Hystar secures $26mn in series B

Norwegian PEM electrolyser manufacturer plans to have gigawatt-scale production capacity in place by 2025

Norwegian proton-exchange-membrane electrolyser manufacturer Hystar has secured $26mn in a series B funding round co-led by venture capital firm AP Ventures and Japanese conglomerate Mitsubishi. Additional investors in the round include Belgium-based Finindus, Japan’s Nippon Steel Trading, private equity firm Hillhouse Investment and Shanghai-headquartered Trustbridge Partners, as well as existing investors venture capital firm Sintef Ventures and investment company Firda. Hystar aims to use the capital to scale up commercial operations, with an automated gigawatt-capacity production line in place by 2025. $26mn – Series B funding Last year, Hystar raised NOK50mn ($5mn) in a funding