Hystar, a Norwegian company that has developed a novel PEM electrolysis technology, has raised over NOK 50mm in capital.
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, a pioneering early-stage investor in Norway.
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.
The Company’s near-term goals will be to develop the Hystar 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 pre-production electrolyser packages as well as expanding the Hystar team.
“On behalf of the Hystar team I am delighted to welcome our new shareholders and look forward to benefitting from their extensive knowledge and network within the hydrogen space. With the backing of AP Ventures, Sintef and Firda, we are now in a position to accelerate development of Hystar’s unique PEM electrolyser and aim to make a significant impact in the growth and deployment of green hydrogen in the marketplace ” says Fredrik Mowill, Hystar CEO.
“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 hydrogens pivotal role in the transition to a decarbonised future” says Kevin Eggers, Partner, AP Ventures.
“We at SINTEF are exceptionally proud to partake in commercializing high-impact green hydrogen technology and also for backing this word-class team.” says John Torvik, Investment Director, SINTEF Venture.
“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.
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.
About AP Ventures
About Investors About AP Ventures AP Ventures is headquartered in London and manages venture capital funds with a global mandate to invest in pioneering new technologies and businesses which aim to solve global challenges such as renewable energy integration, resource scarcity and a growing population.
The existing portfolio is focused on the hydrogen value chain and includes investments in Altergy Systems, C-Zero, ERGOSUP, Greyrock Energy, Hydrogen Refueling Solutions, HyET, Hydrogenious LOHC Technologies, Infinium, Insplorion, Plug Power, Starfire Energy and ZEG Power.
AP Ventures is led by Andrew Hinkly (Managing Partner) and Kevin Eggers (Partner). Investors include Anglo-American Platinum, Impala Platinum, the Mirai Creation Fund, Mitsubishi Corporation, Plastic Omnium, the Public Investment Corporation and Sumitomo Corporation.The Hystar deal was led by investment team members Charlie Clark and Yonatan Sher.
More info: www.apventures.com
About SINTEF Ventures
About SINTEF Ventures SINTEF is one of Europe’s largest research institutes with multidisciplinary expertise in science and technology. SINTEF Venture V is an early-stage investment fund focused on the commercialization of research results. The fund has a capital base of NOK 500 million provided by SINTEF, the European Investment Fund and a number of private institutional Norwegian investors. The European Investment Fund (EIF) is the EU’s instrument for investing in eQuity funds in the EEA area. The investment in SINTEF Venture V, which is EIF’s largest investment in Norway, has been made possible through funds from InnovFin Equity and financial instruments under the EU’s Horizon 2020.
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.
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