Hystar
Hystar AS is a Norway-based private company that designs and manufactures PEM electrolyser stacks for green hydrogen, targeting industrial offtakers in steel, ammonia, and heavy-duty transportation. It sells standalone stacks and integrated 1-20 MW modular plants via enterprise sales and regional channel partners.
- Company typePrivate
- Founded2020
- HeadquartersHøvik, Norway
- Headcount51–100
- GTM typeB2B
- OfferingHardware or Manufacturing
What Hystar does
Hystar AS is a Norwegian private company, founded in 2020 and headquartered in Høvik, that designs and manufactures Proton Exchange Membrane (PEM) electrolyser stacks for green hydrogen production. Its stated value proposition centers on a proprietary "ultra-efficient" PEM stack architecture engineered for mass manufacturing, intended to lower the levelized cost of green hydrogen at industrial scale relative to incumbent PEM designs. Beyond standalone stacks, the company has expanded into integrated modular hydrogen production plants in the 1-20 MW capacity range through a partnership with Armstrong Industrial, which provides balance-of-plant integration expertise.
Hystar targets large industrial offtakers in steel, ammonia, and heavy-duty transportation, with go-to-market executed through enterprise field sales supplemented by exclusive regional channel partners. Nippon Steel & Sumitomo Metal Corporation holds exclusive domestic sales rights for Hystar's PEM equipment in Japan, and Hystar also participates as a technology provider in Fortum's Kalla reference facility pilot in Finland. Revenue mechanics are primarily hardware sales of stacks and integrated modular plants, with licensing/distribution arrangements layered through partners such as Nippon Steel.
The company is pre- or very early commercial. It raised a $26M Series B in January 2023 led by AP Ventures and Mitsubishi Corporation, secured an EU Innovation Fund grant of up to €26M in October 2024 to expand Norwegian production capacity, and closed a $36M Series C in May 2025 from a syndicate that includes MOL Switch, ORLEN VC, Nippon Steel Trading, Nysnø, and Stenshagen Invest. Headcount sits in the 51-100 range and no revenue figures have been disclosed. The company has no identified AI/ML capability layer; its competitive position rests on electrochemistry IP, manufacturing cost engineering, and strategic channel partnerships.
Hystar firmographics
Firmographics- Name
- Hystar
- Legal name
- Hystar AS
- Website
- https://hystar.com
- Company type
- Private
- Founded year
- 2020
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Hystar AS is a Norway-based private company that designs and manufactures PEM electrolyser stacks for green hydrogen, targeting industrial offtakers in steel, ammonia, and heavy-duty transportation. It sells standalone stacks and integrated 1-20 MW modular plants via enterprise sales and regional channel partners.
- Ownership category
- akta.pro rank
Hystar industry classification
Industry- Product category
- Green Hydrogen Electrolyser Equipment
- NAICS
- Electrical Equipment Manufacturing (3353)
- SIC
- Electrical Industrial Apparatus (3620)
- akta.pro primary industry
- Hydrogen Energy Storage & Power-to-X Equipment (electrolyzers, storage, fuel cell systems) (IMAGAHAM)
- akta.pro secondary industry
- Hydrogen (Industrial & Mobility) (IMAEACAB)
Keywords
Where Hystar is headquartered
LocationHeadquarters
- HQ city
- Høvik
- HQ country
- Norway
- HQ region
- Europe
Offices1 record
Markets served
Hystar business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Technology or R&D, Supply Chain, Infrastructure, Personnel, Marketing or Sales, Operations
Revenue model
- PEM Electrolyser Hardware Sales: Sale of PEM electrolyser stacks and systems for green hydrogen production in industrial applications.
- Modular Hydrogen Plant Solutions: Integrated modular hydrogen production plants combining Hystar's PEM stack technology with partner balance-of-plant integration expertise.
- Licensing and Distribution Rights: Granting exclusive domestic sales rights to channel partners like Nippon Steel for PEM water electrolysis equipment and stacks.
Go-to-market motion3 records
Distribution channels3 records
Marketing channels2 records
Hystar product offering
Product offeringCore offering
Hystar designs, develops, and manufactures high-efficiency PEM (Proton Exchange Membrane) electrolyser stacks for large-scale green hydrogen production. The company's technology is engineered for mass manufacturing and is sold to industrial customers in steel, ammonia, and heavy-duty transportation sectors. Hystar also delivers integrated modular hydrogen production plants ranging from 1 MW to 20 MW through strategic partnerships.
Product overview
Hystar is a Norwegian high-tech hydrogen company that offers a focused product portfolio centered on PEM (Proton Exchange Membrane) electrolyser technology. The company's core offerings consist of high-efficiency PEM electrolyser stacks designed for mass manufacturing and large-scale green hydrogen projects, along with integrated modular hydrogen production plants (1-20 MW) developed through strategic partnerships. These products target industrial decarbonization applications across steel, ammonia, and heavy-duty transportation sectors.
Differentiator
Problem solved
Functional benefit
Products and services
- PEM Electrolyser Stacks High-efficiency Proton Exchange Membrane (PEM) electrolyser stacks designed for large-scale green hydrogen production, targeting decarbonization in steel, ammonia, and heavy-duty transportation sectors. Engineered for mass manufacturing to reduce cost and improve production efficiency.
- Modular Hydrogen Production Plants Integrated and modular hydrogen production plants ranging from 1 MW to 20 MW, combining Hystar's ultra-efficient PEM stack technology with balance-of-plant integration expertise through Armstrong Industrial Partners, providing scalable green hydrogen solutions for industrial facilities and distributed energy systems.
