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.
Cummins quiet on hydrogen but expands batteries post-Accelera overhaul
Cummins has yet to reveal how its Accelera restructuring will impact hydrogen manufacturing. However, the firm appears more bullish on battery technology than hydrogen.
On Tuesday (February 4), the US engine manufacturer revealed it had logged $312m in restructuring charges during Q4 2024 as it aimed to optimise its Accelera operations and investments during a slowdown in demand.
The restructure included consolidating “certain manufacturing efforts” and prioritising its strongest business areas, but Cummins did not say which technologies would be impacted.
In response to questions by H2 View, an Accelera spokesperson said battery-electric vehicle (BEV) adoption in North America and Europe was slowing and global demand for hydrogen technologies had not grown as quickly as projected.
H2 View subscribers can continue reading here.