Hydrogen Production: REFIRE’s RMB 170M Bet on PEM Electrolysers and Green Hydrogen Expansion

On August 8, 2025, Shanghai REFIRE Group Limited shook up China’s clean energy scene with a bold, RMB 170 million (about USD 23.4 million) double acquisition. The first snagged a 30.30% stake in Guangdong Enze Hydrogen—a name you might recognize from its ties to Cummins. The second deal gave REFIRE a 70% controlling interest in Seraph (Sailafu) REFIRE, the company powering Ningxia’s standout Taiyang Mountain green hydrogen initiative.

At its third extraordinary general meeting of 2025, REFIRE’s board nodded through both transactions, marking a clear strategic push across the entire hydrogen value chain. By investing in Guangdong Enze Hydrogen, REFIRE fills a key gap in PEM electrolysers. Meanwhile, that commanding stake in Seraph REFIRE cements its footprint in Ningxia, one of China’s renewable-rich powerhouses.

Strategic Implications

Snapping up electrolyser capacity and control over a green hydrogen project shows REFIRE is playing to Beijing’s decarbonization playbook. The company even skipped its interim 2025 dividend—blaming past losses—to plow cash into core assets. In short, it’s betting that owning both hydrogen production and hydrogen infrastructure now will pay dividends as China races toward its 2060 carbon neutrality goal.

Technical Spotlight: PEM Electrolysers

Here’s the tech bit: PEM electrolysis uses a solid polymer membrane to split water into ultra-pure hydrogen and oxygen on demand. Its quick ramp-up and top-notch purity make it a dream partner for variable renewables. Since Cummins bowed out in July 2025, Guangdong Enze Hydrogen has kept selling PEM stacks under the Accelera by Cummins badge—so REFIRE inherits tried-and-true tech, even as it takes the helm.

Northwest Expansion: Taiyang Mountain Project

Set up in July 2023, Seraph (Sailafu) REFIRE has been laying the groundwork for the Taiyang Mountain hub in Ningxia, a hotspot for wind and solar power. REFIRE’s 70% cash infusion shifts the project into majority-ownership territory, marrying upstream electrolyser savvy with downstream storage, transport and refueling know-how. This kind of end-to-end integration is exactly what you need to drive large-scale green hydrogen demos.

Connected-Party Disclosures

Both deals have a touch of insider connection—REFIRE’s major backer, Sinopec Capital, is also linked to the Enze Fund. REFIRE didn’t skimp on the paperwork, laying out every detail in Hong Kong Exchange filings to keep regulators happy.

Market Context and Outlook

China already leads the pack in hydrogen fuel cells and electrolyser growth. Coastal regions like Guangdong churn out components, while inland spots such as Ningxia are emerging as production-to-demand hubs. REFIRE’s dual play covers both ends of the map, slashing dependence on overseas tech and putting it in prime position for upcoming national hydrogen infrastructure tenders.

Long-Term Perspective

REFIRE isn’t just stacking capacity for the short haul—it’s building a homegrown supply chain from electrolysis all the way to end-use. By owning both the hardware and the project pipeline, it’s betting that scalable green hydrogen and sturdy fuel cell tech will undercut fossil rivals in heavy transport and industrial decarbonization.

Closing Insight

That RMB 170 million outlay is as much about policy alignment as it is about picking winners commercially. As hydrogen infrastructure takes root across China, early birds with solid tech stacks and on-the-ground projects stand to benefit most. The million-dollar question: Can REFIRE turn these assets into the market-leading volumes and partnerships it’s aiming for? Stay tuned.