Fabrum raises $23M Series A from global giants to advance hydrogen technologies to decarbonise the economy

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

CHRISTCHURCH, NZ, February 8, 2023 – New Zealand company Fabrum, a world leader in zero-emission transition technologies to enable a lower-carbon economy, announced its $23M Series A financing 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 plans to expand its global presence and scale up its manufacturing capacity with a new purpose-built manufacturing facility at its Christchurch headquarters – to meet the growing demand for its end-to-end hydrogen systems and other technologies for aerospace, heavy transport and heavy industries.

Fabrum, founded in 2004, leads the world in industrialised small to medium-scale liquefaction systems and composite cryogenic vessels. Fabrum has earned a global reputation as an innovator for its core competencies 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. Fabrum also has a strong presence in the traditional cryogenic markets of liquid nitrogen (LIN), liquid oxygen (LOX), liquid natural gas (LNG) and liquid air (LAIR), with a global customer base spanning animal husbandry, hi-tech research institutions and manufacturing.

Christopher Boyle, Founder and Chairman of Fabrum, said: “This investment is a critical milestone for Fabrum, validating the technology development pathway that fellow founder Hugh Reynolds and I 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.”

“We are very pleased to invest in Fabrum and to help further unlock the hydrogen opportunity for a mature and established technology,” said Andrew Hinkly, Managing Partner at AP Ventures. “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.”

Mark Hutchinson, CEO of Fortescue Future Industries, commented: “FFI is pleased to invest in Fabrum, an incredibly well respected and highly credentialed New Zealand company.

“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.

“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.

“FFI is determined to facilitate Fabrum’s growth through our investment and we see great opportunities to help each other be successful in the future.”

Dr Ken Ando, Managing Executive Officer, Head of Green Energy Division of Obayashi Corporation, commented: “Obayashi is very excited about collaborating with Fabrum, such a leading player in the green hydrogen industry. Taking full advantage of Fabrum’s technological capabilities and Obayashi’s proven track record, we are undeniably confident of bringing up the possibility of further expanding our hydrogen business.”

Dr Ojas Mahapatra, CEO of Fabrum, adds: “It doesn’t get any better than this; our strategic investors are global pioneers in the hydrogen ecosystem, collectively spanning the areas we want to expand into, both geographically and in terms of market verticals. 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.”

The investment follows the recent announcement that Fabrum signed a manufacturing agreement with CPH2, the UK-based green hydrogen technology and manufacturing company that has developed the IP-protected Membrane-Free Electrolyser (“MFE”). This will enable Fabrum to manufacture electrolysers in Christchurch, New Zealand, that the company uses alongside its cryogenic technologies to create hydrogen production systems.

About Fabrum

Fabrum, headquartered in Christchurch, New Zealand, is a world leader in industrialised small to medium-scale liquefaction systems and composite cryogenic vessels. Fabrum has earned a reputation as an innovator in zero-emission transition technologies to enable a lower-carbon economy and is actively deploying end-to-end liquid hydrogen solutions globally across heavy transport, mining and aviation markets. The company’s core competencies include green hydrogen production, storage, dispensing, and system integration. Fabrum also has a strong presence in the traditional cryogenic markets of liquid nitrogen (LIN), liquid oxygen (LOX), liquid natural gas (LNG) and liquid air (LAIR), with a global customer base spanning animal husbandry, hi-tech research institutions, manufacturing and defence forces. Fabrum is the result of the merger between Fabrum Solutions and AFCryo, the Company’s supplier of cryogenic systems since 2020. Fabrum’s world-leading cryocooler and liquefier systems are marketed under the AFCryocooler brand.
For more information, see www.fabrum.nz

About AP Ventures

AP Ventures is headquartered in London and manages venture capital funds with a global mandate to invest in pioneering new technologies and businesses which aim to solve global challenges such as renewable energy integration and resource scarcity. AP Ventures has been investing in the hydrogen industry since 2013 and is recognised as a leading venture capital fund across this value chain. AP Ventures manages $395m of assets on behalf of 12 LPs and has invested in more than 20 technology companies across the hydrogen value chain. AP Ventures is led by Andrew Hinkly (Managing Partner) and Kevin Eggers (Partner).
For more information, see https://apventures.com/

About Fortescue and Fortescue Future Industries (FFI):

Fortescue Future Industries (FFI) is a global green energy company committed to producing green hydrogen, containing zero carbon, from 100 per cent renewable sources.

Green hydrogen is a zero-carbon fuel, that when used produces primarily water. It is a practical and implementable solution that can help revolutionise the way we power our planet: helping to decarbonise heavy industry and create jobs globally.

FFI is leading the green industrial revolution, developing technology solutions for hard-to-decarbonise industries, while building a global portfolio of renewable green hydrogen and green ammonia projects.

FFI is also leading the global effort to help decarbonise hard-to-abate sectors and is developing and acquiring the technology and energy supply to help decarbonise the iron operations of one of the world’s largest producers of iron ore by 2030 (Scope 1 and 2 terrestrial emissions) – our parent company Fortescue Metals Group (ASX FMG). For more information, see https://fortescue.com/

About Obayashi Corporation

Obayashi Corporation, headquartered in Tokyo, Japan, is one of the world’s leading construction companies with expertise and technological innovation. With recent annual earnings of approximately NZ$22.5B, today, Obayashi has stretched its business beyond construction to renewable energy development, encompassing solar, biomass, and onshore/offshore wind. Focusing on hydrogen among other renewables, the company has engaged with progressive hydrogen projects including the geothermal-derived hydrogen production plants in NZ and Japan. Since Obayashi set foot on business in NZ for the construction of Auckland’s twin 2.4km Waterview Connection Tunnel in 2011, its business has extended to the geothermal-derived green hydrogen production and distribution project at NZ’s first MW-class plant, undertaken by Halcyon Power Ltd., a JV between Obayashi and Taupo-based Tuaropaki Trust. For more information, see https://www.obayashi.co.jp/en/