The €2B Bet to Put Hydrogen Trucks on Europe’s Roads

Hy24 and Refire plan up to €2bn in hydrogen ventures to advance zero-emission mobility across Europe

3 Nov 2025

French investment firm Hy24 and China’s Refire Technology have agreed to collaborate on hydrogen mobility and industrial power projects worth up to €2bn, in a move aimed at accelerating Europe’s shift toward cleaner transport.

The memorandum of understanding, announced in July 2025, combines Hy24’s infrastructure financing expertise with Refire’s fuel cell technology, already deployed in more than 7,000 heavy-duty vehicles worldwide. The partners said their shared goal is to expand hydrogen-powered fleets and industrial applications across the continent.

While the MoU represents an early step, detailed investment agreements are expected before project deployment begins. Analysts view the partnership as a test of hydrogen’s readiness to move beyond pilot projects and into commercial operations.

“This partnership builds real momentum for hydrogen mobility,” said Laurent Fayollas, managing partner at Hy24. “We’re combining Europe’s capital and infrastructure with technology that already works.”

The alliance will focus initially on sectors where hydrogen offers advantages over battery alternatives, including long-haul trucks, buses, and heavy industrial fleets that require long range and rapid refueling. Industry experts say targeting these niches could help overcome persistent barriers such as high infrastructure costs and limited fueling networks.

Refire, one of China’s leading fuel cell manufacturers, brings technical experience from large-scale deployments in Asia. Hy24, backed by investors including Ardian and FiveT Hydrogen, manages one of the world’s largest hydrogen-focused infrastructure funds.

Beyond emissions reductions, the initiative could bolster European industrial supply chains and attract private capital into hydrogen production and refueling facilities. Still, challenges remain, including fragmented regulation and the need for sustained policy incentives to support large-scale adoption.

“Partnerships like this turn hydrogen from a concept into a commercial reality,” said Maria Gonzalez of industry body Hydrogen Europe. “It signals that the industry is ready to scale.”

If implemented at scale, the Hy24–Refire collaboration could mark a key phase in Europe’s energy transition, strengthening its role in the global race for zero-emission transport.