Hystar, an Oslo, Norway-based supplier of PEM electrolysers for inexperienced hydrogen manufacturing, raised $26M in Series B funding.
The spherical was co-led by AP Ventures and Mitsubishi Corporation with participation from Finindus, Nippon Steel Trading, Hillhouse Investment, Trustbridge Partners, SINTEF Ventures and Firda.
The firm intends to make use of the funds to scale up industrial operations of its inexperienced hydrogen manufacturing plans into new markets.
Led by CEO Fredrik Mowill, Hystar focuses on superior PEM electrolysers for giant scale inexperienced hydrogen manufacturing. Its programs make the most of the patented PEM expertise ideas, offering main steps in the direction of making inexperienced hydrogen manufacturing extra accessible for a mess of functions. The containerized programs can be found in sizes from 1 to five MW. Through the modular and scalable design, they will present vegetation as much as 1 GW.
Hystar provides two product strains of PEM electrolyser programs: Vega™ and Mira™. For bigger programs, they supply Orion – a constellation of both Vega or Mira or a mixture of the 2.