News Releases - 2024

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Sapphire Technologies, developer and manufacturer of energy recovery systems for hydrogen and natural gas industrial applications, is stepping into 2024 with a strong growth trajectory. In August 2023, the company secured a $10 million investment through its Series B funding and saw a remarkable workforce growth rate of 200%, positioning the business for impactful progress and strategic collaborations, including first of its kind wellhead applications, amid continued global expansion in 2024.

Sapphire is continuing to leverage key partnerships to expand its turboexpander technology in markets around the globe, highlighting a steadfast commitment to innovation. In midstream applications, the company has introduced products with an upgraded pressure rating of 1600 psi-g (pounds per square inch gauge), surpassing the operational needs of most midstream pipelines. Simultaneously, in wellhead applications, Sapphire has achieved a milestone by delivering two units resilient against water vapor and liquid drop-out. Throughout these advancements and partnerships, the company remains dedicated to generating zero-emissions electricity. Key partnerships and projects for Sapphire in 2023, included:

• Tallgrass: Sapphire built and successfully tested the initial eight turboexpanders, with more under development. Once installed, this advanced technology will enable Tallgrass to harness otherwise wasted energy and produce clean, carbon-free power.
• CNX Resources: The partnership resulted in the development and delivery of a FreeSpin® In-line Turboexpander, which has been adapted for operation in applications where liquids are present in the gas. Sapphire completed and validated several design changes to waterproof the system.
• TB Global Technologies Ltd.: Sapphire strengthened its partnership with TB Global Technologies to further expand its footprint in the Japanese market. Sapphire commissioned two groundbreaking FreeSpin In-line Turboexpanders last year, which generated 3.5 gigawatt-hours (GWh) of clean energy, effectively offsetting 2,700 tons* of CO2e emissions from the atmosphere. *Calculated by the method of EPA (Environmental Protection Agency)
• Global Expansion: Sapphire Technologies has set its sights on expanding its reach and presence in 2024 by forging strategic partnerships with leading companies in South America and the Middle East.

“As we reflect on the strides made in 2023, securing a significant $10 million investment stands as a testament to Sapphire Technologies' unwavering dedication to transforming the clean energy sector. With the support from industry leaders and investors, we're excited about the prospects ahead,” said Freddie Sarhan, CEO of Sapphire Technologies. “As we continue to combat global carbon emissions, we’re focused on pursuing opportunities for expansive growth in emerging markets, including the dynamic landscape in the Middle East, where we are currently evaluating groundbreaking pilot projects with leading oil and gas companies in the region.”

Looking ahead, Sapphire will prioritize the development of technologies to support the installation of turboexpanders at wellhead locations through rigorous development testing. Part of the company's focus will be commercializing solutions to mitigate the effects of hydrogen sulfide in the process gas.

Sapphire Technologies is driving global decarbonization through developing and manufacturing energy recovery systems that harness the power of gas expansion to produce reliable and clean electricity. Sapphire Technologies’ systems are designed to convert energy wasted in pressure reduction processes into electric power without interrupting operations. By recovering this wasted pressure energy, Sapphire Technologies helps customers maximize efficiencies, improve productivity, reduce carbon emissions, offset electrical costs and achieve substantial financial returns. For additional information visit: https://www.sapphiretechnologies.com.

Contact Details

Kite Hill PR

Lara Schembri Sant

+1 202-262-5311

[email protected]

Company Website

https://www.sapphiretechnologies.com/

View source version on newsdirect.com: https://newsdirect.com/news/sapphire-technologies-surpasses-expectations-poised-for-substantial-growth-in-2024-948095853