CPH2 is pleased to announce that New Zealand based Fabrum Solutions Ltd ("Fabrum"), with whom CPH2 executed a manufacturing agreement in January 2023, has received an order from Obayashi Corporation ("Obayashi") for the delivery of a MFE220 unit. Obayashi is a Japanese construction company listed on the Tokyo Stock Exchange and part of the Nikkei 225 index.
The unit ordered is a 1MW MFE220 with delivery from Fabrum expected in approximately 13 months, with the destination of the unit expected to be Auckland, New Zealand. Obayashi has several interests in green hydrogen production projects in New Zealand including Halcyon Power Ltd, the 50/50 joint venture between Tuaropaki Trust and Obayashi Corporation, where Halcyon aims to use electricity generated by the Tuaropaki Power Station to feed the rollout of fit-for-purpose, safe, innovative, durable and affordable fast hydrogen refuelling stations.
The order represents Fabrum's first customer under CPH2's manufacturing agreement for which CPH2 will receive a technology fee as well as revenue from the sale of key components including CPH2 stacks.
Fabrum has previously ordered two MFE220 units from CPH2, with the first container having already been shipped to Fabrum's facility in New Zealand, as announced on 31 January 2023, where it will be fitted out with the remaining components and commissioned for use.
CPH2 is committed to its strategic target of 4GW MFE annual production by 2030; of this 1GW will be in-house manufacturing and assembly and 3GW will be via license agreements such as that agreed with Fabrum. Interest in CPH2's innovative and disruptive hydrogen electrolyser technology continues to grow and our agreement with Fabrum allows for faster scale up and market penetration in Australia and New Zealand.
Jon Duffy, Chief Executive Officer of CPH2, commented:
"I am delighted to see our manufacturing agreement signed with Fabrum earlier in the year already bearing fruit. The order from Obayashi, a significant global construction player, goes a long way to validate our technology and its practical uses in the production of green hydrogen.
The use of licence agreements by CPH2 to achieve our strategic target of 4GW MFE annual production has always been of key importance and we look forward to working with Fabrum to continue our positive progress to date."