Sapphire Technologies Secures $18 Million Series C to Accelerate Growth, Including Investment from Mitsubishi Heavy Industries

Cypress, Calif., September 9, 2025 – Sapphire Technologies, manufacturer of power generation equipment, today announced the close of its Series C financing, including investment from Mitsubishi Heavy Industries, Ltd. (MHI) and alongside existing investors Equinor Ventures, Cooper and Company, and Energy Capital Ventures®. The capital will be used to increase capacity at Sapphire Technologies' new Cypress, California manufacturing facility, continue to grow the installed base of FreeSpin® In-line Turboexpanders in key geographies such as Japan, and expand market reach into new applications.

Turboexpanders convert the energy wasted by pressure reduction processes into clean electric power. Assets in the energy sector often contain ready-to-develop pressure resources, like natural gas wells that must be choked prior to processing and transmission pipelines that must be let down before interconnecting with local distribution pipelines. Turboexpanders can be introduced into these processes to generate carbon-free electricity.

"Japan is one of the most important global markets for Sapphire," said Freddie Sarhan, CEO of Sapphire Technologies. "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," saidRicky Sakai, Senior Vice President, Investment & BusinessDevelopment, Mitsubishi Heavy Industries America, Inc. "Ourinvestment supports the next phase of field deployments in keymarkets intending to add dependable capacity where demand is growingand lowering carbon intensity."

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About Sapphire Technologies

Sapphire Technologies is driving global decarbonization through developing and manufacturing modular power generation equipment for pressure energy projects. From 2021, its FreeSpin® In-line Turboexpanders have been deployed in assets like high pressure wells and natural gas pipelines to add reliable and clean generation capacity to the global electric grid. Scalable from kilowatt- to mega-watt class installations, Sapphire's turboexpander system enables infrastructure owners to quickly generate new power while maximizing efficiencies, improving productivity, reducing carbon emissions, offsetting electrical costs, and generating cashflow. For additional information visit: www.sapphiretechnologies.com.

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About Mitsubishi Heavy Industries

MitsubishiHeavy Industries (MHI) Group is one of the world's leadingindustrial groups, spanning energy, smart infrastructure, industrialmachinery, aerospace and defense. MHI Group combines cutting-edgetechnology with deep experience to deliver innovative, integratedsolutions that help to realize a carbon neutral world, improve thequality of life and ensure a safer world. For more information,please visit www.mhi.com or follow our insights and stories on spectra.mhi.com.

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About Equinor Ventures

Equinor Ventures is Equinor's corporate venture capital arm dedicated to investing inambitious early phase and growth companies. We believe that theinnovation, creativity and agility of start-ups can drive change, andtransition the energy industry towards a low carbon future.

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About Cooper and Company

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.

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About Energy Capital Ventures®

Energy Capital Ventures® (ECV) is the only early-stage venture capital firm solely dedicated to the sustainability, resilience and digital transformation of the natural gas value chain. In addition to this unique thesis which makes the firm champions for the innovation it has defined as green molecules®, ECV further differentiates itself with a customized engagement and deep integration with its corporatelimited partners. This model enables Energy Capital Ventures® tobring together the innovation of the startup ecosystem with the scaleof the natural industry to support game-changing, generationalcompanies that will provide the clean, safe, reliable, cost-effectiveenergy of the future. Learn more at www.energycapitalventures.com.