INTRODUCTION

STUDY GOALS AND OBJECTIVES

This analysis focuses on the three main components of the membrane electrode assembly (MEA) for proton exchange membrane fuel cell (PEMFC):

Membranes.
Gaseous diffusion layers and bipolar plates.
Catalysts and inks.

Polymer membranes that are the electrolyte, and therefore the heart of the fuel cell, receive extra attention. The report also examines the history and advancing technology of these components, the companies involved in these developments, the current and projected incentives, and the projected markets for such technologies.

Identified as a practical solution to many of the technological and environmental problems facing the world today, the proton exchange membrane (PEM) fuel cell is appropriate as a power source for transportation, stationary distributive power and small-scale applications such as portable electronic products. Applications for all types of fuel cells are still evolving. In the process of this evolution, the different proton exchange membrane materials and membrane electrode assemblies (MEAs) will evolve and be adapted to more specific uses.

Identifying how researchers are searching for better membranes that have greater tolerances to poisoning, greater durability and lower costs is a major objective of the report. The U.S., Japanese, Chinese and European governments are pouring billions of dollars of loans, subsidies and outright grants into fuel cell research and development — and at the same time there has been a series of confrontations between Congress and President Obama's’ administration over continued fuel cell funding. This could be set to change with the exit of U.S. Department of Energy (DOE) Secretary Steven Chu (no friend of fuel cells in general). Meanwhile, European and Far Eastern government subsidies have increased.

Commercialization of the fuel cell is not solely influenced by engineers and scientists working on stacks and reformers. (This is also brought about by subsidies by the government, lobbying efforts, venture capitalists and most of all by some consumers actually finding a need or desire for the product.) A major cost issue addressed is the critical issue of the catalyst component, both in terms of cost control and efficiency.

REASONS FOR DOING THE STUDY

Fuel cells are viewed as potential candidates for vehicle power, auxiliary power, mobile power, stationary distributed or central power, and portable product power. Advances in the technology are made, but sometimes these advances reveal even more challenges to be met. Slowly there is the realization that total dependency on hydrocarbon fuels is not a viable economic option. PEMFCs have a part in securing energy security for the country, improving the environment, greatly reducing urban pollution and creating jobs in manufacturing as the technology advances. They can also provide a cost-effective and performance-driven rival for advanced batteries.

Hydrogen feed fuel cells are based on the electrochemical reaction between hydrogen and oxygen. This electrochemical process does not pollute the environment with hydrocarbons, particulates or any sulfur or nitrogen oxides. The study identifies the opportunities and technological requirements of the PEMFC and the MEA and the bipolar plates for the PEMFC. When several units of the membrane electrode assembly are capped off with a bipolar plate and properly assembled, the arrangement is referred to as a stack.

This study analyzes components of the PEMFC, a technology offering the promise of greatly reduced environmental impact and excellent performance, price and efficiency advantages. Recent historic developments and approaches are described along with recent commercial developments and PEMFC state of the art.

Questions to be answered include determining a timetable for PEMFC commercialization, as well as what types of membranes and membrane assemblies are needed to make this possible.

INTENDED AUDIENCE

This report is intended to provide a unique analysis of the broadly defined global PEM market and will be of interest to a variety of current and potential fuel cell users as well as fuel cell makers and component and membrane makers. This report also can provide valuable information in terms of assessing investment in particular technologies and, therefore, should benefit investors directly or indirectly. The vital importance of platinum as a catalyst for PEMFCs is addressed. Anyone interested in the precious metals market, in nanomaterials or in alternative catalysts will find the evaluations of the technology of interest. BCC Research wishes to thank those companies, government agencies and university researchers who contributed information for this report.

This analysis is designed to be as comprehensive as possible. This document is intended to be value to a broad audience of business, technical, investment and regulatory professionals. It is an information source for an emerging industry as well as a reference on a developing technology. It presents analysis and forward-thinking evaluations that will be of advantage to manufacturers; material suppliers; and to local, state and federal government entities. Corporate planners will benefit from the report’s evaluation of the demands for proton exchange membranes, membrane electrode assemblies, and platinum catalyst and the companies involved in their development and manufacture. Others may find the broad discussions of energy policy, environmental impact, platinum supply and chemical synthesis of membranes to be of considerable value in understanding the opportunities and problems facing the fuel cell industry in the near to mid-term.

SCOPE OF REPORT

The fuel cell industry in various forms has been developing for decades. There are notable examples of fuel cell successes. The PEMFC is emerging as a winner in many of the primary categories that fuel cells can satisfy. Existing membranes and assemblies still have room for improvement. PEMFC development and commercialization is an ever-changing process. This BCC Research analysis examines the market and technology for the materials and technology of proton exchange membranes and electrode assemblies and for bipolar plates for PEMFCs, including direct methanol fuel cells (DMFCs). This includes the gas diffusion layer (GDL), the catalyst ink/electrode, the membrane itself and the bipolar plate. Ancillary stack assembly materials such as bolts, gaskets, tie-outs, and final assembly and packaging costs are excluded.

This report details the actuals for 2007, 2011 and 2012 and compound annual growth rate (CAGR) projections for 2017. North American, European, Far Eastern and rest-of-world markets are covered. When appropriate, consensus, optimistic and pessimistic scenarios are presented. A patent analysis and discussion for power sources and vehicle components describes where research is performed and emphasizes intellectual property issues. An extensive set of company profiles is provided.

METHODOLOGY

An in-depth analysis of technical and business literature and published dissertations, a review of the history of the technologies involved, interviews with industry experts, company representatives, federal government researchers and university scientists provide an assessment of the outlook for the next generation of PEMFCs and membrane electrode assemblies. Other information sources include product literature from suppliers, scientific references, conferences and patent searches.

