Hystar AS, a Norwegian electrolyzer maker, has closed a Series B funding round of USD 26m to rapidly scale-up to full commercial operations with an automated GW-capacity production line by 2025.
The injection of capital, raised through equity, will also be used to fuel Oslo-headquartered Hystar’s growth, expansion into new markets, and ability to deliver on larger (100 MW and beyond) projects, according to a news release.
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.
Hystar’s PEM electrolysers are the most efficient and safest in the world and have been designed for mass manufacturing from the very beginning, the release says. The ultra-efficient design, which is patented and unique to Hystar, boasts a 90% thinner membrane than conventional electrolysers, enabling the production of up to 150% more green hydrogen.
Fredrik Mowill, CEO of Hystar, said of the funding round: “Since our inception, we have been committed to rapidly scaling up to ensure the widespread commercial deployment of our game-changing technology. We are therefore excited to have closed our Series B funding round with such high-quality industrial and financial investors who can contribute to accelerating our growth. We look forward to working with our new shareholders to explore joint opportunities to deploy green hydrogen projects at scale. We’re also very happy that our existing shareholders, with AP Ventures in the lead, have continued their strong support of Hystar.”
