🇳🇴 Hystar to receive €26 million grant from EU Innovation Fund
Hystar awarded EU grant for automated production of its world-leading PEM electrolyser stacks at industrial scale
Hystar AS (www.hystar.com) is to receive a €26mn grant from the EU Innovation Fund, one of the world’s largest funding programmes for innovative low-carbon technologies. The grant will be used for the installation and operation of Hystar’s automated GW production line for its PEM electrolyser stacks at the company’s Høvik, Norway, location.
Hystar’s unique and proprietary PEM electrolyser stack technology is paving the way for significant cost reductions, better performance, and safer green hydrogen plants. By automating the stack production, combined with the ability to utilize existing supply chains for key components, Hystar is able to rapidly scale its operations and make green hydrogen more affordable and accessible.
Hystar is already producing stacks at its existing production line at Høvik, Norway. The current production line has an annual capacity of 100 MW and is already producing for commercial projects. The EU Innovation Fund grant will enable Hystar to implement its automated GW factory, with an annual capacity of 1.5 GW when the factory goes into operation in 2027, and scale to 4.5 GW of annual capacity in 2031.
Hystar CEO Fredrik Mowill: “Our Høvik GW factory demonstrates our commitment to rapidly expanding our European operations and meeting the strong demand for our technology globally. The EU Innovation funding will enable us to drive unseen levels of cost and production efficiencies, which is particularly important across hard-to-abate sectors.”
With this grant from the EU Innovation Fund, Hystar is now positioned to be the industry leader in stack manufacturing at an industrial scale, as it undertakes widespread deployment of its breakthrough technology.
ENDS
Contact
Connor Batty – [email protected]
About Hystar | www.hystar.com
Hystar makes highly efficient PEM electrolysers for the large-scale production of green hydrogen. With its game-changing technology, Hystar plays a key role in a greener, more sustainable future.
About EU Innovation Fund | Website
Launched in November 2022 as part of the REPower EU plan, the EU Innovation Fund is one of the world’s largest funding programmes for the demonstration of innovative low-carbon technologies. Implemented by the European Climate, Infrastructure and Environment Executive Agency (CINEA), the Innovation Fund will provide around EUR 10 billion of support over 2020-2030.
Endorsing projects in the sectors covered under the EU Emissions Trading System, the fund will support up to 60% of the costs linked to innovation. Hystar received approval for the Innovation Fund large-scale projects fund which allocates a capital expenditure of over EUR 7.5 million.
Originally published on 23 October by Hystar.
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