Both primary and secondary research methodologies were used in preparing this report, which is based on interviews with commercial and government sources, literature reviews and patent examinations. Throughout the report, past market data is expressed in current U.S. dollars, and estimates and projections are in constant 2013 U.S. dollars. Historic markets (2007, 2011 and 2012) and the projected market for 2017 are provided. Most market summaries are based on a consensus scenario for wholesale (producer) prices that assumes no unanticipated technical advances and no unexpected legislation. When appropriate, pessimistic, consensus and optimistic market scenarios characterize several developmental markets. Totals are rounded to the nearest million dollars. When appropriate, information from previously published sources is identified to allow a more detailed examination by clients.

INFORMATION SOURCES

Market assumptions used in this report include those based on updates of material from an earlier version of this analysis, as well as from BCC Research studies. This report’s author prepared these studies as well. He also edited the BCC Research newsletter, Fuel Cell Industry Report, which provided a uniquely valuable source for this market. Although many segments of the industry are well documented, much of this information is based on estimates, not hard facts. The distinction between these estimates and facts can be vital, and wherever possible, sources are identified.

ANALYST CREDENTIALS

This report’s project analyst, Donald Saxman, edited the BCC Research newsletter, Fuel Cell Industry Report and has founded several other BCC newsletters. Saxman has more than 28 years of experience in market analysis, technical writing and newsletter editing. Since 1983, he has operated as a technical market consultant and subcontractor to BCC Research, and in this capacity, he has prepared more than 80 technology market research reports, including many that covered battery technology and battery markets. His previous experience includes supervision of a quality-control laboratory at a major secondary lead refinery, experience as an analytical chemist at a hazardous waste testing service, product assurance manager for a space station life-support-system project and an information technology business analyst and project manager.

