Hystar raises 50M NOK


Hystar AS raises more than NOK 50mm to further develop and commercialise its proprietary PEM electrolysis technology

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.

About Hystar

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 Investors

AP Ventures 

Headquartered in London, AP Ventures 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. 

SINTEF Ventures

SINTEF Ventures 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 are. 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.