About Hystar
Hystar is an Energy & Utilities company based in Oslo (Norway) founded in 2020. Green hydrogen is generated through proton exchange membrane electrolyzers. It operates on a Direct-to-Consumer (D2C) model. Hystar has raised $62 million across 3 funding rounds from investors including ORLEN, Nippon Steel and SINTEF. The company has 36 employees. Hystar offers products and services including PEM Electrolysers and Vega 1000. Its focus areas include Energy, Renewable Energy and Green Hydrogen. Its legal entity is HYSTAR AS.
Company details
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.
- Headquarters Oslo, Norway
- Employees 36
- SectorsEnergy & Utilities
- Email••••••••
- Website hystar.com
- Social LinkedIn X Facebook Instagram
- Legal Name Hystar As
- Annual Revenue$2.29 M (USD)16as on Dec 31, 2023
- EBITDA-$315.34 K (USD)-305as on Dec 31, 2023
- Total Equity Funding$62M (USD)
in 3 rounds
- Latest Funding Round$36M (USD), Series C
May 2025
- InvestorsORLEN
& 9 more
- Employee Count36
Products & Services of Hystar
Hystar offers a comprehensive portfolio of products and services, including PEM Electrolysers and Vega 1000.
Efficient PEM electrolysers are produced for green hydrogen.
Containerized 5 MW solutions are offered for scalability.
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 $62M
- Total Rounds 3
- Last Round Series C — $36M
- First Round $26M
(Jan 2023)
- Investors Count 10
All 3 funding rounds of Hystar with amounts and investors; the two latest post-money valuations are shown, the rest are part of the premium plan.
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| May 2025 | $36M | Series C | – | – | |
| Oct 2024 | $28.04M | Grant | – | – | |
| Jan 2023 | $26M | Series B | – | AP Ventures, Mitsubishi Corporation |
10 investors in total: 10 institutional.
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.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
AP Ventures is focused on venture capital investments in decarbonisation. | 2013 | apventures.com | London, United Kingdom | |
Finindus is engaged in early stage and growth financing for industrial innovation. | finindus.be | Zelzate, Belgium | ||
Global private equity investments are managed with long-term focus. | hillhouseinvestment.com | New York, United States | ||
early & growth stage tech and life sciences focused VC firm investing primarily in China and the US | trustbridgepartners.com | Shanghai, China | ||
Firda is focused on scaling innovative Norwegian tech startups. | 2015 | firda.com | Oslo, Norway | |
Funding is provided for innovative low-carbon technology projects. | euinnovationfund.eu | Brussels, Belgium | ||
Oil refinery services are provided by ORLEN in Poland. | 2001 | orlen.pl | Szczecin, Poland | |
Natural gas and petroleum are distributed and traded globally. | 1954 | mitsubishicorp.com | New York, United States | |
Steel bars, plates, and pipes are manufactured and supplied. | 1970 | nipponsteel.com | Chiyoda City, Japan | |
Applied research organization providing technology and innovation services across diverse sectors | 1950 | sintef.no | Trondheim, Norway |
Investor details for Hystar
The complete investor list, round-by-round participation and investor portfolios require an active premium plan.
- Complete investor list
- Round participation
- Investor portfolios
- Co-investor network
Verified entity values are shown only after access is granted.
People of Hystar
11 people are tracked at Hystar (6 in leadership, 5 in team); the tracked headcount is 36.
| Name | Role | Group |
|---|---|---|
Bente Traa | COO - Chief Operations Officer | Leadership |
Jorun Dieserud | Finance Director | Leadership |
Fredrik Mowill | CEO | Leadership |
Alejandro Oyarce Barnett | CTO | Leadership |
Magnus Thomassen | Chief Product Officer | Leadership |
Hans Martin Matre-Nilsen | Sourcing Director | Leadership |
Jan Schmidt | Product Manager | Team |
Eddy van Oort | Senior Systems Engineer | Team |
Ingrid Johanne Bruarøy | Lab manager/engineer | Team |
Jenny Sandgren Østenstad | Project Manager | Team |
Joan Losada Pérez | Project Engineer | Team |
Complete people profiles for Hystar
Full employee and board profiles, team structure, tenure and professional contact details require an active premium plan.
- Full employee list
- Team structure
- Board tenure
- Professional contacts
Verified entity values are shown only after access is granted.
Timeline of Hystar
3 dated milestones of Hystar across 5 years, from founding to its latest funding, stage changes and deals.
- Founded Hystar is founded.
- Funding First funding round of $26.0M.
- Funding Latest funding round, Series C, of $36.0M.
Web traffic of Hystar
The website of Hystar (hystar.com) receives about 7.2K visits a month.
- Monthly visits7.2K
▼ 3% vs previous month
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Frequently Asked Questions about Hystar
Hystar was founded in 2020 and raised its 1st funding round 3 years after it was founded.
Hystar is headquartered in Oslo, Norway. It is registered at Oslo, Oslo, Norway.
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 2023.
Hystar has 36 employees.
Annual revenue of Hystar is $2.29M as on Dec 31, 2023.
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.
Hystar offers PEM Electrolysers and Vega 1000.
Hystar has 10 investors. Key investors include ORLEN, Nippon Steel, SINTEF, Mitsubishi Corporation, and European Union Innovation Fund.
Hystar operates through Hystar As.