Hystar AS, the Norwegian high-tech hydrogen company, has successfully raised more than USD 36 million in its Series C funding round. The capital will enable Hystar to accelerate commercial scale-up on the back of signing several customer orders during the last year.
The round attracted both new and existing investors. New investors include Nysnø Climate Investments, Orlen VC, MOL Switch, Stenshagen Invest and Kinetics Technologies. Key existing shareholders such as AP Ventures, Firda, Nippon Steel Trading, Finindus and SINTEF Ventures also invested in the round, reflecting broad investor confidence in Hystar’s technology and growth strategy.
Hystar’s patented PEM electrolysers are the most efficient and safe systems on the market. Uniquely engineered for mass production from day one, Hystar’s electrolysers utilize membranes based on fuel cell technology that are 90% thinner than conventional electrolyser alternatives. This enables high energy efficiency and mass manufacturing, driving down the levelized cost of green hydrogen.
In late 2024, Hystar was awarded EUR 26 million in grants from the EU Innovation Fund. These funds will support the installation and operation of the company’s fully automated gigawatt-scale production line. The new facility, planned to be operational in 2027, will have an annual capacity of 1.5 GW, with plans to scale to 4.5 GW by 2031.
The combined funding from the Series C round and EU Innovation Fund will enable Hystar to execute on its growth strategy and contribute to the energy transition through large scale deployment of its world class-leading green hydrogen technology.
Photo of Hystar
Press release https://tinyurl.com/ydxv2dje
