Hystar announced getting into a NOK 50 million investment deal

Hystar, an Oslo, Norway-based developer of a novel PEM electrolysis technology, announced that it completed a funding raised of over NOK 50M ($5.9M).

The money was raised from investors from Norway led by AP Ventures, alongside SINTEF Ventures, the investment fund of the SINTEF research institute, and Firda, an early-stage investor in Norway.

Hystar, founded in as a spin-out from SINTEF by Alejandro Oyarce Barnett and Magnus Thomassen and led by CEO Fredrik Mowill, developed an electrolyser that produces green hydrogen using less energy than existing technologies and enables a substantial increase in hydrogen production output.

The 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.