Fabrum founders, technical director, Hugh-Reynolds, and Chairman Christopher Boyle with CEO Dr OjasMahapatra. Photo: Supplied
Christchurch-based hi-tech engineering firm Fabrum has announced it has raised $23 million in new funding.
The financing was led by London-based AP Ventures, along with Australia's Fortescue Future Industries, Japan's Obayashi Corporation and New Zealand's K1W1.
Fabrum, founded in 2004, specialises in producing small to medium-scale specialist systems needed for making and storing hydrogen.
The company said it planned to scale up manufacturing with a new purpose-built facility in Christchurch, to meet growing demand for its end-to-end hydrogen systems.
"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 co-founder and chair Christopher Boyle said.
"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 said.
Fabrum chief executive Ojas Mahapatra, said the investment reinforced the company's work 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," Mahapatra said.
AP Ventures managing partner Andrew Hinkly, said it was pleased to invest in the company to help further progress in hydrogen technology.
Fortescue chief executive Mark Hutchinson said Fabrum was a "well respected" company with strong credentials in New Zealand.
"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," Hutchinson said.
"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."