Table Of Contents

TABLE OF CONTENTS

CHAPTER 1 INTRODUCTION 2
STUDY GOALS AND OBJECTIVES 2
REASONS FOR DOING THE STUDY 2
INTENDED AUDIENCE 3
SCOPE OF REPORT 3
METHODOLOGY 4
INFORMATION SOURCES 4
ANALYST CREDENTIALS 5
RELATED BCC REPORTS 5
BCC ONLINE SERVICES 5
DISCLAIMER 5
CHAPTER 2 SUMMARY 8
SUMMARY TABLE GLOBAL PEMFC MEA MARKET, THROUGH 2017 ($ MILLIONS) 9
SUMMARY FIGURE GLOBAL PEMFC MEA MARKET, 2012 ($ MILLIONS) 9
CHAPTER 3 PROTON EXCHANGE MEMBRANE FUEL CELL OVERVIEW 11
FUEL CELL TECHNOLOGY 11
TABLE 1 SOFC COMPARED TO OTHER FUEL CELLS 11
PROTON EXCHANGE MEMBRANE FUEL CELL FUNDAMENTALS 13
FIGURE 1 GENERIC PEMFC DIAGRAM WITH COMPONENTS 15
FUEL AND FUEL REFORMING FUNDAMENTALS 15
Improved Hydrogen Separation 16
Filtering Hydrogen and Oxygen 16
Georgia Tech Analysis of Fuel Cell Failure Modes 18
THE DIRECT METHANOL FUEL CELL VARIATION 19
FIGURE 2 SCHEMATIC DMFC CHEMISTRY 20
PROTON EXCHANGE MEMBRANE FUEL CELL COMPANIES 21
TABLE 2 PEMFC AND DMFC MAKERS 21
PROTON EXCHANGE MEMBRANE FUEL CELL MARKET DRIVERS 22
MARKET SEGMENTATION AND INDUSTRY CONCENTRATION 23
Portable Market Sector Market Drivers and Market Factors 24
TABLE 3 TYPES OF PORTABLE PRODUCTS 25
TABLE 4 IMPORTANT PORTABLE PRODUCT MARKET FACTORS 26
TABLE 5 PORTABLE PEMFC MARKET DRIVERS 28
TABLE 6 PORTABLE PEMFC MARKET FACTORS 28
Stationary Market Sector Market Drivers and Market Factors 28
Uninterruptible Power Supplies 29
Combined Heat and Power 29
TABLE 7 PRELIMINARY TECHNICAL TARGETS: 1-10 KWE RESIDENTIAL COMBINED
HEAT AND POWER FUEL CELLS OPERATING ON NATURAL GAS, 2008-2020 30
TABLE 8 PRELIMINARY TECHNICAL TARGETS: 1-10 KWE FUEL CELL AUXILIARY
POWER UNITS OPERATING ON STANDARD ULTRA-LOW SULFUR DIESEL FUEL,
2008-2020 31
Utility Load Leveling 32
Stationary Market Drivers 33
TABLE 9 STATIONARY PEMFC MARKET DRIVERS 33
TABLE 10 STATIONARY PEMFC MARKET FACTORS 34
Transportation Market Sector Market Drivers and Market Factors 34
TABLE 11 TRANSPORTATION PEMFC MARKET DRIVERS 35
TABLE 12 TRANSPORTATION PEMFC MARKET FACTORS 35
"Other" Market Sector Market Drivers and Market Factors 36
Portable Military Products 36
TABLE 13 SELECTED PORTABLE BATTERY-POWERED MILITARY PRODUCT ROLES 36
Recreational Vehicles 37
Anti-Idling Power 37
"Other" Market Drivers 37
TABLE 14 "OTHER" PEMFC MARKET DRIVERS 38
TABLE 15 "OTHER" PEMFC MARKET FACTORS 38
GLOBAL PEMFC MARKET FORECASTS 38
TABLE 16 GLOBAL PEMFC MARKET BY APPLICATION, THROUGH 2017 ($ MILLIONS) 39
FIGURE 3 GLOBAL PEMFC MARKET BY APPLICATION, 2012 ($ MILLIONS) 39
TABLE 17 GLOBAL PEMFC MARKET BY REGION, THROUGH 2017 ($ MILLIONS) 39
FIGURE 4 GLOBAL PEMFC MARKET BY REGION, 2012 ($ MILLIONS) 39
Optimistic and Pessimistic Scenarios 40
TABLE 18 GLOBAL PEMFC MARKET SCENARIOS, THROUGH 2017 ($ MILLIONS) 42
CHAPTER 4 MEMBRANE ELECTRODE ASSEMBLIES 45
MEMBRANE ELECTRODE ASSEMBLY BACKGROUND 45
FIGURE 5 SCHEMATIC SIMPLE MEA 46
MEA OBJECTIVES 47
TABLE 19 FUEL CELL MEA PERFORMANCE GOALS 48
TABLE 20 U.S. DOE'S FUEL CELL TECHNICAL PLAN OBJECTIVES 48
TABLE 21 U.S. DOE'S MEA GOALS FOR MEMBRANE ELECTRODE ASSEMBLIES, GAS
DIFFUSION MEDIA AND FUEL CELLS 49
MEA FABRICATION AND ASSEMBLY 49
FIGURE 6 SCHEMATIC FOR CONCEPTUAL MEA CREATION 50
MEMBRANE ELECTRODE ASSEMBLY FUNCTIONAL STACK DESIGNS 51
ELECTROCHEMISTRY 51
WATER MANAGEMENT 52
ANCILLARY FACTORS 53
MEMBRANE ELECTRODE ASSEMBLY DEVELOPMENT APPROACHES 53
3M Innovative Properties Co. Approach 54
DuPont Approach 55
GM Approach 56
Hoku Scientific Approach 57
BASF (PEMEAS) Approach 57
Palcan Power Systems Approach 57
ReliOn/Avista Approach 58
Gore Approach 58
National Renewable Energy Laboratory MEA Manufacturing Approach 59
Other Approaches 61
CARBON CORROSION AND GRAPHITES 62
Asbury Carbons Approach 63
Timcal Synthetic Graphite Approach 66
DIRECT METHANOL FUEL CELL MEA APPROACHES 67
University of North Florida Improved DMFC Approach 67
Gillette Co. Approach 69
Sony Corp. Approach 69
Los Alamos National Laboratory Approach 69
California Institute of Technology Approach 69
University of Connecticut Approach 70
Direct Methanol Fuel Cell Corp. Approach 70
Gore DMFC Approach 72
Cambridge Display Technology Approach 72
Russian Academy of Sciences Approach 72
Ube Industries, Ltd. Approach 72
Matsushita Battery Approach 72
Takion Inc. Approach 73
Sumitomo Metal Approach 73
Oorja Approach 73
Panasonic Approach 75
TABLE 22 PANASONIC DMFC SPECIFICATIONS 76
University of Dayton Approach 76
Arizona State University Approach 77
Rice University Approach 77
Drexel University Approach 78
GLOBAL MEA COMPONENT FOR PEMFCS MARKET STRUCTURE AND FORECAST 79
MEMBRANE ELECTRODE ASSEMBLY MARKET STRUCTURE 79
TABLE 23 ESTIMATED MEA COMPANY MARKET SHARES, 2010 AND 2013 (%) 80
BIPOLAR PLATE MARKET STRUCTURE 80
GAS DIFFUSION LAYERS AND CARBON MARKET STRUCTURE 80
INK AND CATALYST MARKET STRUCTURE 81
PUTTING IT ALL TOGETHER: MEA MARKET FORECAST 81
TABLE 24 GLOBAL MEA COMPONENT MARKETS, THROUGH 2017 ($ MILLIONS) 82
