Hystar AS, the Norwegian high-tech hydrogen company, has successfully raised more than USD 36 million in its Series C funding round. The capital will enable Hystar to accelerate commercial scale-up on the back of signing several customer orders during the last year.
The round attracted both new and existing investors. New investors include Nysnø Climate Investments, Orlen VC, MOL Switch, Stenshagen Invest and Kinetics Technologies. Key existing shareholders such as AP Ventures, Firda, Nippon Steel Trading, Finindus and SINTEF Ventures also invested in the round, reflecting broad investor confidence in Hystar's technology and growth strategy.
Hystar's patented PEM electrolysers are the most efficient and safe systems on the market. Uniquely engineered for mass production from day one, Hystar's electrolysers utilize membranes based on fuel cell technology that are 90% thinner than conventional electrolyser alternatives. This enables high energy efficiency and mass manufacturing, driving down the levelized cost of green hydrogen.
In late 2024, Hystar was awarded EUR 26 million in grants from the EU Innovation Fund. These funds will 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 have an annual capacity of 1.5 GW, with plans to scale to 4.5 GW by 2031.
The combined funding from the Series C round and EU Innovation Fund will enable Hystar to execute on its growth strategy and contribute to the energy transition through large scale deployment of its world class-leading green hydrogen technology.
Fredrik Mowill, CEO of Hystar, said of the funding round:
"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."
Kevin Eggers, Partner at AP Ventures, stated:
"Hystar's ability to conclude this fundraising round speaks to the confidence of both existing and new investors. The combination of the equity and grant capital ensures Hystar is uniquely positioned to accelerate their commercialization. We are proud to be associated with their high-performance and commercially focused culture."
Geir Førre, Founder and CEO of Firda, stated:
"We've supported Hystar from the start, and seeing the company bring their unique technology successfully to the field has only strengthened our conviction. As Hystar enters a new phase of growth and industrial scale-up, we're proud to deepen our investment."
Fredrik Bryne, Senior Investment Manager of Nysnø Climate Investments, stated:
"We are impressed by Hystar's unique technology and ability to think big. As a Norwegian manufacturing company with a strong international mindset, Hystar is well-positioned to become a leading exporter and player in the global, green hydrogen market."
Jun Terada, Managing Executive Officer of Nippon Steel Trading, stated:
"As a strategic partner, we've built a strong relationship with Hystar over the past years. Now, by additional investment, we're proud to deepen that partnership and help accelerate their next phase of growth. We look forward to supporting their expansion, particularly in the Japanese market."