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ORLEN Venture Capital (ORLEN VC), the corporate venture arm of ORLEN Group, has invested in Hystar AS, a Norwegian innovator in high-efficiency proton-exchange-membrane (PEM) electrolysers, as part of its strategic push to scale up zero-emission hydrogen production.
Backing Breakthrough Electrolyser Technology
Hystar’s cutting-edge platform uses membranes up to 90% thinner than conventional PEM systems, enabling significantly higher energy efficiency and reduced hydrogen production costs. With commercial deliveries already underway since 2022, Hystar offers 0.65 MW membrane stacks and turnkey 5 MW electrolysers, all certified to ISO 17268 standards.
The technology directly supports ORLEN’s broader hydrogen strategy under its ORLEN 2035 Strategy, which aims to produce 350,000 tons of renewable and low-emission hydrogen annually by 2035.
Strengthening ORLEN’s Hydrogen Portfolio
“ORLEN VC’s investment in Hystar delivers critical technological support for our hydrogen portfolio,” said Grzegorz Jóźwiak, Director of Hydrogen Technologies and Synthetic Fuels at ORLEN. “This solution not only ensures access to next-generation electrolysers, but also opens the door to deep cooperation on technology development and implementation. Hystar’s innovation is a key enabler of our long-term decarbonization goals,” added Jóźwiak. The investment offers ORLEN more than just hardware. It also provides access to know-how, co-development opportunities, and a share in Hystar’s future manufacturing and innovation roadmap.
Scaling for Global Industrial Demand
Hystar’s modular design lets clients quickly customize installations to meet their needs, making it ideal for industrial applications. The company will launch its automated production line in 2027 with an initial annual capacity of 1.5 GW of electrolysers. By 2031, it plans to increase this capacity to 4.5 GW, positioning Hystar as a key player in global green hydrogen infrastructure.
EU Support Fuels Expansion Plans
In 2024, Hystar secured a EUR 26 million grant from the European Innovation Fund to support the automation of its production line. The ongoing funding round—including ORLEN VC’s commitment—has raised over EUR 32 million. This amount covers Hystar’s equity share under the EU grant and supports its operational needs through 2027.
ORLEN VC Rises as a Key Central European Investor
With this transaction, Hystar becomes ORLEN VC’s thirteenth direct portfolio company. The deal highlights the fund’s rapid growth since its launch less than three years ago. ORLEN VC is now one of the most active venture capital investors in Central Europe. It also holds stakes in two international VC funds.
According to the press release, ORLEN VC targets around five new deals each year under its investment mandate. It backs market-ready innovations that align with ORLEN Group’s strategic priorities—particularly in clean energy, decarbonization, and industrial transformation.
