# Hystar AS

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/hystar

- Industry: Power & Utilities
- Headquarters: Oslo, Norway
- Website: www.hystar.com
- Total disclosed funding: $62M
- Latest round: Series C (May 13, 2025)
- Investors on record: 13

## About

Hystar AS focuses on advanced hydrogen production technologies, featuring its innovative Proton Exchange Membrane (PEM) electrolysis systems that generate green hydrogen for various industrial applications. Hystar AS, established in 2021, is based in Lysaker, Norway and specializes in producing Proton Exchange Membrane (PEM) electrolysis systems. In November 2025, Hystar raised USD 89.9 million in venture funding The founder's specific history is not disclosed, and no mention of mergers or subsidiaries is available. Hystar specializes in advanced hydrogen production technologies, primarily through its core offering of Proton Exchange Membrane (PEM) electrolysis systems, which split water into hydrogen and oxygen using electricity. Its products cater to energy storage, fuel cell applications, and various industrial hydrogen needs, supporting the transition to sustainable energy solutions. Hystar includes partnerships with South Korean firms such as Sunbo Unitech and Techwin, enhancing its market presence in key regions like South Korea and Europe.In 2023, Hystar reported revenue of USD 114,216.10 and an EBITDA of USD -6,803,488.90. The company primarily generates its revenue through B2B contracts with industrial clients for its PEM electrolysis systems, often involving direct sales agreements that ensure a continuous revenue stream. Recent funding, including a EUR 26 mn grant from the EU Innovation Fund, supports its growth and product development.Hystar AS plans to leverage its recent Series C funding of USD 36.00 mn, raised in May 2025, to accelerate its growth and support the launch of new technologies. The company is targeting expansion into additional geographic markets, particularly in regions beyond its current focus, with specific plans yet to be detailed. The funding will primarily be utilized to enhance business growth initiatives and develop new product offerings to meet the increasing demand for green hydrogen.

## Funding rounds

- Series C, May 13, 2025, $36M — SINTEF, Finindus, Firda, Kinetic Technologies, AP Ventures, NIPPON STEEL TRADING CORPORATION, Nysnø Climate Investments, Orlen VC, Stenshagen Invest AS, MOL Switch
- Series B, Jan 11, 2023, $26M — Mitsubishi Corporation, Hillhouse Investment, SINTEF, Trustbridge Partners, Finindus, Firda, AP Ventures, NIPPON STEEL TRADING CORPORATION

## Investors

- Mitsubishi Corporation — Series B
- Hillhouse Investment (https://capitalatlas.ai/funds/hillhouse-investment) — Series B
- SINTEF (https://capitalatlas.ai/funds/sintef) — Series B, Series C
- Trustbridge Partners (https://capitalatlas.ai/funds/trustbridge-partners) — Series B
- Finindus (https://capitalatlas.ai/funds/finindus) — Series B, Series C
- Firda — Series B, Series C
- AP Ventures (https://capitalatlas.ai/funds/ap-ventures) — Series B, Series C
- NIPPON STEEL TRADING CORPORATION — Series B, Series C
- Kinetic Technologies — Series C
- Nysnø Climate Investments — Series C
- Orlen VC (https://capitalatlas.ai/funds/orlen-vc) — Series C
- Stenshagen Invest AS — Series C
- MOL Switch (https://capitalatlas.ai/funds/mol-switch) — Series C