ORLEN VC, the corporate venture capital fund of Polish energy group ORLEN, has invested in Hystar, a Norwegian company developing high-efficiency PEM electrolyzers for large-scale production of zero-emission hydrogen. Hystar’s patented technology enables the use of membranes up to 10 times thinner than those in standard electrolyzers, significantly improving efficiency and lowering hydrogen production costs.
The investment aligns with ORLEN’s broader strategy to expand renewable hydrogen production as part of its ongoing energy transition.
“ORLEN VC’s investment in Hystar provides us with technological support for hydrogen projects within the ORLEN Group,” said Grzegorz Jóźwiak, Director of Hydrogen Technologies and Synthetic Fuels at ORLEN. “Hystar’s innovations are expected to enable production of high-performance membrane electrolyzers with a total annual capacity of 1.5 GW by 2027. Through this capital engagement, ORLEN gains access not only to cutting-edge devices but also valuable know-how and opportunities for collaboration in technology development and deployment. This will be crucial in achieving our strategic target of using 350,000 tons of renewable and low-emission hydrogen annually by 2035.”
About Hystar AS
Hystar specializes in manufacturing innovative PEM electrolyzer stacks with 0.65 MW capacity and ISO 17268-compliant systems with 5 MW output. The key advantage of Hystar’s solution lies in its ultra-thin membranes—90% thinner than conventional alternatives—resulting in higher energy efficiency and lower levelized hydrogen costs.
The company began commercializing its technology in 2022. Its modular system design allows flexible adaptation to various customer requirements. With a fully automated production line scheduled to launch in 2027, Hystar will have the capacity to fulfill large-scale industrial orders with an initial annual output of 1.5 GW, ramping up to 4.5 GW by 2031.
European and Venture Capital Support
In 2024, Hystar secured €26 million in funding from the European Innovation Fund to support the automation of its production line. The current investment round, which includes capital from venture funds such as ORLEN VC, brought the company over €32 million in total. These funds will provide the required co-financing for the EU grant and cover operational needs through 2027.
ORLEN VC’s Growing Portfolio
Hystar is ORLEN VC’s 13th portfolio company. In less than three years, ORLEN VC has established itself as one of the most active venture capital funds in Central Europe. The fund also holds stakes in two international VC funds and plans to make around five investments annually, targeting innovative, commercialization-ready technologies that support the ORLEN2035 strategy.
Source: CEO.com.pl – ORLEN VC invests in Norwegian Hystar to develop green hydrogen technology
