【Refire (上海重塑科技)】FC system integrator

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HYDROPEDIA : Refire（重塑能源科技）

Updated at：2019/3/19　

Case No.：0003

Value chain category：FC system integrator

General Information

Shanghai Re-Fire is a whitelisted Chinese fuel cell system manufacturer, which was established in Shanghai Jiading district at the end of 2014. Like Sinosynergy and Hangzhou Re-fire, companies under a Re-Fire Group, where Mr. Lin owns a largest share. The company's main business is an integrated design of fuel cell vehicle power systems, prototyping of fuel cell vehicles, production of hydrogen fuel cell, and engineering services for entire fuel cell vehicle.

Registered capital: 55.48 million RMB

Executive director: Lin Qi (林琦)

Established at: 2015/9/18

Company address: No.1555 Jingyuan Rd, Jiading District, Shanghai, PR.China

Major Share holders(up to 2020/3/6):

1. Lin Qi (林琦) : 23.43%

2. Sinopec（中国石化集团资本有限公司) : 21.0%

3. Li Cong (李聪) : 10%

4. Shanghai Weiqing management consulting partnership (上海蔚清管理咨询合伙企业) : 6.58%

5. Ningbo Meishan free trade port pengfan investment partnership (宁波梅山保税港区鹏凡之滨投资合伙企业) : 5.41%

6. Ningbo Zhixin phase II equity investment partnership (宁波挚信二期股权投资合伙企业) : 3.95%

7. Ningbo qianshisheng new investment partnership (Ningbo qianshisheng new investment partnership) : 3.76%

8. Ma Dongsheng (马东生) 3.19%

Major outbound investment(up to 2020/3/23):

1. Shanghai Refire Energy Technology Co., Ltd (上海重塑能源科技有限公司) : 100%

2. Su Yun Technology (Shenzhen) Co., Ltd (塑云科技（深圳）有限公司) : 70%

3. Beijing Chongli Energy Technology Co., Ltd (北京重理能源科技有限公司) : 70%

4. Guangdong Sinosynergy Refire Energy Technology Co., Ltd (广东国鸿重塑能源科技有限公司) : 34.31%

5. JiaQing Shiye (Shanghai) Industrial Co., Ltd (嘉氢（上海）实业有限公司) : 30%

6. Shanghai Yiri Technology Co., Ltd (上海异日科技有限公司) : 20%

7. Shanghai Hyfun Energy Technology Co., Ltd (上海氢枫能源技术有限公司) : 3.83%

8. Jiangsu Jiahua Hydrogen Technology Co., Ltd (江苏嘉化氢能科技有限公司) : n/a

Website: http://www.re-fire.com/en/

Reference: Public information

Key milestones in China

・It has partnered with Tongji University for joint research on fuel cells.

・Since 2016, it has formed a strategic technical alliance with Ballard (Canada) for the commercialization and mass production of fuel cells, and is designing a fuel cell system that uses Ballard's fuel cell stack.

・It developed a hydrogen fuel cell city bus (Guangdong Province) together with Ballard and Foshan Feichi bus.

・In 2017, its subsidiary, Refire Sinosynergy (Refire’s holding ratio: 49%) has started an operation of the world's largest fuel cell system manufacturing plant for fuel cell commercial vehicles in Yunfu City. The production capacity is 5,000 sets per year, and it plans to increase its capacity up to 20,000 sets per year. 550 sets of fuel cell systems were supplied to fuel cell transportation vehicles of Dongfeng Teqi (Dongfeng Motor’s subsidiary).

Shanghai Jiangqiao Hydrogen Refueling Station

・Construction of a hydrogen station founded by Jiaqing Shiye (Shanghai) Industrial Co., Ltd. started on Shanghai Jingyuan Road where Re-Fire has its R & D center. Its Operation are scheduled to start in 2018.

・It has developed two fuel cell systems for CAVEN 3 (32kw) and CAVEN 4 (46kw) for light and medium-duty vehicles. Sales of CAVEN7 (74kw) fuel cell system for heavy vehicles will start in 2019.

・Broad Ocean tried to acquire a 20% stake in the company and announced that it would be Re-Fire’s partner for the development of a fuel cell system. However, on Aug 2nd, the acquisition failed.

・In June 2019, Shanghai Refire will establish a new core industrial base in Changshu Hydrogen Energy Automobile Industry Park in Changshu City, Jiangsu Province, following Yunfu and Foshan in Guangdong Province.

・Sinopec and Re-Fire have signed a strategic cooperation agreement to expand and strengthen the development of hydrogen and fuel cell industry chain in China (Capital Partnership: Sinopec acquired 21% of Re-Fire’s shares).

Refire signed a cooperation agreement with eCap

・Re-Fire and eCap Mobility GmbH (a European vehicle electrical drive system engineering service provider) signed a hydrogen cooperation agreement to promote clean transportation in Europe, they agreed to develop the sustainable hydrogen application solutions for the European market .

・Re-Fire signed a cooperation agreement with Changshu Hi-tech Zone Administrative Commission to promote the innovative hydrogen fuel cell vehicle in Yangtze River Delta, where Re-Fire is one of the largest fuel cell system supplier in this area.

・As of the end of 2017, 550 sets of fuel cell systems were supplied to fuel cell transportation vehicles of Dongfeng Teqi (Dongfeng Motor’s subsidiary).

・In 2017, construction of a hydrogen station founded by Jiaqing Shiye (Shanghai) Industrial Co., Ltd. started on Shanghai Jingyuan Road where Re-Fire has its R & D center. Its Operation are scheduled to start in 2018.

Source: Public information

Technical value of hydrogen fuel cell system

・CAVEN 4 is a fuel cell system, which developed by Re-Fire. It is designed for small and medium-sized vehicles. PRISMA VI is more suitable for heavy vehicles and the market scope of launching PRISMA XI is in 2020-2021 (according to Re-Fire’s announcement).

	CAVEN 4	PRISMA VI
Weight (kg)	160	160
Rated output (kw)	46	110
Power generation efficiency(%)	Max 56％	N/A
Life span(hours)	12,000	30,000
Starting temperature (℃)	-15	-30
Characteristic	Leading in the power generation efficiency	Larger rated output, longer life span, greater power generation efficiency
Stack Supplier	Sinosynergy	Re-Fire’s Partner
Supplier	Used for light and medium-duty vehicles	Used for heavy and long-distances vehicles
Series	CAVEN 3 (32kw), CAVEN 4 (46kw) and CAVEN7 (74kw) fuel(the latest version - CAVEN 7 have not launched yet).	PRISMA VI (60kw), PRISMA VIII (80kw) and PRISMA XI (110kw) – the latest version, launched in Feb. 2020

References: Re-fire. Official website.

Refire's current Market Position in terms of Rated Power/Mileage Analysis

・Re-Fire focuses on city/local transportation and small-medium sized commercial trucks, which are suitable for city logistics such as cold storage vehicles.

・Re-Fire has designed different applications (with the combination of rated-power and driving mileage) to match the need of vehicle enterprises.

As Re-Fire started to sale CAVEN 7 (74kw) fuel cell system, there is a trend of expanding the market to the dotted area (see the graph below) with longer driving mileage and higher rated power.

In the future, the use of PRISMA system will help fuel cell vehicle companies to broaden the market by adapting the system to heavy trucks.

Operation Layout in China (Focusing on Yangtze River Delta and Pearl River Delta Region)

Partnership ecosystem Surrounding Refire in hydrogen industry

References: Integral