Shanghai REFIRE Group Limited (02570.HK) was established in September 2015. It focuses on technology R&D and product development in the hydrogen energy sector, hydrogen ecosystem construction, and large-scale commercial application promotion. REFIRE is a market-oriented, globally visionary leading hydrogen energy technology enterprise. REFIRE serves as the supporting unit for the Fuel Cell Sub-center of the National Power Battery Innovation Center, Chairman Unit of the Fuel Cell Branch of the China Automotive Power Battery Industry Innovation Alliance, National MIIT-recognized "Manufacturing Single Champion Enterprise," National Specialized, High-end and Innovation-driven "Little Giant" Enterprise, National Development and Reform Commission-recognized "National Enterprise Technology Center," and one of the first Chinese companies to join the International Hydrogen Council. It was ranked among the 2024 Fortune China Tech 50.
REFIRE has achieved full industrial-chain key technology deployment in fuel cells and hydrogen production equipment, continuously leading breakthroughs in core technical challenges. It is the first in China to fully realize independent R&D and mass production of fuel cell systems, stacks, membrane electrode assemblies (MEA), and bipolar plates. Its commercial vehicle fuel cell core technical indicators have reached international advanced level. REFIRE has also independently developed PEM and alkaline hydrogen production equipment and core components, launching industry-leading products and providing one-stop solutions from upstream hydrogen production to downstream hydrogen utilization, enabling synergistic hydrogen-electric applications.
REFIRE possesses market-oriented full-chain scenario development capability in hydrogen energy. Its business covers dozens of provinces and cities in China as well as multiple overseas markets. It is the first to achieve commercialization of hydrogen fuel cell systems overseas. Its products and technologies are widely applied in road transportation, rail transit, construction machinery, power generation, off-grid supercharging, green hydrogen production, and other fields. REFIRE has led multiple integrated green hydrogen production-storage-transportation-utilization projects and established a new "electricity - hydrogen - electricity" business model for the energy ecosystem.
REFIRE maintains industry-leading market share. In 2023, both total output power of hydrogen fuel cell systems sold and total output power of hydrogen fuel cell systems for heavy trucks ranked No.1 in China's hydrogen fuel cell system market. From 2023 to 2024, REFIRE ranked No.1 in revenue scale in China's hydrogen fuel cell industry for two consecutive years.