BHEL Signs Pact With Hystar to Bring PEM Electrolyser Technology to India

Bharat Heavy Electricals Limited (BHEL) has signed a Strategic Collaboration Agreement with Norway-based Hystar AS for Proton Exchange Membrane (PEM) electrolyser systems. The agreement, disclosed to stock exchanges on August 13, 2026, is aimed at enabling phased indigenization and local manufacturing of PEM electrolyser systems in India. The partnership adds another technology tie-up to BHEL's green hydrogen plans and comes as the company works to expand its presence in emerging clean energy technologies.

The agreement complements BHEL's existing partnership with thyssenkrupp nucera India Private Limited for alkaline electrolyser systems signed in July 2026. With the latest Hystar agreement, BHEL is looking to build capabilities across both PEM and alkaline electrolyser technologies for green hydrogen projects. The collaboration is also intended to support India's National Green Hydrogen Mission and the Government of India's Make in India initiative. The supplied source does not provide the financial value of the agreement or any confirmed revenue contribution from the partnership.

Stock price and key financial metrics

The supplied source does not provide BHEL's current share price, market capitalisation, P/E ratio, book value, dividend yield, ROCE or ROE. The available stock performance data shows the shares were unchanged over one day, while the stock gained 1.84% over five days and 2.66% over one month. The six-month return stood at 61.17%, while the one-year and five-year returns were 88.45% and 652.01%, respectively.

Period	Stock return
1 Day	0.00%
5 Days	+1.84%
1 Month	+2.66%
6 Months	+61.17%
1 Year	+88.45%
5 Years	+652.01%

BHEL-Hystar strategic agreement

BHEL has entered into a strategic collaboration with Hystar AS, a Norwegian company, for PEM electrolyser systems. The agreement is intended to provide access to PEM electrolyser technology and support phased indigenization and local manufacturing in India. PEM electrolysers use electricity to split water into hydrogen and oxygen through a proton exchange membrane and are used in green hydrogen production. The source does not disclose the agreement's financial value, project size or specific production capacity.

Parameter	Details
Partner company	Hystar AS
Partner country	Norway
Technology	PEM electrolyser systems
Purpose	Green hydrogen projects
Nature	International strategic tie-up

Green hydrogen expansion

The Hystar agreement adds to BHEL's efforts to build capabilities in the green hydrogen value chain. The company aims to use the partnership for the deployment of PEM electrolyser systems and phased localisation of the technology in India. The agreement also supports the broader development of domestic manufacturing capabilities in clean energy equipment. The supplied information does not provide a timeline for commercial production or the expected size of the green hydrogen business.

BHEL's alkaline electrolyser partnership

The latest agreement complements BHEL's separate strategic tie-up with thyssenkrupp nucera India Private Limited, signed in July 2026, for alkaline electrolyser systems. The two partnerships give BHEL access to both alkaline and PEM electrolyser technologies. This provides the company with exposure to two major electrolyser technologies as India's green hydrogen market develops.

Business and growth drivers

BHEL is expanding its clean energy focus through strategic technology partnerships and the development of electrolyser capabilities. The Hystar agreement supports PEM technology, while the earlier thyssenkrupp nucera partnership covers alkaline systems. The company expects these collaborations to strengthen its project execution capabilities for green hydrogen projects in India. The National Green Hydrogen Mission and the Make in India initiative are also cited as areas supported by the collaboration.

Stock performance

Period	Stock return
1 Day	0.00%
5 Days	+1.84%
1 Month	+2.66%
6 Months	+61.17%
1 Year	+88.45%
5 Years	+652.01%

These figures represent historical stock performance and do not indicate how the Hystar agreement will affect future returns.

Key risks

The source does not provide specific financial risks related to the Hystar agreement. Investors should monitor the pace of localisation, commercial deployment of PEM electrolyser systems and the development of India's green hydrogen market. The financial contribution of the partnership is also not available in the supplied information, so its potential impact on BHEL's revenue and earnings cannot be quantified.

Stock outlook

The agreement with Hystar expands BHEL's green hydrogen technology portfolio by adding PEM electrolyser systems to its existing alkaline electrolyser partnership. The planned phased indigenization and local manufacturing of PEM technology could support BHEL's efforts to participate in India's emerging green hydrogen market. For investors tracking BHEL stock, the main factors to monitor are the progress of technology localisation, project execution, commercial deployment and the eventual financial contribution from electrolyser and green hydrogen projects.

Why has BHEL signed an agreement with Hystar?

BHEL has signed a Strategic Collaboration Agreement with Norway-based Hystar AS to work on Proton Exchange Membrane (PEM) electrolyser systems for green hydrogen projects in India.

What is the BHEL-Hystar agreement about?

The agreement focuses on PEM electrolyser technology, with plans for phased indigenization and local manufacturing of these systems in India.

What are PEM electrolysers?

PEM electrolysers use electricity to split water into hydrogen and oxygen through a proton exchange membrane. The technology is used for producing green hydrogen when powered by renewable electricity.

How does the Hystar deal support BHEL's green hydrogen business?

The partnership is expected to strengthen BHEL's capabilities in the green hydrogen value chain and improve its ability to execute projects using PEM electrolyser systems.

Does BHEL already have an electrolyser technology partnership?

Yes. BHEL entered into a separate strategic partnership with thyssenkrupp nucera India Private Limited in July 2026 for alkaline electrolyser systems.

What is the difference between BHEL's two electrolyser partnerships?

The Hystar agreement covers PEM electrolyser systems, while the thyssenkrupp nucera partnership covers alkaline electrolyser systems. Together, the partnerships give BHEL exposure to both technologies.

Will the BHEL-Hystar agreement increase BHEL's revenue?

The supplied information does not disclose the financial value of the agreement, project size or expected revenue contribution. Therefore, its direct impact on BHEL's revenue cannot yet be quantified.

How has BHEL stock performed?

Based on the supplied data, BHEL shares gained 61.17% over six months, 88.45% over one year and 652.01% over five years. The stock gained 2.66% over one month and 1.84% over five days.

What should investors watch in BHEL stock?

Investors should monitor the localisation of PEM electrolyser technology, green hydrogen project execution, commercial deployment and the financial contribution of these new businesses.