Norwegian proton-exchange-membrane electrolyser manufacturer Hystar has secured $26mn in a series B funding round co-led by venture capital firm AP Ventures and Japanese conglomerate Mitsubishi. Additional investors in the round include Belgium-based Finindus, Japan’s Nippon Steel Trading, private equity firm Hillhouse Investment and Shanghai-headquartered Trustbridge Partners, as well as existing investors venture capital firm Sintef Ventures and investment company Firda.

Hystar aims to use the capital to scale up commercial operations, with an automated gigawatt-capacity production line in place by 2025.

$26mn – Series B funding

Last year, Hystar raised NOK50mn ($5mn) in a funding round led by AP Ventures in order to commercialise its electrolyser design. Hystar claims the design—which features a membrane 90pc thinner than conventional electrolysers—enables the production of up to 150pc more green hydrogen.

The firm last year also launched a pilot project—partners for which include Norwegian energy firm Equinor, fertiliser producer Yara and Norwegian gas transmission firm Gassco—to field test a 1MW containerised electrolyser that could produce up to 500kg/d of green hydrogen. The project is due to start in the second half of this year at Equinor’s K-lab facilities, close to the Karsto processing plant operated by Gassco.

“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,” says Fredrik Mowill, CEO of Hystar.

“Hystar has a critical role to play in decarbonising global industry, which aligns with our strategic plan to invest in sustainable solutions for decarbonised 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,” says Toshihiro Hayashi, general manager for the mineral resources group at Mitsubishi.

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Author: Polly Martin