Hydrogen Deal Puts Europe’s Clean Transport in Gear

Hy24 and REFIRE launch €2B hydrogen push to scale clean transport and heavy-duty fleets across Europe

23 Sep 2025

Europe’s hydrogen plans are shifting from promise to practice. In July, Hy24, one of the world’s largest hydrogen investment funds, struck a deal with Chinese fuel cell specialist REFIRE to roll out projects worth up to €2 billion across the continent. The move aims to take hydrogen beyond small pilots and into commercial reality, particularly in transport.

The partnership pairs money with machinery. Hy24 brings capital and political clout, while REFIRE offers fuel cell systems already proven on roads, having logged more than 300 million kilometers worldwide. Together, they want to make hydrogen ventures less risky and more attractive to investors, starting with buses, trucks, and fleets where batteries often fall short.

Analysts say the agreement is a sign hydrogen is edging closer to mass adoption. As one Hy24 executive put it, the challenge is no longer about whether the technology works but how to make projects bankable and scalable.

Europe’s climate targets add urgency. Cutting emissions in transport is central to the bloc’s net-zero strategy, and hydrogen is increasingly seen as a complement to electrification. The Hy24-REFIRE pact also reflects a broader trend: global alliances designed to pool capital, technology, and supply chains to speed up clean energy adoption.

Still, hurdles remain. Some policymakers may bristle at relying on Chinese technology, and regulatory approvals could slow deployment. Yet many experts argue the potential payoff is too great to ignore if the deal helps reduce costs and win over investors.

For Europe, this could be a pivotal step. By combining deep pockets with road-tested systems, Hy24 and REFIRE are betting hydrogen can carve out a place in heavy-duty transport and power markets. If they succeed, the partnership may do more than deliver projects. It could prove that international cooperation is key to hitting climate goals.