FIGURE 7 GLOBAL MEA MARKET SHARES, 2012 (%) 82
TABLE 25 GLOBAL MEA COMPONENT MARKET BY REGION, THROUGH 2017 ($
MILLIONS) 83
PROTON EXCHANGE MEMBRANES FOR FUEL CELLS 83
MEMBRANE BACKGROUND 83
Types of Membranes 83
Membrane Processes 84
Proton Exchange Membrane Fuel Cell Membranes 84
WHAT MAKES A GOOD PEMFC MEMBRANE? 85
PROTON EXCHANGE MEMBRANE FUNCTIONAL FACTORS 85
TABLE 26 MEMBRANE PARAMETER VARIABLES 86
PROTON EXCHANGE MEMBRANE ELECTROLYTE COMPATIBILITY FACTORS 87
TABLE 27 PEM ELECTROLYTE ISSUES 87
MEMBRANE TEMPERATURE TOLERANCE FACTORS 88
High-Temperature Tolerance 88
TABLE 28 ADVANTAGES OF A HIGHER TEMPERATURE MEMBRANE FOR A PEMFC 88
Freezing Temperature Tolerance 88
MEMBRANE WATER TOLERANCE FACTORS 89
FIGURE 8 WATER TRANSPORT IN A PEMFC 89
Protonated Water Clusters 91
FUEL TOLERANCE FACTORS 91
FUEL CELL MEMBRANE STRUCTURE 92
MEMBRANE FABRICATION AND SYNTHESIS 93
TABLE 29 APPROACHES TO FUEL CELL IONOMER SYNTHESIS 93
TABLE 30 MEMBRANE FABRICATION TECHNIQUE 94
PHASE SEPARATION 94
CASTING SOLVENT 95
Ethylene Glycol as Solvent 95
IMPACT OF MEMBRANE THICKNESS 95
MEMBRANE FUNCTIONALIZATION 96
Membrane Pretreatment 96
MEMBRANE MATERIAL COMPOSITIONS 97
PEM MEMBRANES 98
Perfluorocarbonsulfonic Acid Ionomers 98
Nafion PFSA Membranes 99
TABLE 31 FUNDAMENTAL PROPERTIES OF NAFION PFSA MEMBRANES 100
Gore Select Membranes 101
TABLE 32 CONDUCTANCE COMPARISONS 101
Aciplex Membranes 102
Asahi Glass Flemion Membranes 102
Polytetrafluoroethylene Membrane Durability Enhancement 103
Berkeley Lab's Materials Sciences Division and UC Berkeley's
Department of Chemical Engineering Polymer Membrane 104
University of Rochester Thin Filter and SiMPore Membranes 105
FIGURE 9 SIMPORE MEMBRANES 106
PolyFuel Hydrocarbon Membranes 107
MIT and the University of Pennsylvania Nanocomposite Membrane
Barriers 107
Toray Industries Hydrocarbon Membranes 108
Akron Polymer Systems Membranes 109
Heraeus-Daychem Approach 109
JSR Multilayered Structure 109
Ballard Power Systems BAM Membranes 110
Dais Analytic Corp. Modified Polystyrene Sulfonated Membranes and
Styrene/Ethylene-Butylene/Styrene Triblock Polymer Membranes 110
Victrex Polyether Ether Ketone (PEEK) Membranes 112
Hoku Scientifics SEK Membranes 112
Shimizu and University of Calgary Membranes 113
Tosoh's Poly(Arylene Ether Sulfone) Membranes 114
Virginia Polytechnic Institute Sulfonated Poly(Arylene Ether) Sulfone
Membrane 114
TABLE 33 VIRGINIA TECH BPS MEMBRANE PROPERTIES COMPARED WITH NAFION
117 115
Argonne National Lab Dendritic Sulfonated Polyaryl Ether Membranes 117
Tianjin University Chemical Engineering Polystyrene Sulfonic
Acid/Polyvinyl Alcohol Blend Membranes 117
Gas Technology Institute Membranes 118
Sulfonated Perfluorocyclobutane Membranes 118
Motorola Heterocyclic and Polybenimidizole Membranes 118
PEMEAS (BASF) and Celtec Polybenimidizole Membranes 119
University of Texas Variations of PBI Membrane 119
Plug Power and DOE and PBI Membranes 119
Renssalaer's Chain-Transfer (RAFT) Polymerized Membranes 120
Samsung Polyimide Derivative 120
Other Modifications of PBI 121
CEA Sulfonated Polyimide Membranes 121
Lawrence Berkeley National Laboratory Tailored Imide Membranes 122
Qinetiq North America Poly(Bisbenzoxazole) [PBO] Membranes 122
University of Massachusetts Co-Polymer Membranes 122
Aciplex and Titanias Composite Membranes 123
Various Inorganic-Organic Composite Membranes 124
Glen Research Center Modified Siloxane (ORMOSIL) Membranes 124
Illinois Institute of Technology Organic/Heteropolyacids and Nafion
Membranes 125
Honda Aniline and Perfluorosulfonic Acid Polymer Membranes 125
Johnson Matthey Randomly Arranged Fibers and Perfluorinated
Membranes 126
McMaster University Ionic Gel Fill Membranes 126
Zirconium Phosphonate Fill 126
National Science Foundation Oxidation Resistant Carbon Support
Membranes 127
NOVEL AND EXPERIMENTAL PEM MATERIALS 127
BASF Polyurethane Elastomer 127
Georgia Tech Triazole Booster 128
Dow XUS 13204.1 128
Altergy Freedom Power 128
3M Acid Functional Fluoropolymers Membrane 129
Glass Membranes 130
Microcell Microfiber 130
Oak Ridge National Lab Metallized Bio-Cellulosics 131
University of Florida Intermediate-Temperature Proton-Conducting
Membranes 132
MEMBRANE COMPANIES 132
TABLE 34 COMPANIES PRODUCING ION SELECTIVE MEMBRANES FOR PEMFCS 133
TABLE 35 ESTIMATED PEMFC FLUOROPOLYMER MEMBRANE COMPANY MARKET
SHARES (%) 135
ASAHI GLASS CO., LTD. 135
ASAHI KASEI CHEMICALS CORP. 136
BALLARD POWER SYSTEMS 137
CAMBRIDGE DISPLAY (MAXDEM, INC.) 139
BASF CORP. 139
CLEAREDGE POWER (UTC POWER) 142
DAIS ANALYTIC CORP. 142
DUPONT FUEL CELLS 142
GOLDEN ENERGY FUEL CELL CO., LTD. 143
GORE FUEL CELL TECHNOLOGIES 144
HOKU SCIENTIFIC, INC. 145
HYDROGENICS CORP. 145
JSR CORP. 148
RELION 148
TORAY INDUSTRIES, INC. 149
OTHERS 149
GLOBAL PEMFC MEMBRANE MARKET STRUCTURE AND FORECAST 150