Companies that use Hystar
Customer profileNamed customers3 records
Segments3 records
Ideal customer profiles2 records
Hystar technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
Hystar partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered core and minor.
- Armstrong Industrial PartnerscoreArmstrong Industrial has formalized a strategic partnership with Hystar to deliver integrated and modular hydrogen production plants ranging from 1 MW to 20 MW. The collaboration combines Hystar's ultra-efficient PEM stack technology with Armstrong Industrial's balance-of-plant integration expertise to provide scalable green hydrogen solutions.
- FortumminorFortum's €17 million Kalla test facility project in Finland involves multiple stakeholders including Stargate OÜ, Hystar A/S, and Valmet Automation Inc. Hystar participates as a technology provider in this pilot hydrogen production reference facility for future commercial P2X plants.
- Nippon Steel & Sumitomo Metal CorporationcoreNippon Steel & Sumitomo Metal Corporation and Hystar have an established partnership since 2023, with Nippon Steel holding exclusive domestic sales rights for Hystar's PEM-type water electrolysis equipment and stacks to support green hydrogen business expansion in Japan.
Scale indicators3 records
Recent moves6 records
Expansion highlights6 records
Hystar competitors and assessment
Company assessmentDirect peers
- thyssenkrupp nucera: German provider of alkaline and PEM water electrolysis technology for green hydrogen at industrial scale. Competes head-to-head with Hystar in steel, ammonia, and large-scale industrial hydrogen tenders.
- John Cockerill: Belgian industrial group offering alkaline and PEM electrolyser solutions for large-scale green hydrogen projects. Directly comparable as a stack and integrated-system supplier targeting industrial decarbonization.
- Nel ASA: Norwegian electrolyser manufacturer offering both alkaline and PEM stacks for green hydrogen production. Directly competes with Hystar in PEM stacks for industrial-scale green hydrogen projects, particularly in Europe.
- Plug Power: US-based PEM electrolyser and fuel cell company with vertical integration into green hydrogen production and end-use applications including mobility. Comparable in PEM technology stack and end-market focus on heavy-duty transportation.
- ITM Power: UK-based pure-play PEM electrolyser company supplying stacks and integrated hydrogen plants for industrial, transportation, and energy applications. Closely comparable technology focus and customer verticals to Hystar.
- Sunfire: German electrolyser manufacturer producing alkaline, PEM, and SOEC systems for industrial green hydrogen. Competes with Hystar on industrial-scale hydrogen projects, particularly in Europe, with differentiated technology portfolio.
Broad incumbents
- Cummins Accelera: Electrolyser and fuel cell business of Cummins, offering PEM electrolyser products for industrial and heavy-duty mobility applications. Overlaps with Hystar in PEM technology and heavy-duty transportation end-markets, but operates within a much larger parent.
- Siemens Energy: Large German energy technology company offering PEM electrolyser solutions (Silyzer) as part of a broader portfolio across power generation, transmission, and industrial decarbonization. Comparable in PEM offering but much larger scale and scope.
- Topsoe: Danish technology company offering SOEC electrolyser technology and process technology for green hydrogen and ammonia. Adjacent competitor in industrial green hydrogen, especially for ammonia where Hystar also sells.
Emerging players
- Ohmium International: US-headquartered PEM electrolyser startup shipping modular systems for green hydrogen production. Comparable as a PEM-focused challenger targeting industrial and distributed hydrogen applications, though at earlier scale than Hystar.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Hystar social profiles
Digital presenceHystar financial estimates
Financial estimateRevenue estimate
Valuation estimate
Hystar leadership team
Management profileNumber of profiles
Hystar funding detail
Funding detailFunding overview
Funding rounds4 records
Investors14 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Hystar M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Hystar
What does Hystar do?
Hystar designs, develops, and manufactures high-efficiency PEM (Proton Exchange Membrane) electrolyser stacks for large-scale green hydrogen production. The company's technology is engineered for mass manufacturing and is sold to industrial customers in steel, ammonia, and heavy-duty transportation sectors. Hystar also delivers integrated modular hydrogen production plants ranging from 1 MW to 20 MW through strategic partnerships.
Is Hystar a public or private company?
Hystar is a private company. It is classified as venture growth investor backed and is currently operating.
When was Hystar founded?
Hystar was founded in 2020. It employs 51 to 100 people.
Where is Hystar based?
Hystar is headquartered in Høvik, Norway, in the Europe region.
How does Hystar make money?
Three revenue lines are on record. PEM Electrolyser Hardware Sales are the primary driver. The others are modular Hydrogen Plant Solutions and licensing and Distribution Rights.
Who are Hystar's main competitors?
Direct peers on record are thyssenkrupp nucera, John Cockerill, Nel ASA, Plug Power, ITM Power and Sunfire. Broad incumbents are Cummins Accelera, Siemens Energy and Topsoe. Ohmium International is listed as an emerging player.
Does Hystar have an API?
No public API is recorded for Hystar.
What industry is Hystar in?
Hystar's product category is Green Hydrogen Electrolyser Equipment. Its primary akta.pro industry code is IMAGAHAM, Hydrogen Energy Storage & Power-to-X Equipment (electrolyzers, storage, fuel cell systems), with a secondary code of IMAEACAB, Hydrogen (Industrial & Mobility). Its NAICS code is 3353 and its SIC code is 3620.