Norway-based hydrogen company Hystar AS (Hystar) has raised $26m in a Series B funding round which aims to scale-up to ‘full-commercial operations’ with an automated GW-capacity production online by 2025.
According to the company, an injection of capital raised through equity will also be used to accelerate the growth of Hystar, enabling it to expand into new markets and deliver on larger (100 megawatt (MW)+) projects.
Co-led by AP Venture and Mitsubishi Corporation, additional investors in the round included Finindus, Nippon Steel Trading, Hillhouse Investment and Trustbridge Partners alongside existing investors SINTEF Ventures and Firda.
The investment will go towards scaling up development of technologies such as Hystar’s PEM electrolysers, which the company claims are equipped with a membrane 90% thinner than conventional electrolysers, enabling the production of up to 150% more green hydrogen.
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