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Hystar has raised $62.0M across 2 funding rounds.
Key people at Hystar.
Hystar has raised $62.0M in total across 2 funding rounds.
Hystar, based in Høvik, Norway, develops and commercializes highly efficient polymer electrolyte membrane (PEM) electrolyzers for producing green hydrogen from renewable electricity and water. Their technology utilizes a 90% thinner membrane, enabling up to 150% more hydrogen output compared to conventional systems, and aims for safer, scalable electrolysis for industrial applications. The company raised $26 million in Series B funding in 2023, co-led by AP Ventures and Mitsubishi Corporation, and plans to establish a GW-scale automated manufacturing facility by 2025. Other notable investors include SINTEF Ventures, Firda, and Finindus, supporting Hystar's focus on power-intensive industries such as steel and ammonia. A spin-off from SINTEF after 15 years of PEM research, Hystar was founded in 2020 by Fredrik Mowill, Magnus Thomassen, and Alejandro Barnett.
Key people at Hystar.
Hystar is a Norwegian high-tech company that develops and manufactures the world's most efficient PEM (Proton Exchange Membrane) electrolysers for green hydrogen production through water electrolysis.[1][5][6] It serves industries pursuing decarbonization, such as energy, manufacturing, and heavy transport, by solving the challenge of producing cost-effective, high-efficiency green hydrogen to replace fossil fuels and enable carbon-neutral processes.[1][5] The company has demonstrated strong growth momentum, raising $94.96M across 5 funding rounds, including a $36.14M Series C in May 2025 to accelerate commercial deployment of its 5 MW containerized Vega 1000 solutions.[3][4]
Hystar's patented technology achieves superior electrolysis efficiency and operational safety, positioning it as a leader in the shift to green hydrogen for a decarbonized society.[1][5]
Hystar was founded as a Norwegian startup headquartered near Oslo, with Fredrik Mowill as CEO.[1] The company emerged from innovations in PEM electrolysis technology, leveraging proprietary advancements to produce highly efficient water electrolysers for green hydrogen.[1][6] Early recognition came through investments like Nippon Steel Trading's 2023 capital infusion, which highlighted Hystar's global potential and spurred collaborations for hydrogen equipment deployment.[1] Pivotal moments include scaling to market-leading PEM stacks manufactured in Høvik, Norway, and recent Series C funding in 2025 to fast-track commercialization.[3][4][5]
(Note: Search results do not detail developer experience or community ecosystem, as Hystar focuses on industrial hardware rather than software.)
Hystar rides the global green hydrogen wave, a key trend in achieving carbon neutrality amid rising demand for clean energy alternatives to fossil fuels.[1][5] Timing is ideal, as electrolyzer costs fall and policies like the EU's hydrogen strategy and Japan's decarbonization goals drive adoption.[1] Market forces favoring Hystar include surging investments in renewables, supply chain partnerships (e.g., with Nippon Steel), and the need for efficient tech to make green hydrogen competitive.[1][4] It influences the ecosystem by accelerating electrolyzer deployment, enabling industries to scale hydrogen production and contributing to broader net-zero transitions.[1][4][5]
Hystar is poised for rapid expansion post-Series C, with focus on deploying Vega 1000 units and forging more industrial partnerships to capture green hydrogen market share.[3][4][5] Trends like falling renewable energy costs and hydrogen infrastructure buildouts will propel its growth, potentially evolving it into a dominant PEM electrolyser supplier. As decarbonization accelerates, Hystar's efficiency edge could redefine green hydrogen viability, building on its high-tech Norwegian roots to power a cleaner global energy future.[1][5]
Hystar has raised $62.0M across 2 funding rounds. Most recently, it raised $36.0M Series C in May 2025.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| May 1, 2025 | $36M Series C | — | AP Ventures, JetBlue Technology Ventures | Announced |
| Jan 11, 2023 | $26M Series B | Charlie Clark, Toshihiro Hayashi | Hans Maenhout, Firda, Hillhouse Capital Group, Nippon Steel Trading, Sintef Ventures, Trustbridge Partners | Announced |
Hystar has raised $62.0M in total across 2 funding rounds.
Hystar's investors include AP Ventures, JetBlue Technology Ventures, Charlie Clark, Toshihiro Hayashi, Hans Maenhout, Firda, Hillhouse Capital Group, Nippon Steel Trading, SINTEF Ventures, Trustbridge Partners.
