Cleantech startup Sapphire Technologies announced that it has raised $18 million in a Series C funding round, with proceeds aimed at growing its business and expanding its clean energy technology.
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.
In the energy sector, for example, which often contain ready-to-develop pressure resources, like natural gas wells that must be choked prior to processing or transmission pipelines that must be let down before interconnecting with local distribution pipelines, instead of letting that energy dissipate, turboexpanders turn it into electricity without adding carbon emissions. The systems can be scaled from small kilowatt-level projects to large megawatt installations.
The new capital will be used to increase production at Sapphire’s new factory in California, roll out more of its FreeSpin In-line Turboexpanders in markets such as Japan, and move into new areas where the technology can be applied.
The financing round included a new investment from Mitsubishi Heavy Industries, along with continued support from existing investors Equinor Ventures, Cooper and Company and Energy Capital Ventures.
Ricky Sakai, Senior Vice President of Investment and Business Development at Mitshbishi Heavy Industries America, said:
“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. 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.”
Mitsubishi Heavy Industries is one of the world’s leading industrial groups, with businesses across energy, smart infrastructure, industrial machinery, aerospace and defense. The company focuses on developing integrated solutions to support decarbonization, improve quality of life, and promote safety.
Freddie Sarhan, CEO of Sapphire Technologies, said:
“This partnership will accelerate the deployment of waste pressure power generation equipment across natural gas infrastructure, supporting the world’s surging energy demand.”
