Headquartered in Hovik, Norway The high-tech hydrogen business Hystar, a SINTEF spin-off, has raised $26 million (or roughly €24.1 million) in a round of fundraising that was also co-led by Mitsubishi Corporation and AP Ventures.
Along with current investors SINTEF Ventures and Firda, Finindus, Nippon Steel Trading, Hillhouse Investment, and Trustbridge Partners, and invested in the round.
The Norwegian business claims it will put the money to use to boost its development, enter new markets, and enhance its capacity to complete bigger projects (100 MW and above).
“Since our beginning, we have been committed to swiftly scaling up to assure the wider commercial adoption of our game-changing technology,” says Fredrik Mowill, CEO of Hystar. Therefore, we are thrilled to have finished our Series B investment round with such reputable business and financial backers that can help us accelerate our expansion.”
Added Fredrik Mowill: “We are looking forward to exploring the cooperative potential to scale up green hydrogen project deployment with our new shareholders. We’re also overjoyed that Hystar continues to get such strong support from our current shareholders, particularly AP Ventures.
The announcement comes one and a half years after the company raised £4.2 million to advance and market its unique PEM electrolysis technology.
Hystar produces extremely effective PEM (Polymer Electrolyte Membrane) electrolyzers for the industrial production of green hydrogen. Alejandro Oyarce and Magnus Thomassen founded the company.
According to the business, their patented technique has a 90% thinner membrane, increasing the creation of green hydrogen by up to 15%.
To complement its R&D and manufacturing capabilities in Hvik, Norway, the company is constructing an innovation center. Hystar also intends to have its first automated GW manufacturing facility up and running by 2025.
Hystar claims that its patented method has been demonstrated to utilize much less energy than traditional PEM electrolyzers during more than 5,000 hours of internal testing.
The venture capital funds managed by AP Ventures are dedicated to investing in cutting-edge new enterprises and technologies that seek to address major global issues like resource scarcity, the integration of renewable energy sources, and population growth.
“We have been impressed by the technical performance and growth that Hystar has generated over the past three years,” says Charlie Clark, Investment Manager at AP Ventures. We are thrilled to have co-led this Series B fundraising round with Mitsubishi Corporation to enable Hystar to increase production of its industry-leading PEM electrolyzer technology through the deployment of automated capacity.”
“We look forward to supporting Hystar in its efforts to manufacture green hydrogen that is incredibly efficient and will be essential to the worldwide push to decarbonize industry and society, Charlie said.
“Hystar has a crucial role to play in the decarbonizing global sector, which matches with our strategic plan to invest in sustainable solutions for decarbonized society,” continues Toshihiro Hayashi, General Manager, Mineral Resources Group at Mitsubishi Corporation.”
Toshihiro continued, “Green hydrogen is one of Mitsubishi Corporation’s primary areas of interest, and we think Hystar’s distinctive technology has the potential to have a substantial impact on its widespread deployment. We are eager to collaborate with Hystar as they advance toward widespread commercialization and realize their revolutionary goals for green hydrogen.”
Image Credit: Hystar