ORLEN VC Invests in Norwegian Electrolyser Innovator Hystar
ORLEN Venture Capital Joins €32M Round Backing Hystar, a Leading Developer of High-Efficiency PEM Electrolysers for Green Hydrogen
ORLEN Venture Capital (ORLEN VC) has announced its investment in Hystar, a Norwegian deep-tech company producing cutting-edge proton-exchange-membrane (PEM) electrolysers for large-scale, zero-emission hydrogen production. This marks ORLEN VC’s thirteenth direct investment and positions the Polish fund as one of Central Europe’s most active players in strategic climate-tech and energy-transition innovation.
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Founded in Norway, Hystar AS has developed a patented electrolyser design featuring membranes up to 90% thinner than those in conventional PEM units, significantly improving efficiency and reducing the levelized cost of green hydrogen. With commercial deployments beginning in 2022, the company’s technology is already certified to ISO 17268 standards and includes scalable 0.65 MW stacks and turnkey 5 MW electrolyser systems.
The investment aligns with ORLEN Group’s broader strategy to produce 350,000 tons of renewable and low-emission hydrogen annually by 2035, as outlined in its ORLEN 2035 Strategy. The collaboration will give the Polish energy giant access not only to Hystar’s cutting-edge technology and hardware, but also to operational knowledge and opportunities to co-develop solutions that advance the deployment of hydrogen at scale.
“Hystar’s innovative platform will be instrumental in enabling our hydrogen roadmap,” said Grzegorz Jóźwiak, Director of Hydrogen Technologies and Synthetic Fuels at ORLEN. “The ability to produce 1.5 GW of high-efficiency membrane electrolysers annually by 2027—and eventually scaling to 4.5 GW by 2031—makes this a vital step in our clean energy transition.”
In 2024, Hystar secured a €26 million grant from the European Innovation Fund, supporting the automation of its manufacturing line. This public funding was matched by a private investment round of over €32 million, in which ORLEN VC participated. The raised capital will serve as both the company’s equity contribution to the EU grant and as working capital to fund operations through 2027.
The new funding will accelerate the ramp-up of Hystar’s automated gigafactory, enabling the company to meet the rising demand for industrial-scale green hydrogen solutions. The electrolysers are expected to play a key role in hard-to-abate sectors such as steel, chemicals, transport, and energy storage.
“By supporting Hystar, we are advancing technologies essential to ORLEN’s decarbonization goals, while also reinforcing European competitiveness in the global hydrogen race,” ORLEN VC stated.
ORLEN VC, launched less than three years ago, is building a portfolio centered on transformative cleantech and industrial innovation. It currently invests in both startups and international VC funds and aims to close approximately five new deals annually, focusing on market-ready solutions with strong strategic alignment.
This move further establishes Poland as a significant player in Europe’s emerging hydrogen economy and underscores ORLEN’s ambition to become a regional leader in low-emission energy production.
Read more: www.orlen.pl | www.hystar.com
