Hystar, an Oslo, Norway-based provider of PEM electrolysers for green hydrogen production, raised $26M in Series B funding.
The round was co-led by AP Ventures and Mitsubishi Corporation with participation from Finindus, Nippon Steel Trading, Hillhouse Investment, Trustbridge Partners, SINTEF Ventures and Firda.
The company intends to use the funds to scale up commercial operations of its green hydrogen production plans into new markets.
Led by CEO Fredrik Mowill, Hystar specializes in advanced PEM electrolysers for large scale green hydrogen production. Its systems utilize the patented PEM technology concepts, providing major steps towards making green hydrogen production more accessible for a multitude of applications. The containerized systems are available in sizes from 1 to 5 MW. Through the modular and scalable design, they can provide plants up to 1 GW.
Hystar offers two product lines of PEM electrolyser systems: Vega™ and Mira™. For larger systems, they provide Orion – a constellation of either Vega or Mira or a combination of the two.
FinSMEs
11/01/2023