CERRITOS, Calif. – Oct. 12, 2021 – Sapphire Technologies today announced that it has closed its Series A round led by Cooper and Company and joined by Equinor Ventures and Chevron Technology Ventures.
The investment capital will be used to scale up manufacturing and distribution of Sapphire’s energy recovery systems for pressure let-down applications.
Sapphire Technologies is a spin-off from Calnetix Technologies, known for its disruptive innovations in high-speed motors and generators, magnetic bearings and power electronics for a variety of applications and industries. These technologies are being applied by Sapphire in its FreeSpin™ In-line Turboexpanders (FIT), which offset carbon emissions by converting waste pressure energy into clean and usable electric power.
“As leaders in financing low carbon projects, Cooper and Company, Equinor and Chevron will be invaluable partners to accelerate the growth of Sapphire’s energy recovery business globally,” said Freddie Sarhan, CEO of Sapphire. “We look forward to working with them to achieve our vision of providing affordable, reliable and clean electricity that will enable the world’s transition to a lower carbon future.”
“We are delighted to be partnering with Equinor and Chevron in helping to bring Sapphire’s clean energy technology to a global market,” said Adam Mikkelsen, Principal at Cooper and Company. “Sapphire’s technologies combine zero carbon electricity with compelling economic returns, and we believe we’ll see widespread adoption within the energy industry.”
“Equinor’s ambition is to become a net-zero energy company by 2050, and new solutions and technologies will be required for society at large to meet its climate targets. We are pleased to announce the investment in Sapphire as one contributor to help the energy industry reduce emissions and improve energy efficiency,” said Gareth Burns, Head of Equinor Ventures.
“Sapphire’s FreeSpin expander technology enables waste energy recovery across multiple industrial applications, potentially reducing carbon emissions while increasing operating efficiency,” said Barbara Burger, Vice President of Innovation and President of Technology Ventures for Chevron. “This is the latest investment from our $300 million Future Energy Fund II, launched in February 2021, which focuses on industrial decarbonization, emerging mobility, energy, decentralization and the growing circular carbon economy.”
Based in Cerritos, Calif., Sapphire Technologies develops, manufactures and sells energy recovery systems for both natural gas and hydrogen industrial and commercial applications. These reliable and sustainable systems are specifically designed to convert the energy wasted in pressure reduction processes into clean electric power without interrupting manufacturing or processing activities. Sapphire Technologies is a subsidiary of Calnetix Technologies.
Cooper and Company is a private investment company based in Newport Beach, Calif., that acquires and actively develops assets on a long-term ownership basis. It has been a key shareholder of Calnetix Technologies for over 20 years and capital partner to Calnetix’s innovative subsidiaries. For more information, visit www.cooperandcompany.org.
Equinor Ventures is Equinor’s corporate venture capital arm dedicated to investing in ambitious early phase and growth companies. We believe that the innovation, creativity and agility of start-ups can drive change, and transition the energy industry towards a low carbon future.
Chevron Technology Ventures (CTV) pursues externally developed technologies and new business solutions that have the potential to enhance the way Chevron produces and delivers affordable, reliable, and ever-cleaner energy. CTV leverages innovative companies and technologies to strengthen Chevron’s core operations and identifies new opportunities to shape the future of energy. For more information, visit www.chevron.com/technology/technology-ventures.