Refire acquires 30.3% stake in former Cummins Chinese electrolyser JV
Source：h2 view
Shanghai Refire Group has taken a 30.3% stake in Guangdong Enze Hydrogen, securing access to 500MW of PEM electrolyser capacity and the rights to continue marketing Accelera by Cummins units in China.
Reports value the 30.3% stake in Enze Hydrogen at around $14m, alongside a separate $9.6m acquisition of 70% of Seraph Refire, bolstering Refire’s position in northwestern China’s Ningxia hydrogen hub.
The US engine manufacturer Cummins exited its Chinese electrolyser joint venture last month, ending a partnership it launched in 2021 with China Petrochemicals under the name Cummins Enze.
Following Cummins’ exit, Enze Fund took a 60.6% majority stake, with Refire holding most of the remainder. Sinopec Capital, a major shareholder in Refire, also holds stakes in Enze Fund.
The move is part of the Shanghai-based hydrogen fuel cell firm’s bid to expand its hydrogen equipment offerings. The company already supplies fuel cell systems, hydrogen storage, refuelling and related infrastructure.
The 500MW plant in Guangdong province, which manufactures PEM electrolyser modules, can be expanded up to 1GW per year.
H2 View understands that the electrolysers will still be promoted under Accelera by Cummins branding.