Hovik, Norway-based Hystar, a high-tech hydrogen company and a spin-off of SINTEF, announced on Wednesday that it has secured $26M (approximately €24.1M) in a round of funding co-led by AP Ventures and Mitsubishi Corporation.
Finindus, Nippon Steel Trading, Hillhouse Investment, and Trustbridge Partners, and existing investors SINTEF Ventures and Firda, also participated in the round.
The Norwegian company says it will use the funds to accelerate its growth, expand into new markets, and improve its ability to deliver on larger (100 MW and beyond) projects.
Fredrik Mowill, CEO of Hystar, says, “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.”
The announcement comes one and half years after raising £4.2M to develop further and commercialise their proprietary PEM electrolysis technology.
Hystar: What you need to know
Founded by Alejandro Oyarce and Magnus Thomassen, Hystar makes highly efficient PEM (Polymer electrolyte membrane) electrolysers for the large-scale production of green hydrogen.
The company says its patented technology boasts a 90 per cent thinner membrane, enabling the production of green hydrogen by up to 150 per cent.
The company is building an Innovation Centre to support its R&D and manufacturing capabilities in Høvik, Norway. In addition, Hystar plans to install its first automated GW manufacturing facility by 2025.
With more than 5,000 hours of in-house testing, Hystar’s patented technology has been proven to use significantly less energy than conventional PEM electrolysers, says the company.
Investors
AP Ventures manages venture capital funds focused on investing in pioneering new technologies and businesses which aim to solve global challenges such as renewable energy integration, resource scarcity, and a growing population.
Charlie Clark, Investment Manager at AP Ventures, says, “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 decarbonise industry and society.”
Toshihiro Hayashi, General Manager, Mineral Resources Group at Mitsubishi Corporation, adds, “Hystar has a critical role to play in the 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 impact its large-scale deployment significantly. We look forward to working with Hystar as they ramp up to widespread commercialisation and realise their game-changing ambitions for green hydrogen.”
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