NZ hydrogen tech firm raises $23m

Christchurch-based zero emissions technology firm Fabrum has raised $23 million from international and local investors with the company now setting its sights on global expansion.

Financing was led by London-headquartered AP Ventures with participation from Australia-based Fortescue Future Industries, Japan-based Obayashi Corporation and New Zealand-based K1W1.

With the new funding, Fabrum says it aims to expand its global presence and scale up its manufacturing capacity with a new purpose-built technology manufacturing facility at its Christchurch headquarters. 

This will meet growing demand for its end-to-end hydrogen systems and other technologies for aerospace, heavy transport and heavy industries.

Fabrum is already partnering with Kiwi transport firm H.W.Richardson (HWR) to help transition its fleet using hydrogen technology. Another partnership has been formed with British engineering consultancy Filton Systems Engineering (FSE) and global aerospace supplier GKN Aerospace to advance zero-emission flights using liquid hydrogen. 

Fabrum co-founder and chairman Christopher Boyle says the investment is a “critical milestone”. 

It will help validate the technology development pathway that he and fellow founder Hugh Reynolds have built over the last 18 years. 

“Fabrum was created to leverage Christchurch’s strong technology manufacturing history and Canterbury University’s very talented engineering school. 

“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,” Boyle adds. 

Fabrum chief executive Dr Ojas Mahapatra points out all the investors are global pioneers in the hydrogen ecosystem. 

“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.”

AP Ventures managing partner Andrew Hinkly says the investment is helping to “further unlock the hydrogen opportunity for a mature and established technology”. 

“We are looking forward to working with Fabrum, alongside our co-investors, as the company delivers end-to-end products and solutions across the liquid hydrogen value chain.”

Fortescue Future Industries chief executive Mark Hutchinson says the investment provides his company a stake in development of world-leading applications for hard-to-abate sectors like mining, heavy transport and aviation. 

“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,” Hutchinson says.