PEM MEMBRANE MATERIALS MARKET SHARE 150
TABLE 36 PEM MATERIAL BY TYPE, THROUGH 2017 (%) 150
PEM MEMBRANE MATERIALS VALUE 151
TABLE 37 GLOBAL PROTON EXCHANGE MEMBRANES FOR PEMFCS MARKET BY
COMPOSITION, THROUGH 2017 ($ MILLIONS) 151
FIGURE 10 GLOBAL PROTON EXCHANGE MEMBRANES FOR PEMFCS MARKET BY
COMPOSITION, THROUGH 2017 ($ MILLIONS) 151
FIGURE 11 GLOBAL MARKET SHARES OF PROTON EXCHANGE MEMBRANES FOR
PEMFCS BY COMPOSITION, 2012 (%) 152
TABLE 38 GLOBAL PROTON EXCHANGE MEMBRANES FOR PEMFCS MARKET BY
REGION, THROUGH 2017 ($ MILLIONS) 152
CHAPTER 5 MEA, GASEOUS DIFFUSION LAYERS AND BIPOLAR PLATES 154
GASEOUS DIFFUSION LAYERS 154
GASEOUS DIFFUSION LAYER BACKGROUND 154
ATTRIBUTES OF GAS DIFFUSION LAYERS 155
TABLE 39 ATTRIBUTES NEEDED FOR GAS DIFFUSION LAYER MATERIALS 155
GAS DIFFUSION LAYER MANUFACTURING 156
TABLE 40 PROS AND CONS OF GDL MANUFACTURING TECHNIQUES 156
GrafTech International Approach 157
Umicore Group Approach 158
Johnson Matthey Approach 159
Lydall, Inc. Approach 160
TABLE 41 TYPICAL SOLUPOR PROPERTIES 161
Mitsubishi Rayon Approach 161
SGL Carbon Group Approach 162
TABLE 42 TYPICAL PROPERTIES OF SIGRACET GAS DIFFUSION LAYER 162
Toray/Mitsui Approach 162
Rensselaer Polytechnic Institute Approach 163
Zoltek Approach 164
Cabot and IRD Fuel Cell Approach 164
Other Approaches 164
BIPOLAR PLATES 165
BIPOLAR PLATE BACKGROUND 165
BIPOLAR PLATE DESIGNS 166
TABLE 43 DESIGN CONSIDERATIONS FOR BIPOLAR PLATES 166
TABLE 44 MATERIAL TYPES FOR BIPOLAR PLATES 167
Corrosion Protection of Metallic Plates 167
Ballard Powers' Bipolar Metal Plate 167
Surface Modification 167
Tech-Etch Metal Plates 168
ECPower/Sorapec Approach 169
Entegris Approach 169
DuPont T8 Series 169
IdaTech Layered Bipolar Plate Assembly 170
Celanese Ticona Thermoplastic 170
Intelligent Energy's Proprietary Design 171
Nisshinbo Approach 172
Illinois Urbana-Champaign Fuel Cell Separator Plate with Controlled
Fiber Orientation 172
Plug Power Assembly 173
Porvair Approach 173
SGL Group Approach 173
TABLE 45 SGL BIPOLAR PLATE TYPICAL PROPERTIES 174
Bac2 ElectroPhen 174
George Marchetti Improved Gasket Approach 175
Federal-Mogul's Liquid Elastomer Molding 176
AEG Carbon Fiber-Elastomer Composite Bipolar Plates 176
myFC Polymer Electrolyte Membrane Fuel Cell FuelCellSticker 177
DMFC ANODE APPROACHES 177
Toshiba Approach 178
DuPont GEN IV Approach 178
Medis Conductive Polymer Approach 179
PolyFuel Approach 180
Smart Fuel Cell Approach 180
MEA, GDL AND BIPOLAR PLATE COMPANIES 180
10X MICROSTRUCTURES 181
3M 181
ACAL ENERGY LTD 181
ASBURY CARBONS 183
TABLE 46 FUEL CELL GRADE GRAPHITE TYPICAL VALUES 184
AVCARB 185
BALLARD POWER SYSTEMS 185
CLEAREDGE POWER (UTC POWER) 187
DAIMLER 188
DUPONT FUEL CELL 189
ELECTROCHEM, INC. (FUELCELL.COM) 189
TABLE 47 ELECTROCHEM RESEARCH PROJECTS 190
ENTEGRIS, INC. 191
FUELCELLSETC. 192
GENERAL ELECTRIC 193
GENERAL MOTORS, CORP. 193
GORE FUEL CELL TECHNOLOGIES 194
GRAFTECH INTERNATIONAL, LTD. 195
HYDROGENICS CORP. 197
HONDA 197
Honda U.S. Headquarters 197
Honda Fuel Cell-Electric Vehicle Firsts: 198
HORIZON FUEL CELLS 198
METRO MOLD and DESIGN 199
JOHNSON MATTHEY FUEL CELLS RESEARCH 201
Johnson Matthey Fuel Cells (USA) 201
MANHATTAN SCIENTIFICS, INC. 201
Research Headquarters 202
MATERIALS AND ELECTROCHEMICAL RESEARCH CORP. 202
MITSUBISHI RAYON CO., LTD. 202
MORPHIC TECHNOLOGIES (CELL IMPACT) 202
NEDSTACK FUEL CELL TECHNOLOGY 203
NISSHINBO INDUSTRIES, INC. 204
NUVERA FUEL CELLS 204
PALCAN FUEL CELLS, LTD. 205
PLUG POWER 205
PORVAIR FUEL CELL TECHNOLOGY 206
PROTONEX TECHNOLOGY CORP. 207
RELION/AVISTA LABS 208
SGL GROUP 208
SGL Technik 208
SHARP CORP. 209
SMART FUEL CELL AG (SFC) 210
SPECTRACORP 211
SUMITOMO METAL MINING 211
SUPERIOR GRAPHITE CO. 211
TIAX 212
TICONA 212
TIMCAL GRAPHITE and CARBON 213
TORAY INDUSTRIES, INC. 213
ZOLTEK MATERIALS GROUP 213
GLOBAL BIPOLAR PLATES AND GDLS FOR PEMFCS STRUCTURE FORECAST 213
TABLE 48 GLOBAL PEMFC BIPOLAR PLATE AND CARBON MARKET BY COMPONENT
TYPE, THROUGH 2017 ($ MILLIONS) 214
FIGURE 12 GLOBAL PEMFC BIPOLAR PLATE AND CARBON MARKET BY COMPONENT
TYPE, 2007-2017 ($ MILLIONS) 214
FIGURE 13 GLOBAL MARKET SHARES OF PEMFC BIPOLAR PLATE AND CARBON BY
COMPONENT TYPE, 2012 (%) 215
TABLE 49 GLOBAL PEMFC BIPOLAR PLATE AND CARBON MARKET BY REGION,
THROUGH 2017 ($ MILLIONS) 215
CHAPTER 6 CATALYSTS AND INKS 217
BACKGROUND 217
CATALYST DURABILITY 217
CATALYST PARTICLE SIZE AND CARRIER COMPOSITIONS 217
CATALYST-COATED MEMBRANES 218
DuPont Approach 218
GS Carbon Approach 219
FIGURE 14 PREPARATION OF CARBON AEROGEL SUPPORTED PLATINUM 219
Ramot University Approach 220
LOW CATALYST LOADING APPROACHES 221
Ballard Approach 221
COMBINATORIAL CATALYST TECHNIQUES 221
INNOVATIVE MATERIALS AND NANOMATERIALS 222
Platinum Alloys 222
Anode Durability 223
Nanoparticles 224
Kyoto University Approach 224
Hong Kong University of Science and Technology Approach 224
Los Alamos National Laboratory and Brookhaven National
