We are delighted that Hystar has been awarded a grant of up to EUR 26 m from the EU Innovation Fund to support the industrial scale and automated production of its PEM electrolyser stacks. This will enable the company to implement its automated GW factory, with an annual capacity of 1.5 GW when the factory goes into operation in 2027. AP Ventures believes in the importance of producing a cost-competitive and reliable product at scale and we are pleased with this milestone along with the other achievements of the Hystar team. Producing lower-cost green hydrogen is important to unlocking the energy transition. #venture #technology #energytransition #hydrogen
📢 You may have heard... We're excited to confirm that Hystar has been awarded a grant of up to €26 million from the EU Innovation Fund for the industrial scale, automated production of our world-leading PEM electrolyser stacks. While we're already producing for commercial projects at our Høvik, Norway, location, this grant will enable us to significantly increase capacity to meet the needs of our customers globally. “Our Høvik GW factory demonstrates our commitment to rapidly expanding our European operations and meeting the strong demand for our technology globally," says CEO Fredrik Mowill. "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.” A big thank you to everyone who has supported us thus far, and especially to the EU Innovation Fund for enabling us to accelerate the deployment of our breakthrough technology! Read more about the announcement in our press release: https://lnkd.in/dUD42RNs #InnovationFund #EU #GreenHydrogen #PEM #TechnologyForAGreenerFuture