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Hystar

Hydrogen Economy
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Clean Hydrogen
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Hystar is a Norway-based electrolyzer developer and a spin-off from SINTEF, one of Europe’s largest independent research organizations.

The company’s product line includes Vega (for applications where energy costs are a significant part of the total cost), Mira (a system powered by intermittent energy sources such as wind, solar, and hydro), and Orion (a constellation of Vega, Mira, or a combination stack).

Hystar electrolyzers use the patented polymer electrolyte membrane (PEM) technology with thin membranes, anode air feed, and cathode water feed, which is said to be more efficient, safer, customizable, and sustainable than conventional electrolyzers. Hystar launched a 1 MW pilot plant and planned to launch a 4 GW plant by 2025. The company also aimed to expand into the US and launch a multi-GW facility by 2027.

Hystar’s 1 MW pilot plant is a 10,000-hour trial designed to verify its containerized PEM electrolyzers under realistic field conditions. The project will run for three years from March 2022 to June 2025.

Key customers and partnerships

Hystar has followed a partnership strategy in launching its plants. It partnered with ABB, Equinor, Yara, and Gassco to launch its 1 MW pilot plant (HyPilot), while the team for the 4 GW project (Autostack) includes experts from Semcon, Tronrud Engineering, and SINTEF Digital.

In June 2023, Hystar partnered with Polish private energy group Polenergia to supply a 5 MW electrolyzer for its H2HubNS project in 2024 and provide long-term maintenance.

Funding and financials

In December 2023, Hystar was awarded more than NOK 17 million (USD 1.6 million) by the Norwegian Research Council to further develop its low-cost, high-efficiency PEM electrolyzer stack for the HYSTACK-II project.

Hystar’s most recent funding was in January 2023, when it raised USD 26 million in a Series B funding round co-led by AP Ventures and Mitsubishi Corporation, with participation from Finindus, Nippon Steel Trading, Hillhouse Investment, and others. The funds were earmarked for growth initiatives, expansion into new markets, and large projects (over 100 MW).


Hydrogen Economy

Hydrogen Economy

Key stats
Featured companies
66
Total funding (USD)
9.5 Bn
Total addressable market (USD)
128.7 Bn
Key competitors
 
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Recent Updates

Funding
Jan 12, 2023
Hystar raises USD 26 million in Series B funding
Hydrogen Economy

Company Brief


HQ location:
Høvik NOR
Founded year:
2020
Employees:
11-50
Total Funding:
USD 25.8 million
Last Funding
USD 25.8 million, Jan 2023

Funding


Investors


No investor data is available

Funding data are powered by Crunchbase
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