Laboratory Approach 224
Brown University Approach 224
Brookhaven National Laboratory Approach 225
University of Central Florida Approach 227
Cornell University Approach 227
Georgia Tech and Xiamen University Approach 227
MIT Approach 229
Nanofibers 230
Nanolevel Platinum/Carbon Electrocatalyst for Cathode 231
University of Wisconsin-Madison Nanoparticle Catalyst 231
University of Houston Lattice-Strained Core-Shell Nanoparticle
Catalyst 232
Acta Base Metal Cathode Catalyst 233
Lawrence Berkeley and Argonne National Laboratories Alloy 233
Nanowires 237
Lawrence Berkeley National Laboratories Approach 237
University of Rochester Sizing Nanowire Approach 237
Jet Propulsion Laboratory Nanophase Nickel-Zirconium Alloy
Approach 238
University of Texas at Austin Palladium-Based Alloy Catalysts 239
TIAX, LLC Nanostructured Thin-Film Catalysts 240
FIGURE 15 PROJECTED COST AT HIGH-VOLUME MANUFACTURING (%) 241
TABLE 50 PERFORMANCE AND COST SUMMARY 244
SDK High-Efficiency Catalysts Platinum Substitute for PEMFCs 244
Washington University in St. Louis and Brookhaven National Labs
Bimetallic Fuel Cell Catalyst 245
Brown University Platinum Nanocubes 246
Johnson Matthey Fuel Cells, Ltd. and the NECLASS Project 247
University of Rochester "Black Metal" Approach 247
Transition Metal Nanosized Catalysts 248
Texas Tech University Platinum Nanodots 248
CATALYST INK COMPOSITIONS 249
APPLIED RESEARCH AND DEVELOPMENT ISRAEL FORMULATION 249
OTHER CATALYST INK FORMULATIONS 249
SW Research and Gore Approach 250
UTC Fuel Cells Approach 250
Jet Propulsion Laboratory Approach 250
Angstron Materials Graphene 250
Northwestern University and the McCormick School of Engineering
and Applied Science Graphene Films 251
Samsung Electronics Approach 252
CARBON COMPOSITE ELECTROCATALYST POWDERS 253
CABOT APPROACH 253
ASYMTEK JET DISPENSING APPROACH 254
CATALYST AND INK COMPANIES 254
ACTA SPA 255
ALFA AESAR-JOHNSON MATTHEY CO. 255
Johnson Matthey Co. 255
ANGLO PLATINUM 256
AQUARIUS PLATINUM PTY, LTD. 257
IMPALA PLATINUM HOLDING, LTD. (IMPLATS) 259
Impala Platinum Holding (U.K.) 259
LONMIN PLATINUM, PLC 259
Lonmin South Africa 260
NORILSK NICKEL 260
Stillwater Mining 260
OM GROUP 261
QUANTUMSPHERE, INC. 261
STILLWATER 262
TANAKA PRECIOUS METALS 263
GLOBAL PEMFCS CATALYST AND INK STRUCTURE AND FORECAST 263
PLATINUM MARKETS AND CONSUMPTION 263
TABLE 51 WORLD MINE PRODUCTION OF PLATINUM AND PALLADIUM AND WORLD
RESERVES (KG) 265
TABLE 52 U.S. PGM SALIENT STATISTICS (KG) 265
PALLADIUM MARKETS AND CONSUMPTION 266
CATALYST AND INK VALUE 267
TABLE 53 GLOBAL PEMFC CATALYST AND INK MARKET, THROUGH 2017 ($
MILLIONS) 267
FIGURE 16 GLOBAL PEMFC CATALYST AND INK MARKET, 2007-2017 ($ MILLIONS) 267
TABLE 54 GLOBAL PEMFC CATALYST AND INK MARKET BY REGION, THROUGH 2017
($ MILLIONS) 268
CHAPTER 7 INDUSTRY STRUCTURE AND COMPETITIVE ASPECTS 270
INDUSTRY ENVIRONMENT AND TRADE PRACTICES 270
FIGURE 17 QUALITY CONTROL FLOW SHEET FOR SELECTING A PROPER MEA 271
ENVIRONMENTAL ISSUES 271
GOVERNMENT REGULATIONS AND SUBSIDIES 272
U.S. FEDERAL FUEL CELL SUBSIDIES AND INCENTIVES 273
U.S. Department of Energy 273
History of U.S. DOE Fuel Cell Subsidies 275
U.S. Fuel Cell Budget Situation in 2009 276
U.S. Fuel Cell Budget Situation in 2010 279
TABLE 55 BUDGET HYDROGEN AND FUEL CELL TECHNOLOGIES FUNDING PROFILE
BY SUBPROGRAM, 2009-2011 ($ THOUSANDS) 279
U.S. Fuel Cell Budget Situation in 2011 281
TABLE 56 2011 PROPOSED FISCAL FUEL CELL BUDGET ($ MILLIONS) 282
U.S. DRIVE Partnership 283
2012 "Budget" and 2013: the Sequestration Transparency Act of
2012 283
TABLE 57 2013 PROPOSED FISCAL FUEL CELL BUDGET ($ MILLIONS) 284
U.S. DOE Direct PEMFC Funding 284
Topic 1: Alternative Electrode Deposition Processes 284
Topic 2: Novel MEA Manufacturing 285
Topic 3: Rapid MEA Conditioning 285
Topic 4: Process Modeling for Fuel Cell Stacks 285
Topic 5: Process and Device for Cost-Effective Testing of Cell
Stacks 286
Topic 6: Manufacturing Technologies for Reducing the Cost of
High-Pressure Composite Conformable Tanks 286
U.S. DOE "Hydrogen and Fuel Cells Program Plan" 287
OTHER U.S. FUEL CELL SUBSIDIES AND INCENTIVES 290
Office of Science 290
Fuel Cell and Hydrogen Energy Association 291
National Science Foundation 292
Department of Defense 292
State Incentives 293
Federal Excise Tax Exemption for Anti-idling 293
GLOBAL SUBSIDIES AND INCENTIVES 294
Canadian Subsidies and Incentives 294
European Subsidies and Incentives 294
Japanese Subsidies and Incentives 295
South Korean Subsidies and Incentives 295
ACADEMIC INSTITUTIONS' INVOLVEMENT IN FUEL CELL DEVELOPMENT 297
TABLE 58 MAJOR INSTITUTIONAL RESEARCH INTO PEMFCS 298
MEA DISTRIBUTION CHANNELS 298
INDUSTRY PURCHASING INFLUENCES AND PRICES 299
TABLE 59 PGM PRICES BY YEAR, 2008-2012 (DOLLARS PER TR OZ) 301
LIFE-CYCLE COSTS 301
PEMFC AND MEA PATENTS 302
TABLE 60 PEMFC AND MEA PATENTS 302

