ORLEN invests in advanced electrolysers
ORLEN Venture Capital (“ORLEN VC”) has invested in Hystar, a Norwegian manufacturer of high-efficiency proton-exchange-membrane (PEM) electrolysers for large-scale, zero-emission hydrogen production. Hystar’s patented design uses membranes up to ten times thinner than those in conventional units, materially improving efficiency and lowering the cost of hydrogen generation. The technology dovetails with ORLEN’s programme to produce and deploy renewable hydrogen as part of the Group’s wider energy-transition strategy.
– ORLEN VC’s investment in Hystar delivers critical technological support for our hydrogen portfolio. Hystar’s innovative platform is expected to enable annual production of 1.5 GW of high-efficiency membrane electrolysers as early as 2027. Thanks to the capital commitment, ORLEN Group gains access not only to the equipment, but also the know-how and the opportunity to cooperate, among other things, in the development of the technology and its implementation. This solution can also be an important support in the attainment of ORLEN's strategic goals for the next decade, especially since by 2035 we want to use 350,000 tons of renewable and low-emission hydrogen annually – said Grzegorz Jóźwiak, Director of Hydrogen Technologies and Synthetic Fuels at ORLEN.
Hystar AS, a Norwegian manufacturer, produces 0.65 MW membrane stacks and turnkey 5 MW electrolysers certified to ISO 17268 standards. The units employ membranes that are 90 percent thinner than those found in conventional equipment, unlocking higher energy efficiency, scalable production and lowering the averaged cost of hydrogen.
Hystar commenced commercial deliveries in 2022. The system’s modular architecture allows each installation to be tailored quickly to the customer’s requirements. Once the firm brings its automated production line onstream in 2027 – initial annual capacity 1.5 GW – it will be able to execute large industrial orders, by 2031, nameplate output is set to rise to 4.5 GW a year.
In 2024, the Norwegian firm secured a EUR 26 million grant from the European Innovation Fund, earmarked for automating its production line. Venture capital backing – including the commitment from ORLEN VC – provides the matching funds. The current round has raised more than EUR 32 million, covering Hystar’s equity contribution under the EU grant and its operating requirements through 2027.
Hystar is ORLEN VC’s thirteenth direct investment, placing the fund – after barely three years in operation – among the largest and most active venture-capital players from Central Europe. The portfolio also holds interests in two international VC funds. Under its mandate, ORLEN VC aims to complete around five new investments a year, focusing on high-potential companies whose market-ready innovations advance the strategic goals set out in ORLEN 2035 Strategy.
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