Hystar Raises $26 Million to Capitalise on Green Hydrogen Opportunity

Hystar, a Norwegian green hydrogen technology company, recently raised $26 million in Series B equity funding. The funding was co-led by AP Ventures and Mitsubishi, with other investors including Finindus, Nippon Steel Trading, Hillhouse Investment and Trustbridge Partners. Hystar plans to use the funds to expand into new markets and develop the ability to work on larger projects of 100MW or more. They also have a goal of having an automated GW-capacity manufacturing facility by 2025. In addition, Yara has entered a pilot project to test a method of producing green ammonia using Hystar technology which is expected to be commissioned in 2023. The article concludes by noting that there is growing demand for Ireland to capitalise on the potential of green hydrogen and that Europe needs to look at achieving “full commercial opportunity” in this sector.

The Promise of Green Hydrogen

Green hydrogen is a promising clean energy source that has the potential to reduce greenhouse gas emissions and provide a reliable, renewable energy source. It is produced through electrolysis, which uses electricity to split water molecules into oxygen and hydrogen. The hydrogen produced can be used as a fuel for transportation or other applications such as heating and cooling. Green hydrogen also has the potential to be stored and transported like any other energy source, making it an attractive option for countries looking to reduce their reliance on fossil fuels.
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Picture source: Ronnie George