrastructure, supporting the world’s surging energy demand”.
“Technologies such as FreeSpin have the potential to play a meaningful role in the energy transition by converting existing pressure into electricity without additional fuel or direct emissions”, Ricky Sakai, Senior Vice President for Investment and Business Development at Mitsubishi Heavy Industries America, Inc., said. “Our investment supports the next phase of field deployments in key markets, intending to add dependable capacity where demand is growing and lowering carbon intensity”.
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