Hystar Raises $26 Million to Accelerate Green Hydrogen Production and Decarbonize Society

Norwegian company Hystar just completed a Series B fundraising round that provides $26 million in equity to their growth and expansion into new markets. This capital will also assist in full commercialization of automated GW-capacity production lines by 2025. The round was co-led by AP Ventures and Mitsubishi Corporation, and other investors include Finindus, Nippon Steel Trading, Hillhouse Investment, Trustbridge Partners, SINTEF Ventures, and Firda. Hystar is credited with ultra-efficient PEM electrolysers patented design. These products feature a 90% thinner membrane compared to conventional electrolysers which produces up to 150% more green hydrogen. Hystar CEO Fredrik Mowill voiced his optimism for the funding, stating that it will allow them to deploy their game-changing technology on larger scale projects without delay.Charlie Clark from AP Ventures commented on the successful fundraising as well as their future goals: “We have been amazed by the results achieved by Hystar over the last few years and are glad to lead this Series B funding round alongside Mitsubishi Corporation… We look forward to watching [them] produce efficient green hydrogen in an attempt to decarbonize industry and society”.

Summary

• Hystar has raised US$26m (€24.2m) for green hydrogen production
• The injection of capital will fuel Hystar’s growth, expansion into new markets and ability to deliver 100MW projects
• Hystar’s PEM electrolysers have been designed for mass manufacturing with an ultra-efficient design boasting a 90% thinner membrane than conventional electrolysers

What investors and financial partners are involved in Hystar’s Series B funding round?

The investors and financial partners involved in Hystar’s Series B funding round are AP Ventures, Mitsubishi Corporation, Finindus, Nippon Steel Trading, Hillhouse Investment, Trustbridge Partners, SINTEF Ventures and Firda.

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Picture source: Mikita Karasiou