# Shanghai REFIRE Group

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/shanghai-refire-group

- Industry: Industrial Machinery
- Headquarters: Shanghai, China
- Website: www.refire.com
- Total disclosed funding: $246M
- Latest round: Series D (Sep 25, 2020)
- Investors on record: 15

## About

Based in Shanghai, China and established in 2015, Shanghai REFIRE Group Limited, formerly known as Hangzhou REFIRE Technology Co., Ltd., is a hydrogen technology company focusing on the design, development, manufacture, and sales of hydrogen fuel cell systems, hydrogen production systems, and related components. The company has subsidiaries in Shanghai, Zhejiang, Hunan, Jiangsu, China, and has established an R&D center in Canada and a subsidiary in Germany. The company launched and mass-produced its first hydrogen fuel cell systems, Caven Series, in 2017.

In September 2018, Shanghai Refire Group Limited was converted into a joint stock company. In December 2024, the company was listed on Hong Kong Exchanges and Clearing (HKEX) under the ticker "2570". In December 2025, Capitech Venture Capital and another unspecified investor acquired 1.97 million shares in Shanghai REFIRE Group Limited at CNY 142.00 apiece for approximately CNY 280 million, in a PIPE transaction.

Shanghai Refire Group Limited provides hydrogen fuel devices and components for new energy vehicles such as hydrogen fuel cell systems, fuel cell stacks, PEM electrolyzers, alkali electrodes. The company also manufactures stationary power units such as off-grid backup power supply systems, distributed on-grid power stations, etc. The products are applied in clean energy vehicles such as passenger cars, trucks and buses, power generation stations and construction machinery, etc. The company generates revenue from developing, manufacturing and sales of hydrogen fuel related systems and components.

## Funding rounds

- Series D, Sep 25, 2020, $106M — Cathay Capital, Yield Capital, SC-shuangma Capital, CY Capital, Oriental Three Gorges Fund, Zijin Capital, Zhengzhou Yunshan Investment Management, Virtue Capital, Jiayuan Technology
- Series B, Aug 8, 2019, $70M — Sinopec Capital
- Series B, Jun 6, 2019, $48M — Legend Capital, Trustbridge Partners, MultiGo Capital, Broad Vision Funds, Xiaofu Capital
- Series A, Jul 2, 2018, $23M — CY Capital

## Investors

- CY Capital (https://capitalatlas.ai/funds/cy-capital) — Series A, Series D
- Legend Capital — Series B
- Trustbridge Partners (https://capitalatlas.ai/funds/trustbridge-partners) — Series B
- MultiGo Capital (https://capitalatlas.ai/funds/multigo-capital) — Series B
- Broad Vision Funds (https://capitalatlas.ai/funds/broad-vision-funds) — Series B
- Xiaofu Capital (https://capitalatlas.ai/funds/xiaofu-capital) — Series B
- Sinopec Capital — Series B
- Cathay Capital — Series D
- Yield Capital (https://capitalatlas.ai/funds/yield-capital) — Series D
- SC-shuangma Capital — Series D
- Oriental Three Gorges Fund (https://capitalatlas.ai/funds/oriental-three-gorges-fund) — Series D
- Zijin Capital (https://capitalatlas.ai/funds/zijin-capital) — Series D
- Zhengzhou Yunshan Investment Management — Series D
- Virtue Capital — Series D
- Jiayuan Technology — Series D