Porter Hedges Represents Sapphire Technologies in its Closed Series A Funding Round
Porter Hedges represented Sapphire Technologies (“Sapphire”) in its Series A funding round led by Cooper and Company and joined by Equinor Ventures and Chevron Technology Ventures for an undisclosed amount. The investment capital will be used to scale up manufacturing and distribution of Sapphire’s energy recovery systems for pressure let-down applications.
Sapphire’s FreeSpin™ In-line Turboexpanders (FIT) offset carbon emissions by converting waste pressure energy into clean and usable electric power. The investment will accelerate the growth of Sapphire’s energy recovery business globally and further their vision of providing affordable, reliable and clean electricity that will enable the world’s transition to a lower carbon future.
Based in Cerritos, California, Sapphire Technologies develops, manufactures and sells energy recovery systems for both natural gas and hydrogen industrial and commercial applications. Sapphire Technologies is a subsidiary of Calnetix Technologies.
Cooper and Company is a private investment company based in Newport Beach, California, 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.
Equinor Ventures is the corporate venture capital arm of Equinor ASA (NYSE: EQNR) dedicated to investing in ambitious early phase and growth companies.
Chevron Technology Ventures pursues externally developed technologies and new business solutions that have the potential to enhance the way Chevron Corporation (NYSE: CVX) produces and delivers affordable, reliable, and ever-cleaner energy.
For additional details, see the Sapphire Technologies press release here.