Norwegian hydrogen technology company Hystar has secured $36 million in Series C funding to support its expansion and scale-up plans. The funding round includes both new and returning investors from a range of industries, reports H2 View.
New investors include Norwegian climate fund Nysnø, Polish energy company Orlen VC, the U.S. venture capital arm of Mitsui OSK Lines, Stenshagen Invest, and electronics manufacturer Kinetic Technologies. Existing backers AP Ventures, Firda, Nippon Steel Trading, Finnidus, and Sintef Ventures also increased their investment in the company.
The funding will support Hystar’s plan to launch a 1.5 gigawatt (GW) automated electrolyser production line at its factory in Høvik, Norway by 2027. The company aims to triple its capacity to 4.5 GW by 2030. In addition to the private funding, Hystar recently received a €26 million ($28.9 million) grant from the EU Innovation Fund to help finance the expansion.
Hystar also recently completed its first 1.5 megawatt (MW) field pilot in collaboration with major energy players Equinor, Yara, Gassco, and ABB. The pilot will provide valuable performance data to support further development and commercialisation of its technology.
“The completion of our latest funding round provides the required capital to execute our growth plan and build upon recent market wins,” said Hystar CEO Fredrik Mowill.
The company claims its proton exchange membrane (PEM) electrolysers, which use membranes based on fuel cell technology, are 90% thinner than standard alternatives. This, Hystar says, improves efficiency and supports scalable mass production, helping to lower the overall cost of hydrogen.
AP Ventures partner Kevin Eggers added, “The combination of the equity and grant capital ensures Hystar is uniquely positioned to accelerate its commercialisation.”
