From left to right: Fabrum founders Hugh Reynolds and Christopher Boyle with chief executive Dr Ojas Mahapatra. Photo / Supplied
From left to right: Fabrum founders Hugh Reynolds and Christopher Boyle with chief executive Dr Ojas Mahapatra. Photo / Supplied
Christchurch company Fabrum, described as a leading player in the green hydrogen industry, has completed a $23 million capital raise.
Founded in 2004, the company has earned a global reputation supplying small-to-medium-scale liquefaction systems and composite cryogenic vessels. Its products are used in the heavy transport, mining and aviation markets.
In a statement on Wednesday, Fabrum announced it had secured $23m in a raise led by London-headquartered AP Ventures, with input from Fortescue Future Industries, Japan-based Obayashi Corporation and K1W1, a New Zealand investment company owned by Sir Stephen Tindall.
Fabrum planned to use the funding to scale up its manufacturing capacity with a new purpose-built facility at its Christchurch base, needed to meet growing demand for its hydrogen systems and other technologies.
Fabrum co-founder and chairman Christopher Boyle described the investment as a critical milestone.
The company, he said, had been created to leverage the strong technology and manufacturing history in Christchurch, along with a talent pipeline from the University of Canterbury and its 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,” he said.
“It is truly exciting to have the support of this world-class group of investors to deliver on this vision.”
AP Ventures managing partner Andrew Hinkly said: “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.”
Fabrum is working on hydrogen-based solutions for trucking company HW Richardson and others in NZ. Last June, and with mounting demand for hydrogen, Boyle said he wouldn’t discount an initial public offering for the company.
