Sapphire Technologies, manufacturer and developer of energy recovery systems for natural gas applications and hydrogen, has secured worth $10 million in series B funding. Some of the investors who supported this financing are: Marathon Petroleum, Equinor Ventures, Energy Capital Ventures, Cooper and Company, Chevron Technology Ventures. The company plans to utilise the funding to boost the development of the FreeSpin in-line turboexpander.
This investment is in line with the anticipation that the global renewable energy market for technologies will grow to $650 billion per year by 2030. Sapphire Technologies’ innovation is expected to produce 2.6 GWh of renewable energy annually, reducing carbon emissions by 2,000 tonnes. Furthermore, it is projected that the turboexpander will increase production by 400 per cent by the end of 2023. The company secured and started developing installations across the US and Japan since its beginning in 2021.
In July 2023, ACME Group secured funding of Rs 40 billion for its green hydrogen and green ammonia project in Oman from REC Limited. The funds raised from REC Limited will be used to build the facility’s first phase, to be established at the special economic zone in Duqm, Oman. This first phase is expected to produce 100,000 tonnes of green ammonia per year, with additional expansion to 1.2 million per year.