Oslo headquartered Norwegian hydrogen electrolyzes’ producer Hystar has carried out a Series B funding round to rapidly scale-up green hydrogen production to full commercial operations with an automated GW-capacity production line by 2025. The injection of USD 26 million capitals raised through equity will also be used to expansion into new markets, and ability to deliver on 100MW and beyond projects. The round was co-led by AP Ventures and Mitsubishi Corporation. Additional investors in the round included Finindus, Nippon Steel Trading, Hillhouse Investment and Trustbridge Partners alongside existing investors SINTEF Ventures and Firda.Founded in 2021, Hystar has found a way to produce 100% green hydrogen. Hystar’s PEM electrolysis has been designed for mass manufacturing from the very beginning. The ultra-efficient design, which is patented and unique to Hystar, boasts a 90% thinner membrane than conventional electrolysis, enabling the production of up to 150% more green hydrogen. As a spin-off from SINTEF, one of Europe’s leading research organizations, Hystar has 15 years history of research into PEM technology. With more than 5,000 hours of in-house testing, Hystar’s technology has been proven to use significantly less energy than conventional PEM electrolysis, enabling a substantial increase in hydrogen production output. The technology promises to make a disruptive change to hard-to-abate sectors at scale, such as steel, ammonia, and heavy-duty transportation. The global steel industry alone, for example, will require 52 million tonnes of green hydrogen annually to decarbonize by 2050.
Oslo headquartered Norwegian hydrogen electrolyzes’ producer Hystar has carried out a Series B funding round to rapidly scale-up green hydrogen production to full commercial operations with an automated GW-capacity production line by 2025. The injection of USD 26 million capitals raised through equity will also be used to expansion into new markets, and ability to deliver on 100MW and beyond projects. The round was co-led by AP Ventures and Mitsubishi Corporation. Additional investors in the round included Finindus, Nippon Steel Trading, Hillhouse Investment and Trustbridge Partners alongside existing investors SINTEF Ventures and Firda.Founded in 2021, Hystar has found a way to produce 100% green hydrogen. Hystar’s PEM electrolysis has been designed for mass manufacturing from the very beginning. The ultra-efficient design, which is patented and unique to Hystar, boasts a 90% thinner membrane than conventional electrolysis, enabling the production of up to 150% more green hydrogen. As a spin-off from SINTEF, one of Europe’s leading research organizations, Hystar has 15 years history of research into PEM technology. With more than 5,000 hours of in-house testing, Hystar’s technology has been proven to use significantly less energy than conventional PEM electrolysis, enabling a substantial increase in hydrogen production output. The technology promises to make a disruptive change to hard-to-abate sectors at scale, such as steel, ammonia, and heavy-duty transportation. The global steel industry alone, for example, will require 52 million tonnes of green hydrogen annually to decarbonize by 2050.
