Norway-based hydrogen development company Hystar, which has developed a novel polymer electrolyte membrane (PEM) electrolysis technology, has raised over NKr50-million in capital.
A subsidiary of independent research institutions Sintef, Hystar’s electrolyser 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, an early-stage investor in Norway.
Hystar CEO Fredrik Mowill says that, with the backing of AP Ventures, Sintef and Firda, the company is now in a position to accelerate development of Hystar’s unique PEM electrolyser and it aims to make a significant impact in the growth and deployment of green hydrogen in the marketplace.
Hystar’s PEM electrolysis technology uses a unique cell design and process architecture that provides the ability 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.
Hystar’s near-term goals are to develop a stack and electrolyser package followed by deployment of pilot units with early customers.
The funds raised will primarily be used to build and test stacks and preproduction electrolyser packages, as well as expand the Hystar team.
AP Ventures partner Kevin Eggers says the company believes green hydrogen production has a long and attractive future globally. “Hystar’s technology will reinforce hydrogen's pivotal role in the transition to a decarbonised future.”
Sintef Venture investment director John Torvik says the company is “exceptionally proud” to partake in commercialising high-impact green hydrogen technology and also for backing this “word-class team”.
Firda managing partner Geir Førre says the company has been increasingly looking for investments that contribute to reducing carbon emissions.
“The technology developed by the Hystar team has the potential to accelerate the adoption of green hydrogen production worldwide, which we believe is an important part of the move away from fossil fuels.”