Reshape Energy Strategically Invested in Enze Hydrogen (Holding 30.3%), Collaborating with Sinopec to Promote Synergy Across the Entire Industry Chain of Green Hydrogen

On August 27, 2025, leading fuel cell enterprise Reshape Energy announced the completion of its strategic investment in Enze (Guangdong) Hydrogen Energy Technology Co., Ltd. Through its subsidiary Guangdong Explore Automotive, it injected 100 million yuan in cash to acquire a 30.30% stake in Enze Hydrogen post-investment. Enze Hydrogen, a hydrogen production equipment manufacturer controlled by Sinopec Capital's Enze Haihe Fund, specializes in proton exchange membrane (PEM) electrolysis technology. Its Foshan base currently has an annual capacity of 500MW, with plans to expand to 2GW by 2026. The company has secured three major green hydrogen demonstration projects in Ordos and Ulanqab, with projected orders of at least 1.2GW from 2025 to 2027.

This investment marks a critical step for Reshape Energy in consolidating its entire industry chain layout for hydrogen energy. The company had previously established core technologies in fuel cells and hydrogen production equipment, independently developing key systems such as PEM hydrogen production systems and alkaline electrolyzers, while exploring an "electricity-hydrogen-electricity" business model. The partnership with Enze Hydrogen strengthens technical synergies in upstream hydrogen production equipment, exemplified by their joint high-temperature PEM & waste heat recovery laboratory with Sinopec Dalian Research Institute, which aims to reduce green hydrogen costs.

As a strategic move under Sinopec's hydrogen energy roadmap, the collaboration between Reshape Energy and Enze Hydrogen demonstrates significant synergies. Since receiving investment from Sinopec Capital in 2019, the two parties have deepened cooperation in hydrogen refueling station construction and industrial decarbonization. Post-investment, they will integrate resources to deliver end-to-end solutions for global renewable-based green hydrogen production, industrial green transition (e.g., steel, chemicals), and transportation decarbonization. Key projects include Sinopec's central China oilfield renewable power-to-hydrogen initiative and Three Gorges Group's Ulanqab generation-grid-load-storage integrated project.