Green hydrogen firm Hystar raises $26m to scale up operations

11 Jan 2023

From left: Hystar CTO Alejandro Barnett, CPO Magnus Thomassen and CEO Fredrik Mowill. Image: Hystar

The company plans to expand into new markets and aims to have an automated GW-capacity manufacturing facility by 2025.

Norwegian company Hystar has raised $26m in equity funding to scale up production of its green hydrogen technology.

The Series B funding round was co-led by AP Ventures and Mitsubishi. Other investors in the round included Finindus, Nippon Steel Trading, Hillhouse Investment and Trustbridge Partners, alongside existing investors Sintef Ventures and Firda.

Hystar focuses on developing PEM electrolysers, which are used to split water into hydrogen and oxygen. The Oslo-based company said its patented technology can produce up to 150pc more green hydrogen than conventional electrolysers, thanks to an efficient, thin membrane.

The company plans to use the fresh funding to expand into new markets and to develop the ability to work on larger projects of 100MW and more.

Hystar aims to rapidly scale-up to full commercial operations, with the goal of having an automated GW-capacity manufacturing facility by 2025.

“Since our inception, we have been committed to rapidly scaling up to ensure the widespread commercial deployment of our game-changing technology,” said Hystar CEO Fredrik Mowill. “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,” Mowill added.

The company raised more than $5m in 2021 to further develop and commercialise its PEM electrolysis technology.

Last year, global fertiliser producer Yara entered a pilot project to test a new method of producing green ammonia using Hystar technology, Reuters reports. This project is expected to be commissioned in the second half of 2023.

There has been a growing demand for Ireland to capitalise on the potential of green hydrogen. Last year, the representative group for the Irish wind energy industry called on the Government to create a hydrogen strategy with a focus on green hydrogen development.

Last November, a report by Hydrogen Ireland claimed green hydrogen can help Europe take control of its energy supply and said the continent needs to look at achieving “full commercial opportunity” in this sector.

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Leigh Mc Gowran is a journalist with Silicon Republic