Norwegian PEM electrolyser manufacturer Hystar has today (January 11) announced a Series B funding round of $26m to rapidly scale up to full commercial operations with automated gigawatt-capacity production by 2025.
Raised through equity, Hystar has said the capital injection will also be used to grow its Oslo headquarters, anticipated to open early this year (2023), expand into new markets, and to deliver projects over 100MW in size.
Co-led by AP Ventures and Mitsubishi Corporation, new investors Finnindus, Nippon Steel Trading, Hillhouse Investment, and Trustbridge Partners, join existing investors, SINTEF Ventures and Firda.
Designed for mass manufacturing, Hystar has regularly described its electrolysers as the ‘most efficient’ in the world, boasting a unique, patented design with membrane 90% thinner than conventional electrolysers, which it says can enable production of up to 150% more green hydrogen.
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