New Zealand liquid hydrogen tech company Fabrum has raised NZ$23 million (A$21m) in a Series A
The round was led by London VC AP Ventures, with participation from Dr Andrew Forrest’s Fortescue Future Industries, Japan’s Obayashi Corporation and New Zealand VC K1W1.
The Christchurch-based venture, founded in 2004, is considered a world leader in industrialised small to medium-scale liquefaction systems and composite cryogenic vessels, with a focus on liquid hydrogen, one of the key areas of interest and investment for the Fortescue mining billionaire in his push towards net zero emissions.
Fabrum‘s key area of expertise is in green hydrogen production, storage, dispensing, and system integration.
The company actively deploys end-to-end liquid hydrogen solutions globally across heavy transport, mining and aviation markets, with a global customer base that spans animal husbandry, hi-tech research institutions and manufacturing with its cryogenic solutions.
The new funding will be used to expand Fabrum’s global presence and build a new manufacturing facility in Christchurch to meet growing demand for its end-to-end hydrogen systems and other technologies.
The company recently signed a manufacturing agreement with UK-based green hydrogen technology and manufacturing company CPH2, which has developed the IP-protected Membrane-Free Electrolyser to manufacture the electrolysers in Christchurch
Fabrum founder and chair Christopher Boyle said the investment is a critical milestone “validating the technology development pathway that fellow founder Hugh Reynolds and I have built over the last 18 years”.
Fabrum Solutions and AFCryo, the company’s cryogenic systems supplier merged in mid 2022 to create Fabrum.
“Fabrum was created to leverage Christchurch’s strong technology manufacturing history and Canterbury University’s very talented Engineering School,” Boyle said.
“Bringing capability and talent together to develop world-leading technology that will genuinely enable a global shift to sustainable transportation and industry has been our core purpose. It is truly exciting to have the support of this world-class group of investors to deliver on this vision.”
CEO Dr Ojas Mahapatra said their strategic investors are global pioneers in the hydrogen ecosystem spanning the areas they want to expand into,
“Attracting investors of this calibre validates Fabrum’s technology and success to date. This investment will help us accelerate our game-changing technologies to unlock value in the zero-emission transition value chain and offer a new future for sustainable transport, travel, industry and energy self-sufficiency.”
Fortescue Future Industries CEO Mark Hutchinson said Fabrum is incredibly well respected and highly credentialed.
“Our investment provides us with a share in a company developing world-leading applications for hard-to-abate sectors like mining, heavy transport and aviation,” he said.
“Fabrum is a clever, innovative team doing fantastic work pioneering liquid hydrogen applications and the type of business that we want to see succeeding to help grow green hydrogen as the future fuel of choice.
“The innovative applications being developed by Fabrum will contribute to the growth of supply and demand for green hydrogen globally and help to deliver on Fortescue’s decarbonisation plan for its mining operations.”
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