Hy24, the world’s leading low-carbon H₂ asset manager, and Shanghai REFIRE Company Limited have signed a Memorandum of Understanding (MoU) for a strategic partnership to scale green H₂ production and distribution, and H₂-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 H₂ 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 H₂-electric power can be leveraged for transport decarbonization. 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 H₂ 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 decarbonization of the mobility sector.”

Robin LIN QI, Co-founder and CEO of REFIRE, said, “It is an honor to be partnering with the world’s leading H₂ 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 decarbonization solutions worldwide, in particular heavy-duty transport.”