HomeFundingNorwegian startup Hystar cashes in €24 million for its large-scale green hydrogen...

Norwegian startup Hystar cashes in €24 million for its large-scale green hydrogen production solution

High-tech hydrogen startup Hystar has just bagged over €24 million as it plans to level up commercial operations. The GreenTech startup has developed a way to scale hydrogen production in a way that is 100% green and clean – a game changer for the energy space. 

It’s been stated and restated that 2023 will be the year for GreenTech disruption. Across Europe last year, we saw funding for GreenTech and sustainability-focused startups ramp up, we saw new funds and accelerators open up and the appetite for this market hit an all-time high – and it’s a trend we expect to grow over the next months. 

Moving towards a place of Net Zero and creating a more sustainable society is firmly on the agenda for consumers, investors, innovators, governments and corporates alike as the reality of the escalating climate crisis has taken hold, and it’s been demonstrated just how important independent, renewable and clean energy sources are for the future. 

Norwegian startup Hystar is hoping to tap into this, with their solution that provides green hydrogen – a promising way to tackle energy challenges and reduce carbon emissions. The young startup just secured fresh funding and is ready to expand operations. 

Funding details

  • €24 million raised in a Series B funding round 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. 
  • Funding will be used to fuel growth

Fredrik Mowill, CEO of Hystar: “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.”

Hydrogen is one of the simplest and most abundant elements we have. It’s also a highly efficient energy carrier and could hold the key to greener energy sources for future society. However, it doesn’t exist in a pure format. Currently, most hydrogen recovery is done by reforming natural gases in a process that contributes to carbon emissions. 

Founded in 2021, Hystar has found a way to produce 100% green hydrogen – and it could be a game-changer. 

Toshihiro Hayashi, General Manager, Mineral Resources Group at Mitsubishi Corporation: 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.” 

The Norwegian startup makes highly efficient PEM electrolysers for the large-scale production of green hydrogen. The patented tech has a role to play in decarbonizing and unlocking a more sustainable future. 

As a spin-off from SINTEF, one of Europe’s leading research organizations, Hystar has 15 years history of research into PEM technology. With more than 5,000 hours of in-house testing, Hystar’s technology has been proven to use significantly less energy than conventional PEM electrolysers, enabling a substantial increase in hydrogen production output. 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 technology promises to make a disruptive change to 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.

Luke Li, Founding Partner at Hillhouse Investment: “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.”

Hans Maenhout, Investment Director at Finindus: 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.” 

Now, with this new funding, the company will be able to expand and keep up with growing demand. It’ll also be used to expand into new markets and deliver on larger projects. 

Charlie Clark, Investment Manager at AP Ventures: “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.”

Patricia Allen
Patricia Allen
is the Head of Content at EU-Startups. With a background in politics, Patricia has a real passion for how shared ideas across communities and cultures can bring new initiatives and innovations for the future. She spends her time bringing you the latest news and updates of startups across Europe, and curating our social media.

Most Popular