I'm thinking it's a low psi low cfm for HVAC controls or fire sprinkler system
I have 3 phase power in my workshop so no vfd required.As mentioned, that is probably a controls or fire supression compressor. They're quiet, but low CFM and low pressure (like, 60 PSI max sorta thing)
As far as a 40 CFM piston compressor goes, that's going to have at least a 15HP motor on it. If you put a VFD on it, you're going to be consuming 60-70A of 240v single phase current to run it