New Zealand hydrogen player raises $14m
New Zealand hydrogen and zero-emission technologies developer Fabrum has raised a NZD 23m (USD 14.5m) Series A round led by UK-based AP Ventures.
Fortescue Future Industries, a unit of Australian mining major Fortescue Metals, Japan’s Obayashi Corporation, and New Zealand VC firm K1W1 also participated.
Founded in 2004, Fabrum claims to be the world leader in industrialised small to medium-scale liquefaction systems and composite cryogenic vessels. Its core competencies include green hydrogen production, storage, dispensing, and system integration.
Green hydrogen refers to hydrogen produced by electrolysis, a clean method for separating hydrogen from water molecules that uses 40% less power than conventional technologies. The hydrogen is most often used in the chemicals industry, especially ammonia and fertilizers, although use cases in alternative fuels are developing rapidly.
Fabrum deploys end-to-end liquid hydrogen solutions globally across heavy transport, mining and aviation markets. It also has a presence in the traditional cryogenic markets of liquid nitrogen, liquid oxygen, liquid natural gas, and liquid air, with a global customer base spanning animal husbandry, high-tech research institutions, and manufacturing.
“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,” Mark Hutchinson, CEO of Fortescue Future, said in a statement.
“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.
The investment follows the signing of a manufacturing agreement with CPH2, a UK-based green hydrogen technology and manufacturing company that has developed a new kind of electrolyser. This will enable Fabrum to manufacture the electrolysers in New Zealand.
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