Hystar, an Oslo, Norway-based developer of ultra-efficient hydrogen electrolyzers, closed a $26 million Series B round that was led by industry heavyweights and hydrogen-focused investors.Why it matters: Hystar says the funding will enable it to reach commercial operation — bringing a new challenger to the increasingly crowded hydrogen production markets. What’s happening: Mitsubishi, the Japan-based conglomerate, and AP Ventures, a London-based VC largely focused on hydrogen, led the round.Finindus, Nippon Steel Trading, Hillhouse Investment and Trustbridge Partners participated, as did existing investors Sintef Ventures and Firda. The all-equity round closed Jan. 2. Driving the news: Hystar figured out how to integrate a very thin membrane into the electrolyzers that are commonly used to make green hydrogen. That enables a company to either consume 10%-15% less electricity or…
Hystar, hydrogen firm, closes Series B led by AP Ventures, Mitsubishi
