More

    Norwegian Hydrogen Company Hystar Raises $26M in Funding to Propel Green Hydrogen Technology and Scale-Up Operations

    Hystar AS, a Norwegian high-tech hydrogen company, has successfully raised USD 26 million in a Series B funding round to support its ambitious plans for expansion. The capital infusion, led by AP Ventures and Mitsubishi Corporation, along with other notable investors like Finindus, Nippon Steel Trading, Hillhouse Investment, and Trustbridge Partners, and continued support from existing investors SINTEF Ventures and Firda, will enable Hystar to scale up its operations and establish an automated gigawatt-capacity production line by 2025.

    Hystar’s proprietary technology lies at the core of its success. Their PEM electrolysers are not only highly efficient and safe but also designed for mass manufacturing, setting them apart from conventional electrolysers. With a patented design featuring a 90% thinner membrane, Hystar’s electrolysers can produce up to 150% more green hydrogen. This breakthrough technology opens doors to address hard-to-abate sectors like steel, ammonia, and heavy-duty transportation, where large-scale green hydrogen production is in high demand.

    The company’s strategic focus on tackling hard-to-abate sectors aligns with global efforts to decarbonize industries with significant carbon footprints. According to projections by Wood Mackenzie, the steel industry alone will require 52 million tonnes of green hydrogen annually to achieve carbon neutrality by 2050. Hystar’s ambition to be a global leader in the electrolyser market within this decade places it at the forefront of this transformative endeavor.

    Hystar’s strong partnerships with major investors, including AP Ventures and Mitsubishi Corporation, provide not only financial resources but also opportunities for collaborations and access to new markets. The company’s commitment to establishing an Innovation Centre and a state-of-the-art gigawatt manufacturing facility demonstrates a robust strategy to scale up their operations and meet the increasing demand for green hydrogen.

    Overall, Hystar’s ability to secure substantial funding, develop game-changing technology, and establish crucial partnerships highlights its potential to make a significant impact in advancing the global transition to a sustainable hydrogen-based economy. With a strong foundation, Hystar is poised to contribute significantly to the greener and more sustainable future we all envision.

    David Zingmark
    I'm a passionate individual dedicated to shining a spotlight on incredible companies. My goal is is to uncover stories by telling the most complex operations into simplified words, empowering you as a reader to gain better insights and make informed investment and/or business choices.

    Don't miss this

    Fear of missing out?