About Hystar
Hystar is a company based in Oslo (Norway) founded in 2020. It operates as a Direct-to-Consumer (D2C). Hystar has raised $62 million across 3 funding rounds from investors including ORLEN, Nippon Steel and SINTEF. The company has 36 employees as of December 31, 2023. Hystar offers products and services including PEM Electrolysers and Vega 1000. Hystar operates in a competitive market with competitors including Nel Hydrogen, Orsted, Lhyfe, Sunfire and H3 Dynamics, among others.
- Headquarter Oslo, Norway
- Employees 36 as on 31 Dec, 2023
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Sectors
Energy & Utilities
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Email
***********
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Phone
*********
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Website
*********
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Social
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- Legal Name Hystar As
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Annual Revenue
$2.29 M (USD)16as on Dec 31, 2023
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Net Profit
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EBITDA
$-315.34 K (USD)-305as on Dec 31, 2023
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Total Equity Funding
$62 M (USD)
in 3 rounds
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Latest Funding Round
$36 M (USD), Series C
May 15, 2025
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Investors
ORLEN
& 9 more
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Employee Count
36
as on Dec 31, 2023
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Products & Services of Hystar
Hystar offers a comprehensive portfolio of products and services, including PEM Electrolysers and Vega 1000. The company's diverse product and service offerings are designed to meet the evolving needs of its customers, address market demands, and provide comprehensive solutions that drive value creation and customer satisfaction across various segments and use cases.
Efficient PEM electrolysers are produced for green hydrogen.
Containerized 5 MW solutions are offered for scalability.
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Funding Insights of Hystar
Hystar has successfully raised a total of $62M across 3 strategic funding rounds. The most recent funding activity was a Series C round of $36 million completed in May 2025. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding Total Funding
- Total Rounds 3
- Last Round Series C — $36.0M
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First Round
First Round
(11 Jan 2023)
- Investors Count 10
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| May, 2025 | Amount | Series C - Hystar | Valuation |
investors |
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| Oct, 2024 | Amount | Grant - Hystar | Valuation |
investors |
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| Jan, 2023 | Amount | Series B - Hystar | Valuation | AP Ventures , Mitsubishi Corporation |
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Investors in Hystar
Hystar has secured backing from 10 investors, including institutional and venture fund investors. Prominent investors backing the company include ORLEN, Nippon Steel and SINTEF. This diverse investor base provides strategic capital, industry expertise, and valuable network connections that support the company's growth initiatives, market expansion, and long-term value creation.
| Investor | Description | Founded Year | Domain | Location |
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AP Ventures is focused on venture capital investments in decarbonisation.
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Founded Year | Domain | Location | |
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Finindus is engaged in early stage and growth financing for industrial innovation.
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Founded Year | Domain | Location | |
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Global private equity investments are managed with long-term focus.
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Founded Year | Domain | Location |
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
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Single family office of Amitabh Bachchan, founder of Amitabh Bachchan Corporation or AB CORP
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Founded Year | Domain | Location | |
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Startup ecosystems are ignited through strategic investments by Signite Partners.
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Founded Year | Domain | Location | |
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Venture capital is directed toward companies in multiple sectors.
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Founded Year | Domain | Location | |
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Venture capital is invested in cybersecurity, fintech, and AI startups.
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Founded Year | Domain | Location |
Investments & Acquisitions by Hystar
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
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Bionic investment advisor platform
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2016 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 |
Financial Statements - Hystar
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Hystar Comparisons
Competitors of Hystar
Hystar operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as Nel Hydrogen, Orsted, Lhyfe, Sunfire and H3 Dynamics, among others. This competitive environment drives innovation, market differentiation, and strategic positioning as companies strive to capture market share and deliver value to their customers. Understanding the competitive dynamics is crucial for assessing market positioning, identifying growth opportunities, and navigating the challenges inherent in a competitive marketplace.
| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Provider of hydrogen production and storage solutions
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| domain | founded_year | HQ Location |
Power generation via bioenergy, thermal, and wind sources is offered.
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| domain | founded_year | HQ Location |
Producer and supplier of green hydrogen
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| domain | founded_year | HQ Location |
Pressurized alkaline and solid oxide electrolysis products are manufactured.
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| domain | founded_year | HQ Location |
Aerial inspection services are delivered using automated drones.
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| domain | founded_year | HQ Location |
Solutions for hydrogen generation via electrolysis are provided.
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| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Multiple services are booked via an app-based platform.
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| domain | founded_year | HQ Location |
On-demand services are booked through an app-based platform.
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| domain | founded_year | HQ Location |
App based platform offering on demand delivery and ride-hailing services
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| domain | founded_year | HQ Location |
Operates an on-demand hyperlocal delivery app for food and groceries.
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Latest news on Hystar
Frequently Asked Questions about Hystar
When was Hystar founded?
Hystar was founded in 2020 and raised its 1st funding round 3 years after it was founded.
Where is Hystar located?
Hystar is headquartered in Oslo, Norway. It is registered at Oslo, Oslo, Norway.
Is Hystar a funded company?
Hystar is a funded company, having raised a total of $62M across 3 funding rounds to date. The company's 1st funding round was a Series B of $26M, raised on Jan 11, 2023.
How many employees does Hystar have?
As of Dec 31, 2023, the latest employee count at Hystar is 36.
What is the annual revenue of Hystar?
Annual revenue of Hystar is $2.29M as on Dec 31, 2023.
What does Hystar do?
Hystar is engaged in the development and production of highly efficient PEM electrolysers aimed at reducing the cost of green hydrogen. The company operates in the renewable energy sector, specifically targeting green hydrogen solutions. Products include market-leading PEM stacks and containerized 5 MW solutions like Vega 1000, alongside large-scale non-containerized systems. Based in Høvik, Norway, Hystar contributes to building a European hydrogen value chain with locally made technology.
Who are the top competitors of Hystar?
Hystar's top competitors include Lhyfe, Nel Hydrogen and Orsted.
What products or services does Hystar offer?
Hystar offers PEM Electrolysers and Vega 1000.
Who are Hystar's investors?
Hystar has 10 investors. Key investors include ORLEN, Nippon Steel, SINTEF, Mitsubishi Corporation, and European Union Innovation Fund.