Refire

What Refire does

Refire is a Shanghai-headquartered, Hong Kong-listed (hkg:2570) developer and manufacturer of hydrogen fuel cell power systems targeting commercial mobility and stationary power applications. Founded in 2015, the company employs 501-1,000 staff and operates PEMFC-based systems across a power range of 12kW to 220kW, addressing heavy-duty trucks, buses, cement mixers, logistics vehicles, sprinklers, and stationary power generation. Its product portfolio includes the Polaris, Electra, Mea, Sirius, Prisma (Prisma 6, Prisma 12 PLUS, Prisma SSS), Powow, and CHONGYA series, alongside the flagship 220KW Heavy Duty Fuel Cell System introduced at Hannover Messe 2023.

Commercially, Refire operates a B2B enterprise model selling fuel cell systems to commercial vehicle OEMs and fleet operators, with a cumulative deployed base of more than 5,900 vehicles and stationary power applications, more than 210 million kilometers driven, and 116,850+ tonnes of CO2 saved as of May 31, 2024. Named OEM customers include FAW, SANY, DONGFENG, YUTONG, HQUBE, and HYBATT, with deployments concentrated in Chinese heavy-duty and municipal segments. Refire claims full-stack coverage across both upstream (electricity-to-hydrogen, E2H) and downstream (hydrogen-to-electricity, H2E) markets, positioning itself as an end-to-end hydrogen energy ecosystem participant rather than a pure fuel cell component vendor.

Go-to-market is executed via direct enterprise field sales, supported by four international offices in Vancouver (Americas), London (UK), Stuttgart, and Hamburg (DACH region). Pricing is quote-based and not publicly disclosed; the company markets through trade shows (Hannover Messe, FCEXPO, HY-FCELL), LinkedIn, WeChat, and case study content. Revenue is generated primarily through hardware sales of fuel cell engines, though exact revenue figures are not disclosed in the available data and the provided financial line items appear internally inconsistent with operational scale and therefore cannot be reliably interpreted.

Name

Refire

Legal name

Refire

Website

https://refire.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Refire is a Shanghai-based, Hong Kong-listed developer of hydrogen fuel cell power systems (12kW to 220kW) sold to commercial vehicle OEMs and fleet operators for zero-emission heavy-duty trucks, buses, and stationary power applications globally.

Ownership category

akta.pro rank

Product category

Hydrogen Fuel Cell Systems

NAICS

Electric Power Generation (22111)

SIC

Motors & Generators (3621), Engines & Turbines (3510)

akta.pro primary industry

Truck & Commercial Vehicle Electrification Manufacturing (eAxles/Battery Packs/Fuel Cells) (IMACABAK)

akta.pro secondary industries

Hydrogen Energy Storage & Power-to-X Equipment (electrolyzers, storage, fuel cell systems) (IMAGAHAM), Fuel Cell Distributed Generation (Hydrogen/Natural Gas SOFC/PEM) (EUACALAK), Hydrogen & Derivative Fuels for Industry (H₂, Ammonia, Methanol) (EUABAJAC)

Keywords

• Hydrogen fuel cells
• Fuel cell systems
• Commercial vehicle powertrains
• Zero-emission mobility
• Stationary power generation

Headquarters

HQ city

Shanghai

HQ country

China

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Supply Chain, Operations, Personnel, Marketing or Sales

Revenue model

1. Fuel Cell System Hardware Sales: Refire generates revenue through the sale of hydrogen fuel cell systems and power solutions for commercial vehicles and stationary power applications. The company manufactures and sells fuel cell engines, with product offerings ranging from 12kW to 220kW systems for buses, trucks, and other heavy-duty applications.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Refire researches, develops, and manufactures hydrogen fuel cell systems based on PEMFC (Proton Exchange Membrane Fuel Cell) technology for commercial vehicles (buses, heavy-duty trucks, cement mixers, logistics vehicles) and stationary power applications. Its product portfolio spans 12kW to 220kW power ratings, and the company participates across both upstream (electricity-to-hydrogen, E2H) and downstream (hydrogen-to-electricity, H2E) stages of the hydrogen economy.

