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Hystar

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Makes advanced PEM electrolysers for large scale green hydrogen production

Bærum, NorwayFounded 2021Energy
Valuation $100–250M Last recorded · 2025
Revenue $1–10M Latest reported FY
Headcount <100 Current team size
Total funding $50–100M Disclosed equity funding
Unlock exact values This page shows ranges. Dealroom has the exact numbers for Hystar and the history behind them.

About Hystar

Hystar is a forward-thinking company that specializes in the development and production of PEM (Proton Exchange Membrane) electrolysers, which are used to generate green hydrogen through water electrolysis. Green hydrogen is a clean energy source that can significantly reduce greenhouse gas emissions, making it a crucial component in the global transition to sustainable energy.

Hystar emerged as a spin-off from SINTEF, one of the largest independent research organizations, which underscores its strong foundation in research and innovation. The company operates in the green energy market, focusing on providing solutions that make the production of hydrogen from renewable electricity more efficient and cost-effective.

Hystar offers two main product lines of PEM electrolyser systems. These systems are designed with a modular approach, allowing for easy and flexible implementation across a broad range of applications. This flexibility makes Hystar's products suitable for various clients, including industries looking to reduce their carbon footprint, energy companies seeking sustainable alternatives, and governments aiming to meet environmental regulations.

The company's business model revolves around the development, manufacturing, and sale of these advanced electrolyser systems. Hystar generates revenue by selling these systems to clients who are looking to produce green hydrogen efficiently. Additionally, the company may offer maintenance and support services, ensuring that their clients can maximize the performance and longevity of their electrolysers.

Hystar is well-financed and growth-oriented, with a diverse and passionate team dedicated to advancing green technology. The company prides itself on its ethical approach, transparency, and commitment to delivering on its promises. By making green hydrogen production more affordable and accessible, Hystar is playing a pivotal role in the global effort to combat climate change.

Source: Dealroom company data

At a glance

Status
Operational
Founded
2021
Headquarters
Bærum, Norway
Employees
64
Open positions
None listed
Dealroom signal
79.9/100
Sub-industry
Clean Energy
Sector
Energy, Hydrogen, Spinout, Sustainable Development Goals, Climate Tech, Nordic Rising Star 2022, Novel Energy, Electrolysis, Hydrogen Production, DT and LS
Technology
Hardware, Deep Tech
Business model
Manufacturing
Client focus
b2b

Funding history

5 recorded events

Company financing events and reported valuations.

Deal typeDateAmountValuationInvestorsSource
SERIES COther financing May 2025 $36M $144M SINTEF TTO & Venture · AP Ventures · Nysnø Climate Investments · Firda ↗
GRANTOther financing Oct 2024 $29M — EU Innovation Fund ↗
Showing the latest 2 of 5 recorded eventsBook a demo for the full funding history →

Financials

Revenue over time

Revenue, earnings and other financial measures where available. Years marked “E” are estimates.

YearRevenueGrowth
2026
2025
2024
2023
2022
2021 —
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Growth signals

Hystar website traffic

Latest recorded traffic for Hystar is 3.2K monthly website visits, down 31.9% over the last three months. Hystar's team grew 4.9% over the past year.

Latest monthly visits3.2K 3-month web change-31.9% 1-year team growth+4.9%
Summary metrics are public; monthly history is available with a demoCompare with peers →

Investments and acquisitions

Capital deployed

Recent portfolio relationships for companies that also act as investors or acquirers.

Investors

14 investors on the cap table

From Dealroom's funding and investor records, grouped by the round each investor first entered.

Seed1 investor entered at this stage

  • EU Innovation Fund

Series A8 investors entered at this stage

  • SINTEF TTO & Venture
  • AP Ventures
  • Firda
  • Mitsubishi
  • Trustbridge Partners
  • Finindus
  • Hillhouse Capital
  • Nippon Steel

Series B and later4 investors entered at this stage

  • Nysnø Climate Investments
  • Stenshagen Invest
  • ORLEN VC
  • MOL Switch

Other known investors1 additional known investor

  • SINTEF
Team profiled 6 named & role-tagged
Founders Hidden — book a demo/100 quality score
Key operators 3 quality Hidden — book a demo/100
Potential founders Hidden — book a demo likely future founders
Startup mafia Hidden — book a demo alumni-founded startups
Talent movements Hidden — book a demo in · Hidden — book a demo out past 12 months

Source: Dealroom Talent Intelligence.

Global footprint

Workforce and web traffic by country
Workforce by country
7 countries with
team presence
🇳🇴 Norway87.5%
🇸🇪 Sweden3.6%
🇩🇰 Denmark1.8%
🇳🇱 Netherlands1.8%
🇩🇪 Germany1.8%
Top 5 of 7 shown

Market sentiment

Posts on X, past 7 days

An AI-synthesised read of the highest-engagement posts about Hystar on X, ranked by likes and reposts, corporate channels excluded.

Reading the room on X — pulling top posts and synthesizing themes…

Source: X recent search ranked by engagement (likes + retweets) · Synthesis by Claude · Cached for 1 hour

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