ORLEN invests in advanced hydrogen electrolyzer technology
ORLEN VC, the corporate venture capital arm of Polish energy group ORLEN, has invested in Hystar, a Norwegian company developing high-efficiency PEM electrolyzers for large-scale green hydrogen production. Hystar’s patented technology enables the use of membranes up to 10 times thinner than those used in conventional electrolyzers, significantly improving efficiency and reducing hydrogen production costs.
In brief
The ORLEN VC fund has invested in the Norwegian company Hystar AS, a manufacturer of PEM electrolysers using membranes 90 percent thinner than conventional solutions. Hystar produces electrolyser stacks with a capacity of 0.65 MW and complete electrolysers of 5 MW, and its automated production line is to reach 1.5 GW of capacity per year in 2027 and 4.5 GW in 2031. Hystar received more than 32 million euros in the current round, having raised 26 million euros from the European Innovation Fund in 2024. Grzegorz Jóźwiak, director of the Hydrogen Technologies and Synthetic Fuels Office at ORLEN, announced the use of 350 thousand tonnes of hydrogen per year by 2035.
Hystar AS, based in Norway, specializes in innovative membrane-based electrolyzer stacks with a capacity of 0.65 MW, and fully integrated electrolyzer systems rated at 5 MW, compliant with ISO 17268 standards. The company’s use of membranes that are 90% thinner than standard alternatives allows for superior energy efficiency and supports cost-effective, scalable hydrogen output.
Commercialization of Hystar's technology began in 2022. Thanks to its modular system architecture, the company offers flexible, client-specific electrolyzer configurations. In 2027, Hystar plans to launch an automated production line with an initial annual capacity of 1.5 GW, enabling it to supply industrial-scale hydrogen projects. By 2031, this production capacity is expected to increase to 4.5 GW.
In 2024, Hystar secured €26 million in funding from the European Innovation Fund, earmarked for the development of its automated manufacturing line. This grant is being supplemented by over €32 million raised in the current venture funding round, which includes investment from ORLEN VC. These funds will provide the necessary co-financing for the EU grant and sustain operations through 2027.
Hystar marks the 13th portfolio investment for ORLEN VC, which has, in less than three years, established itself among the most active venture capital investors in Central Europe. The fund also holds stakes in two international VC funds and aims to make around five strategic investments annually, focusing on scalable, market-ready technologies that align with the ORLEN2035 strategy and support the company’s energy transition goals.
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Source: Gazeta Morska · Compiled by: Kamil Kusier
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