Product overview

Refire offers a portfolio of hydrogen-electric energy products and solutions. The company operates in both upstream markets (electricity to hydrogen, E2H) and downstream markets (hydrogen back to electricity, H2E), building products and ecosystems that allow renewable electricity to be stored as green hydrogen, which then powers zero-emission mobility and power applications. The product lineup includes the 220KW Heavy Duty Fuel Cell System for commercial vehicles and industrial equipment, along with multiple fuel cell products (Powow, Prisma-12 PLUS, CHONGYA, Prisma 6, Polaris, Electra, Mea, Prisma SSS, Sirius) targeting vehicle and stationary power applications. Together, these products support over 5,900+ vehicles in operation across various commercial and industrial segments including buses, trucks, cement mixers, and logistics vehicles.

Differentiator

Problem solved

Functional benefit

Products and services

• 220KW Heavy Duty Fuel Cell System A high-power (220kW) PEMFC fuel cell system designed for heavy-duty applications such as commercial vehicles and industrial equipment, targeted at commercial vehicle OEMs and fleet operators.
• Powow Fuel cell product for mobility and stationary power applications in Refire's product lineup.
• Prisma 12 PLUS Fuel cell product for mobility and power applications within Refire's Prisma series.
• CHONGYA Fuel cell product for mobility and stationary power applications in Refire's product lineup.
• Prisma 6 Fuel cell product for mobility and power applications within Refire's Prisma series.
• Polaris Fuel cell product for mobility and stationary power applications in Refire's product lineup.
• Electra Fuel cell product for mobility and power applications within Refire's Electra series.
• Mea Fuel cell product for mobility and stationary power applications in Refire's Mea series.
• Prisma SSS Fuel cell product variant within Refire's Prisma series for mobility and power applications.
• Sirius Fuel cell product for mobility and stationary power applications in Refire's Sirius series.
• Hydrogen-Electric Energy Systems (E2H and H2E) Integrated products and ecosystems that transform electricity into hydrogen (E2H) for storage and transform hydrogen back into electricity (H2E) to power zero-emission mobility and stationary power applications, enabling renewable electricity to be stored as green hydrogen.

Named customers7 records

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature8 records

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Ballard Power Systems: Canadian PEM fuel cell specialist with heavy-duty mobility (trucks, buses) and stationary power product lines. Direct technology competitor to Refire in PEM fuel cell systems for commercial vehicles globally.
• Cummins (Accelera): Cummins' Accelera brand develops fuel cell powertrains for heavy-duty commercial trucks and buses. A leading global competitor in commercial-vehicle fuel cell systems targeting similar OEM customers.
• Weichai Power: Chinese heavy-duty engine OEM that has invested heavily in fuel cell technology through its subsidiary Weichai-Ballard JV. Competes with Refire directly in the Chinese commercial vehicle fuel cell market.
• Sinosynergy: Chinese PEM fuel cell system manufacturer focused on commercial vehicles. Direct domestic competitor with overlapping product range and customer base in the Chinese hydrogen mobility market.
• Plug Power: US-based PEM fuel cell company with expanding focus on heavy-duty mobility and stationary power, including hydrogen production. Comparable PEM technology platform and end-market applications to Refire.

Broad incumbents

• Hyundai Motor Group (HTWO): Global automaker with the HTWO hydrogen fuel cell brand, producing commercial vehicles (trucks, buses) and developing fuel cell systems. A vertically integrated competitor with significantly larger scale.
• Toyota Motor Corporation: Global automotive leader with substantial fuel cell R&D and heavy-duty fuel cell initiatives (e.g., hydrogen-powered trucks, buses). Competes in the same end markets with deeper R&D resources.
• Bosch: Global automotive supplier developing hydrogen fuel cell powertrains for commercial vehicles. Competitor in fuel cell system supply for heavy-duty applications with significantly broader automotive resources.

Emerging players

• Cellcentric: Volvo Group and Daimler Truck joint venture developing fuel cell systems for heavy-duty commercial vehicles. Emerging competitor targeting the same European heavy-duty OEM customers Refire serves.
• Horizon Fuel Cell Technologies: Singapore-headquartered hydrogen fuel cell company with PEM technology for mobility and stationary applications. Adjacent competitor with overlapping PEM technology focus and global commercial presence.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/re-fire-technology

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Refire