LIST OF TABLES
SUMMARY TABLE GLOBAL PEMFC MEA MARKET, THROUGH 2017 ($ MILLIONS) 9
TABLE 1 SOFC COMPARED TO OTHER FUEL CELLS 11
TABLE 2 PEMFC AND DMFC MAKERS 21
TABLE 3 TYPES OF PORTABLE PRODUCTS 25
TABLE 4 IMPORTANT PORTABLE PRODUCT MARKET FACTORS 26
TABLE 5 PORTABLE PEMFC MARKET DRIVERS 28
TABLE 6 PORTABLE PEMFC MARKET FACTORS 28
TABLE 7 PRELIMINARY TECHNICAL TARGETS: 1-10 KWE RESIDENTIAL COMBINED
HEAT AND POWER FUEL CELLS OPERATING ON NATURAL GAS, 2008-2020 30
TABLE 8 PRELIMINARY TECHNICAL TARGETS: 1-10 KWE FUEL CELL AUXILIARY
POWER UNITS OPERATING ON STANDARD ULTRA-LOW SULFUR DIESEL FUEL, 2008-2020 31
TABLE 9 STATIONARY PEMFC MARKET DRIVERS 33
TABLE 10 STATIONARY PEMFC MARKET FACTORS 34
TABLE 11 TRANSPORTATION PEMFC MARKET DRIVERS 35
TABLE 12 TRANSPORTATION PEMFC MARKET FACTORS 35
TABLE 13 SELECTED PORTABLE BATTERY-POWERED MILITARY PRODUCT ROLES 36
TABLE 14 "OTHER" PEMFC MARKET DRIVERS 38
TABLE 15 "OTHER" PEMFC MARKET FACTORS 38
TABLE 16 GLOBAL PEMFC MARKET BY APPLICATION, THROUGH 2017 ($ MILLIONS) 39
TABLE 17 GLOBAL PEMFC MARKET BY REGION, THROUGH 2017 ($ MILLIONS) 39
TABLE 18 GLOBAL PEMFC MARKET SCENARIOS, THROUGH 2017 ($ MILLIONS) 42
TABLE 19 FUEL CELL MEA PERFORMANCE GOALS 48
TABLE 20 U.S. DOE'S FUEL CELL TECHNICAL PLAN OBJECTIVES 48
TABLE 21 U.S. DOE'S MEA GOALS FOR MEMBRANE ELECTRODE ASSEMBLIES, GAS
DIFFUSION MEDIA AND FUEL CELLS 49
TABLE 22 PANASONIC DMFC SPECIFICATIONS 76
TABLE 23 ESTIMATED MEA COMPANY MARKET SHARES, 2010 AND 2013 (%) 80
TABLE 24 GLOBAL MEA COMPONENT MARKETS, THROUGH 2017 ($ MILLIONS) 82
TABLE 25 GLOBAL MEA COMPONENT MARKET BY REGION, THROUGH 2017 ($
MILLIONS) 83
TABLE 26 MEMBRANE PARAMETER VARIABLES 86
TABLE 27 PEM ELECTROLYTE ISSUES 87
TABLE 28 ADVANTAGES OF A HIGHER TEMPERATURE MEMBRANE FOR A PEMFC 88
TABLE 29 APPROACHES TO FUEL CELL IONOMER SYNTHESIS 93
TABLE 30 MEMBRANE FABRICATION TECHNIQUE 94
TABLE 31 FUNDAMENTAL PROPERTIES OF NAFION PFSA MEMBRANES 100
TABLE 32 CONDUCTANCE COMPARISONS 101
TABLE 33 VIRGINIA TECH BPS MEMBRANE PROPERTIES COMPARED WITH NAFION
117 115
TABLE 34 COMPANIES PRODUCING ION SELECTIVE MEMBRANES FOR PEMFCS 133
TABLE 35 ESTIMATED PEMFC FLUOROPOLYMER MEMBRANE COMPANY MARKET
SHARES (%) 135
TABLE 36 PEM MATERIAL BY TYPE, THROUGH 2017 (%) 150
TABLE 37 GLOBAL PROTON EXCHANGE MEMBRANES FOR PEMFCS MARKET BY
COMPOSITION, THROUGH 2017 ($ MILLIONS) 151
TABLE 38 GLOBAL PROTON EXCHANGE MEMBRANES FOR PEMFCS MARKET BY
REGION, THROUGH 2017 ($ MILLIONS) 152
TABLE 39 ATTRIBUTES NEEDED FOR GAS DIFFUSION LAYER MATERIALS 155
TABLE 40 PROS AND CONS OF GDL MANUFACTURING TECHNIQUES 156
TABLE 41 TYPICAL SOLUPOR PROPERTIES 161
TABLE 42 TYPICAL PROPERTIES OF SIGRACET GAS DIFFUSION LAYER 162
TABLE 43 DESIGN CONSIDERATIONS FOR BIPOLAR PLATES 166
TABLE 44 MATERIAL TYPES FOR BIPOLAR PLATES 167
TABLE 45 SGL BIPOLAR PLATE TYPICAL PROPERTIES 174
TABLE 46 FUEL CELL GRADE GRAPHITE TYPICAL VALUES 184
TABLE 47 ELECTROCHEM RESEARCH PROJECTS 190
TABLE 48 GLOBAL PEMFC BIPOLAR PLATE AND CARBON MARKET BY COMPONENT
TYPE, THROUGH 2017 ($ MILLIONS) 214
TABLE 49 GLOBAL PEMFC BIPOLAR PLATE AND CARBON MARKET BY REGION,
THROUGH 2017 ($ MILLIONS) 215
TABLE 50 PERFORMANCE AND COST SUMMARY 244
TABLE 51 WORLD MINE PRODUCTION OF PLATINUM AND PALLADIUM AND WORLD
RESERVES (KG) 265
TABLE 52 U.S. PGM SALIENT STATISTICS (KG) 265
TABLE 53 GLOBAL PEMFC CATALYST AND INK MARKET, THROUGH 2017 ($ MILLIONS) 267
TABLE 54 GLOBAL PEMFC CATALYST AND INK MARKET BY REGION, THROUGH 2017
($ MILLIONS) 268
TABLE 55 BUDGET HYDROGEN AND FUEL CELL TECHNOLOGIES FUNDING PROFILE
BY SUBPROGRAM, 2009-2011 ($ THOUSANDS) 279
TABLE 56 2011 PROPOSED FISCAL FUEL CELL BUDGET ($ MILLIONS) 282
TABLE 57 2013 PROPOSED FISCAL FUEL CELL BUDGET ($ MILLIONS) 284
TABLE 58 MAJOR INSTITUTIONAL RESEARCH INTO PEMFCS 298
TABLE 59 PGM PRICES BY YEAR, 2008-2012 (DOLLARS PER TR OZ) 301
TABLE 60 PEMFC AND MEA PATENTS 302

