Hystar raises US$36 million to accelerate commercial growth

The capital will enable Hystar to accelerate commercial scale-up on the back of signing several customer orders during the 2024.

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 provide efficiency and safety. Engineered for mass production from day one, Hystar’s electrolysers utilise 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 levelised cost of green hydrogen.

In late 2024, Hystar was awarded €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 green hydrogen technology.

Fredrik Mowill, CEO of Hystar, said of the funding round: “Since our last funding round, the Hystar team has 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.”

Read the article online at: https://www.globalhydrogenreview.com/hydrogen/14052025/hystar-raises-36-million-to-accelerate-commercial-growth/