Norwegian high-tech hydrogen company Hystar has raised more than $36 million in a Series C funding round to accelerate the commercial scale-up of its electrolyzers.
As disclosed, the round attracted both new and existing investors. Nysnø Climate Investments, Orlen VC, MOL Switch, Stenshagen Invest, and Kinetics Technologies joined as new investors, while existing shareholders such as AP Ventures, Firda, Nippon Steel Trading, Finindus, and SINTEF Ventures continued their support.
The funding round follows Hystar receiving a €26 million grant from the EU Innovation Fund that is expected to support the installation and operation of the company’s fully automated gigawatt-scale production line. The new facility, planned to be operational in 2027, will reportedly have an annual capacity of 1.5 GW, with plans to scale to 4.5 GW by 2031.
Hystar stressed that the combined funding from the Series C round and EU Innovation Fund will enable the company to execute on its growth strategy and contribute to the energy transition through the large-scale deployment of its green hydrogen technology.
To note, Hystar’s electrolyzers are said to utilize membranes based on fuel cell technology that are 90% thinner than conventional electrolyzer alternatives. According to the company, this enables “high energy efficiency and mass manufacturing, driving down the levelized cost of green hydrogen.”
Fredrik Mowill, CEO of Hystar, commented: “Since our last funding round, the Hystar team has successfully manufactured and deployed the first commercial electrolyser units and achieved significant traction in the market. The completion of our funding round provides the required capital to execute our growth plan and build upon recent market wins. We are pleased to welcome our new shareholders and appreciate the strong participation from our existing investors in the funding round. We look forward to working with our investors to grow the business going forward.”