Joined in 2023 
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63 About this deal
Luke Li, Founding Partner at Hillhouse Investment: “ The scale of decarbonization required for global industry cannot be underestimated; it is undoubtedly across these applications where green hydrogen will have its most profound impact. Hystar understands that, and its plans to commercialization in partnership with major industry players will pave the way for significant progress and a greener future – a vision Hillhouse is proud to support.” Hystar has developed a PEM electrolysis technology that enables green hydrogen to be produced at higher efficiencies than existing PEM technologies. A unique cell design and process architecture offers an exciting opportunity 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. Founded in 2021, Hystar has found a way to produce 100% green hydrogen – and it could be a game-changer.
Electrolyser firm Hystar to build 4 GW plant in Norway, sets
Firda is an investment company founded by serial entrepreneur Geir Førre, after his 3 successful exits with Energy Micro, Chipcon and Prox Dynamics. Since 2015 Firda has been an active technology investor with a focus on Norwegian technology companies that are highly scalable and have a positive impact on the world. Firda’s current portfolio includes Airthings, Ardoq, Disruptive Technologies and Zivid. Revealed: The banks least likely to pay out if you get scammed (and the ones that reimburse the most cash) Hydrogen is one of the simplest and most abundant elements we have. It’s also a highly efficient energy carrier and could hold the key to greener energy sources for future society. However, it doesn’t exist in a pure format. Currently, most hydrogen recovery is done by reforming natural gases in a process that contributes to carbon emissions.
Additional investors in the round included Finindus, Nippon Steel Trading, Hillhouse Investment and Trustbridge Partners alongside existing investors SINTEF Ventures and Firda. The company is looking to set up a North America headquarters in 2024 and plans to build a multi-gigawatt factory by 2027. As a spin-off from SINTEF, one of Europe’s leading research organizations, Hystar has 15 years history of research into PEM technology. With more than 5,000 hours of in-house testing, Hystar’s technology has been proven to use significantly less energy than conventional PEM electrolysers, enabling a substantial increase in hydrogen production output. The ultra-efficient design, which is patented and unique to Hystar, boasts a 90% thinner membrane than conventional electrolysers, enabling the production of up to 150% more green hydrogen.
Hystar | Newsroom
Partnerships such as this that bring together complementary capabilities and strengths of different organisations are essential to the development of the hydrogen economy.' At Firda, we have increasingly been 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. We have been impressed by the capabilities and values of the Hystar team and find it very meaningful to work with them to bring this technology to the market.” says Geir Førre, Managing Partner, Firda. Want a pension pot for life? Plan would curb ever increasing number of small pots and become 'auto enrolment 2.0' - this is how it could work Hystar is located in Oslo, Norway, and is a high-tech spin-out from SINTEF, one of Europe’s largest independent research institutions. Hystar’s patented technology is focused on significantly improving the effectiveness of producing hydrogen from water using PEM electrolysis. Hystar will serve the growing demand for green hydrogen across a range of applications within the renewable power, industrial and mobility markets. The technology has been developed by two of the Company’s co- founders who are also part of Hystar’s management team. Established in 1977 and headquartered in Tokyo, NIPPON STEEL TRADING CORPORATION engages in wide range of businesses and has been expanding by leveraging the diversified development of marketing and import/export of steel/metal, industrial supply and infrastructure, foodstuffs, textiles and trying to preserve and improve the global environment.Toshihiro Hayashi, General Manager, Mineral Resources Group at Mitsubishi Corporation: Hystar has a critical role to play in decarbonizing global industry, which aligns with our strategic plan to invest in sustainable solutions for decarbonized societies. Green hydrogen is one of the key focuses for Mitsubishi Corporation and we believe Hystar’s unique technology has the potential to significantly impact its large-scale deployment. We look forward to working with Hystar as they ramp up to widespread commercialization and realize their game-changing ambitions for green hydrogen.” More worried Britons put milestones such as home renovations, holidays and weddings on ice to save instead We believe that green hydrogen production has a long and attractive future globally, and we consider the ability to produce it at the efficiencies achieved by Hystar as a significant breakthrough in the electrolysis space. Hystar’s technology will reinforce hydrogen’s pivotal role in the transition to a decarbonised future” says Kevin Eggers, Partner, AP Ventures. Fredrik Mowill, chief executive at Hystar, said: 'Hystar's class-leading PEM electrolyser is currently undergoing a ramp-up to GW scale production capacity. Johnson Matthey (JM), a global leader in sustainable technologies, and Hystar, a Norwegian high-tech hydrogen company, have signed a three-year strategic supply agreement to ramp up renewable (green) hydrogen production. This delivers on JM’s published milestone of winning at least two strategic partnerships in Hydrogen Technologies by the end of 2022/23.
Hystar | About
Hystar specializes in high-performance PEM electrolysers for large-scale green hydrogen production. Our patented technology allows Hystar electrolysers to operate more efficiently and at higher current densities than any other electrolyser technology on the market, giving us a considerable commercial advantage. Hystar proportional valves: proportional electro-hydraulic (pilot) relief valves and proportional electro-hydraulic relief and flow control valves.
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. Fredrik Mowill, CEO of Hystar, said of the funding round: “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.” Five steps to find YOUR buried pension treasure: Savers have lost millions of pots - here's how to hunt them down Knowledge Partner: Argus Media >> HAS2023 NEWS >> Norwegian Green Hydrogen Company Hystar Announces 4 GW Factory, To Expand In North America
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