Hystar AS has revealed its plans for expansion into North America, aiming to establish a new facility in 2024 and a multi-gigawatt factory by 2027.
In line with this growth initiative, the Norwegian firm will soon commence hiring for its new North American headquarters. Furthermore, discussions are underway with key stakeholders in the United States and Canada to set up their inaugural gigafactory on the continent. Hystar envisions its commercial operations in North America potentially surpassing its European projections within the next decade. The company remains open to investing in additional gigafactories prior to 2030.
Fredrik Mowill, CEO of Hystar, emphasized the appeal of incentives offered by both the US and Canada, demonstrating a firm commitment to providing essential support and certainty to the industry. Establishing a North American headquarters and a factory on the continent marks a significant achievement for Hystar, aligning with their mission to implement green hydrogen at a large scale, crucial for global decarbonization efforts.
Hystar's strategic expansion into North America follows the recent release of the IEA's Global Hydrogen Review, which underscored cost escalation and insufficient government backing as key obstacles to the widespread commercialization of green hydrogen. This type of hydrogen is essential for decarbonizing industries with high pollution levels, such as steel and ammonia. In contrast, the US has proactively introduced substantial hydrogen subsidies through the Inflation Reduction Act, with plans underway for ten major hydrogen hubs. Similarly, Canada is offering an investment tax credit for clean hydrogen production, demonstrating a commitment to advancing this crucial green technology.
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