Hystar has raised over NOK 50 million in capital for the development of its electrolyser that produces green hydrogen using less energy than existing technologies and enables a substantial increase in hydrogen production output.
AP Ventures, a significant investor in breakthrough hydrogen technologies, led the fundraise, alongside SINTEF Ventures, the investment fund of the SINTEF research institute, and Firda, a pioneering early-stage investor in Norway.
Hystar has developed a PEM electrolysis technology that enables green hydrogen to be produced at higher efficiencies than existing PEM technologies. A unique cell design and process architecture offers an exciting opportunity to reduce electricity consumption and increase hydrogen output, significantly lowering the cost of green hydrogen production from PEM electrolysis. The technology will target the growing global demand for green hydrogen for industrial, renewable power and mobility applications.