Norwegian Green Hydrogen Startup Hystar Receives $36m Investment Boost
Key Ideas
- Norwegian green hydrogen technology company Hystar secured a $36m funding round with investments from Mitsui OSK Lines' venture capital arm and others.
- MOL Switch, based in California, highlighted its contribution to the funding round without specifying the amount in a LinkedIn post.
- The investment is in line with MOL Group's decarbonisation strategy known as 'Blue Action 2035' and is seen as a significant move towards developing clean energy infrastructure.
- The funding aims to support Hystar in scaling up its electrolyser production to commercial levels, reflecting the growing interest in green hydrogen technology.
Norwegian green hydrogen technology company Hystar successfully raised $36 million in a recent funding round, with investors including Mitsui OSK Lines' venture capital arm. The announcement was made by MOL Switch, a corporate venture capital firm based in California, on their LinkedIn page. This investment aligns with MOL Group's decarbonisation strategy, named 'Blue Action 2035,' and is a crucial step towards advancing clean energy infrastructure. The specific amount contributed by MOL Switch was not disclosed. The funding boost will enable Hystar to accelerate the scale-up of its electrolyser production to meet commercial demands, indicating the increasing focus on green hydrogen technology as a key player in the clean energy transition.