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Hystar Raises USD 26mn to Scale up to Full Commercial Operations

Hystar AS, the Norwegian high-tech hydrogen company, today announces a Series B funding round of USD 26mn 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.

Image Credit: Viktoria Kurpas/

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 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.

The scale of decarbonization required for global industry cannot be underestimated; it is undoubtedly across these applications where green hydrogen will have its most profound impact. Hystar understands that, and its plans to commercialization in partnership with major industry players will pave the way for significant progress and a greener future – a vision Hillhouse is proud to support

Luke Li, Founding Partner at Hillhouse Investment

Hystar’s patented technology is a game-changer when it comes to tackling hard-to-abate sectors at scale, such as steel, ammonia, and heavy-duty transportation. The global steel industry alone, for example, will require 52 million tonnes of green hydrogen annually to decarbonize by 2050 according to Wood Mackenzie.

Hystar has a critical role to play in decarbonizing global industry, which aligns with our strategic plan to invest in sustainable solutions for decarbonized societies. Green hydrogen is one of the key focuses for Mitsubishi Corporation and we believe Hystar’s unique technology has the potential to significantly impact its large-scale deployment. We look forward to working with Hystar as they ramp up to widespread commercialization and realize their game-changing ambitions for green hydrogen

Toshihiro Hayashi, General Manager, Mineral Resources Group at Mitsubishi Corporation

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.”

Charlie Clark, Investment Manager, AP Ventures, said of their investment in Hystar: “We have been hugely impressed by the technical results and growth that Hystar has delivered over the past few years. We are pleased to have co-led this Series B funding round alongside Mitsubishi Corporation to enable Hystar to deploy automated capacity to scale the production of its world-leading PEM electrolyser technology. We look forward to continuing to support Hystar as it works to produce ultra-efficient green hydrogen which will be vital to support global efforts to decarbonize industry and society.”

Hans Maenhout, Investment Director at Finindus, said of their investment: “A lower cost and increased flexibility of green hydrogen production is the key to success when it comes to the role hydrogen has to play in decarbonizing our society. This is exactly what the Hystar technology provides. Add to that the intrinsic safety of Hystar’s electrolysers, as well as the design for mass-manufacturing approach which allows for utilizing existing supply chains, and you have an excellent value proposition to offer to industrial customers such as ArcelorMittal, the world’s second largest steel manufacturer and Finindus’ key industrial partner.”


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