Green Forum • 19 May, 2025 at 5:00 PM
ORLEN Venture Capital (ORLEN VC) has invested in Hystar, a Norwegian company specializing in high-efficiency proton-exchange membrane (PEM) electrolysers for large-scale, zero-emission hydrogen production.
Hystar's proprietary technology features membranes up to ten times thinner than those used in conventional systems, significantly enhancing energy efficiency and reducing hydrogen production costs. This aligns with ORLEN Group's broader energy transition agenda, which includes the development of renewable hydrogen capabilities.
“This investment provides crucial technological support for ORLEN's hydrogen portfolio,” said Grzegorz Józwiak, Director of Hydrogen Technologies and Synthetic Fuels at ORLEN. “Hystar's advanced platform is projected to deliver an annual production capacity of 1.5 GW of high-efficiency electrolysers by 2027. Beyond the equipment itself, this partnership grants us access to critical know-how and collaborative opportunities in both technological development and deployment. This solution plays a vital role in achieving our strategic goals, especially as we aim to use 350,000 tons of renewable and low-emission hydrogen annually by 2035.”
Hystar currently manufactures 0.65 MW membrane stacks and turnkey 5 MW electrolysers compliant with ISO 17268. Their electrolysers feature membranes that are 90% thinner than conventional models, which translates to higher efficiency, scalability, and lower hydrogen production costs.
Commercial deliveries began in 2022. The company's modular design enables rapid customization of systems based on client needs. Hystar plans to launch an automated production line in 2027 with an initial capacity of 1.5 GW per year, scaling up to 4.5 GW by 2031 to meet growing industrial demand.
In 2024, Hystar received a €26 million grant from the European Innovation Fund to support automation of its production line. The capital provided by ORLEN VC and other investors forms the required matching funding. The current financing round has raised over €32 million, covering both Hystar's equity contribution under the EU grant and its operational needs through 2027.
With this investment, ORLEN VC marks its thirteenth direct portfolio company, establishing itself in under three years as one of Central Europe's most dynamic venture capital funds. The portfolio also includes interests in two global VC funds. Under its investment strategy, ORLEN VC targets about five new investments annually, prioritizing companies with market-ready innovations that contribute to the objectives outlined in the ORLEN 2035 Strategy.