In the Energy Services segment, revenues are generated by providing energy services to clients and by sharing energy savings with them. The Energy Services segment is comprised of:

• energy outsourcing, where Saphire takes responsibility for clients’ energy generating assets and revenues are created by selling the produced energy (in the form of electricity, heat, cooling and/or other energy) back to the clients,
• energy efficiency, where Saphire invests in the refurbishment and upgrading of the clients’ energy generating assets to make them more efficient and to reduce costs. In turn, the company is paid by the clients based upon the savings generated by the investment in energy efficiency.