Andrew Forrest backs Kiwi hydrogen technology startup Fabrum in NZ$23M Series A
New Zealand liquid hydrogen technology company Fabrum has raised NZ$23 million (A$21m) in a Series A
The round was led by London-based VC AP Ventures, with the participation of Dr. Andrew Forrest’s Fortescue Future Industries, Japan’s Obayashi Corporation and New Zealand’s VC K1W1.
The Christchurch-based company, founded in 2004, is considered a global leader in industrialized small to medium 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 pursuit of net zero emissions.
Fabrumhis main area of expertise lies in production, storage, delivery and system integration of green hydrogen.
The company actively deploys end-to-end liquid hydrogen solutions worldwide in heavy transportation, mining and aviation markets, with a global customer base spanning from 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 green hydrogen technology and manufacturing company CPH2, which developed the IP-protected membrane-free electrolyser to manufacture the electrolysers in Christchurch
Fabrum founder and chairman Christopher Boyle said the investment is a critical milestone “validating the technology development path that fellow founder Hugh Reynolds and I have built over the past 18 years.”
Fabrum Solutions and AFCryo, the company’s cryogenic systems supplier, merged to form Fabrum in mid-2022.
“Fabrum was established to leverage Christchurch’s strong manufacturing technology heritage and Canterbury University’s highly talented Engineering School,” said Boyle.
“Bringing together capacity and talent to develop world-leading technology that truly enables a global shift to sustainable transportation and industry has been our core goal. It is really exciting to have the support of this group of world-class investors to make this vision a reality.”
CEO Dr. Ojas Mahapatra said that their strategic investors are global pioneers in the hydrogen ecosystem in the areas where they want to expand.
“Attracting investors of this caliber confirms Fabrum’s technology and success to date. This investment will help us accelerate our breakthrough technologies to unlock value in the zero-emission transition value chain and deliver a new future for sustainable transportation, travel, industry and energy self-sufficiency.”
Mark Hutchinson, CEO of Fortescue Future Industries, said Fabrum is incredibly respected and very reliable.
“Our investment gives us a stake in a company that develops world-leading applications for hard-to-cut industries such as mining, heavy transport and aviation,” he said.
“Fabrum is a smart, innovative team doing a fantastic job pioneering liquid hydrogen applications and the kind of company we want to see succeed in growing green hydrogen as the future fuel of choice.
“The innovative applications being developed by Fabrum will contribute to the growth of green hydrogen supply and demand worldwide and help deliver on Fortescue’s decarbonization plan for its mining operations.”
