Hy24 and Refire Partner to Accelerate Hydrogen Fuel Cell Deployment in Europe’s Heavy-Duty Mobility Sector

Hy24, the world’s largest private equity firm focused on hydrogen fuel cells, has joined forces with leading Chinese fuel cell tech company Refire. On July 25, 2025, the two companies signed a memorandum of understanding to kick off a new partnership aimed at rolling out hydrogen fuel cell projects across Europe, particularly in the field of heavy-duty mobility.

A major boost for Europe’s hydrogen ambitions

This collaboration is all about blending strengths—Hy24 brings the capital and deep market access throughout the European Union, while Refire contributes proven, ready-to-go fuel cell technology that’s already made a mark in Asia. Put together, they’re hoping to spark real progress in a European hydrogen infrastructure rollout that’s been moving a bit too slowly for comfort.

Closing the gap with China—and clearing the air

Europe has some hefty decarbonization goals for 2030, but progress has been lagging—especially compared to China’s rapid advancements. This partnership could change the game. By speeding up the shift to zero-emission fuel cell vehicles, the initiative aims to do more than just lower emissions. It’s set to improve air quality, pave the way for tech-sharing between regions, and shake up Europe’s traditional mobility tech scene.

The road ahead: clean, green, and commercial-ready

If all goes as planned, we’ll be seeing more cost-effective green hydrogen and cutting-edge fuel cell systems hitting European roads—especially in sectors like freight and heavy transport, where reducing emissions has been a tougher nut to crack. It’s not just a step forward for clean energy, but also a real opportunity to re-energize Europe’s industrial base while meeting climate targets head-on.