Hy24 and REFIRE have signed a Memorandum of Understanding (MoU) for a strategic partnership to scale green hydrogen production and distribution, and hydrogen-electric power and mobility use cases. The parties aim to foster industrial development and accelerate market deployment, adding value within Europe through a hybrid Sino-European supply chain and process model.
Hy24 and REFIRE Announce Collaboration to Accelerate Global Hydrogen Energy Ecosystems
Paris & Shanghai - July 25th, 2025 – Hy24, the world’s leading low-carbon hydrogen asset manager, and Shanghai REFIRE Company Limited (HK.2570) have signed a Memorandum of Understanding (MoU) for a strategic partnership to scale green hydrogen production and distribution, and hydrogen-electric power and mobility use cases. The parties aim to foster industrial development and accelerate market deployment, adding value within Europe through a hybrid Sino-European supply chain and process model.
Under the MoU, Hy24’s innovative investment strategies, global value chain approach, large industrial and financial ecosystem, and global project pipeline will be combined with REFIRE’s ecosystem architecting capabilities, turnkey engineering and fuel cell mobility solutions, to fast-track and deliver bankable hydrogen projects.
The two companies will establish working groups and joint ecosystem activities to explore a variety of end use cases, including low-carbon mobility market gaps where hydrogen-electric power can be leveraged for transport decarbonisation. Initial focus will be on deployments in Europe, but with a broader view towards developing global markets. More structured partnership agreements are expected to follow in support of areas of co-development.
Pierre-Etienne Franc, Co-founder and CEO of Hy24, said: “REFIRE has demonstrated steady, resilient growth, emerging as a key global player in hydrogen technologies and ecosystems through technical expertise and cost-efficient, quality supply chain at scale. European and Chinese players have significant synergies to explore and leverage, and Hy24 is committed to building bridges to further accelerate the decarbonisation of the mobility sector.”
Robin LIN QI, Co-founder and CEO of REFIRE, said: “It is an honour to be partnering with the world’s leading hydrogen investment manager. Hy24 has built a pedigree of trust amongst investors through its deep industry knowledge. We have a shared vision to gather the critical mass of industry leaders that will enable scaling up of decarbonisation solutions worldwide, in particular heavy-duty transport.”
Investing in the energy transition
Every day, we pursue ambitious goals to decarbonize the global economy. We invest in large-scale strategic projects and technologies, enabling low-carbon hydrogen to play a significant role alongside renewable energies and electrification.