LIST OF FIGURES
SUMMARY FIGURE GLOBAL PEMFC MEA MARKET, 2012 ($ MILLIONS) 9
FIGURE 1 GENERIC PEMFC DIAGRAM WITH COMPONENTS 15
FIGURE 2 SCHEMATIC DMFC CHEMISTRY 20
FIGURE 3 GLOBAL PEMFC MARKET BY APPLICATION, 2012 ($ MILLIONS) 39
FIGURE 4 GLOBAL PEMFC MARKET BY REGION, 2012 ($ MILLIONS) 39
FIGURE 5 SCHEMATIC SIMPLE MEA 46
FIGURE 6 SCHEMATIC FOR CONCEPTUAL MEA CREATION 50
FIGURE 7 GLOBAL MEA MARKET SHARES, 2012 (%) 82
FIGURE 8 WATER TRANSPORT IN A PEMFC 89
FIGURE 9 SIMPORE MEMBRANES 106
FIGURE 10 GLOBAL PROTON EXCHANGE MEMBRANES FOR PEMFCS MARKET BY
COMPOSITION, THROUGH 2017 ($ MILLIONS) 151
FIGURE 11 GLOBAL MARKET SHARES OF PROTON EXCHANGE MEMBRANES FOR
PEMFCS BY COMPOSITION, 2012 (%) 152
FIGURE 12 GLOBAL PEMFC BIPOLAR PLATE AND CARBON MARKET BY COMPONENT
TYPE, 2007-2017 ($ MILLIONS) 214
FIGURE 13 GLOBAL MARKET SHARES OF PEMFC BIPOLAR PLATE AND CARBON BY
COMPONENT TYPE, 2012 (%) 215
FIGURE 14 PREPARATION OF CARBON AEROGEL SUPPORTED PLATINUM 219
FIGURE 15 PROJECTED COST AT HIGH-VOLUME MANUFACTURING (%) 241
FIGURE 16 GLOBAL PEMFC CATALYST AND INK MARKET, 2007-2017 ($ MILLIONS) 267
FIGURE 17 QUALITY CONTROL FLOW SHEET FOR SELECTING A PROPER MEA 271

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