World Fuel Cells Market

World Fuel Cells Market

This report analyzes the worldwide markets for Fuel Cells in Millions of US$. The major product segments analyzed are Phosphoric Acid Fuel Cells, Molten Carbonate Fuel Cells, Alkaline Fuel Cells, Solid Oxide Fuel Cells, and Proton Exchange Membrane Fuel Cells. The report provides separate comprehensive analytics for the US, Canada, Japan, Europe, and Rest of World. Annual forecasts are provided for each region for the period of 2003 through 2012. The report profiles 182 companies including players worldwide such as Acumentrics Corp., Alternative Energy Corporation, Ansaldo Fuel Cells SpA, Apollo Energy Systems Inc., Areva Group, Arotech Corp., Astris Energy, Inc., Axane Fuel Cells, Ballard Power Systems Inc., Ball Aerospace & Technologies Corp., BCS Fuel Cells, Ceramic Fuel Cells Ltd., Ceres Power Holdings Plc, CFC Solutions GmbH, Distributed Energy Systems Corp., (Northern Power Systems, & Proton Energy Systems), Electro-Chem-Technic, Fuel Cell Energy, Inc., Fuel Cell Technologies Ltd., Hydrogenics Corp., IdaTech LLC, Independent Power Technologies, Mitsubishi Heavy Industries Ltd., Morgan Fuel Cells, MTI MicroFuel Cells Inc., Nuvera Fuel Cells, Plug Power, Inc., Quantum Fuel Systems Technologies Worldwide, Inc., ReliOn, Inc., RWE Fuel Cells GmbH, SFC Smart Fuel Cell AG, Siemens Power Generation, Teledyne Energy Systems Inc., UTC Fuel Cells, and Voller Energy Group Plc. Market data and analytics are derived from primary and secondary research. Company profiles are mostly extracted from URL research and reported select online sources.

I. INTRODUCTION, METHODOLOGY & PRODUCT DEFINITIONS

Study Reliability and Reporting Limitations I-1
Disclaimers I-2
Data Interpretation & Reporting Level I-2
Quantitative Techniques & Analytics I-3
Product Definitions and Scope of Study I-3
Phosphoric Acid Fuel Cells I-3
Molten Carbonate Fuel Cells I-3
Alkaline Fuel Cells I-4
Solid Oxide Fuel Cells I-4
Proton Exchange Membrane Fuel Cells I-4

II. EXECUTIVE SUMMARY

1. Market Dynamics II-1
Trends and Issues II-1
Fuel Cells Promise Immense Long-Term Potential II-1
Table 1: Global Fuel Cell Market by Application - Power
Generation, Portable Electronics, Industrial Stationary,
Transportation and Other Applications: 2008P (includes
corresponding Graph/Chart) II-2
Cost and Fuel Storage/Distribution Remain the Most Vital Issues II-2
Auto Industry Views Fuel Cell Systems in Positive Light II-2
MFCs - Promising Future, Challenges Abound II-3
Micro Fuel Cells Set to Increase the Power Supply for
Portable Electronic Items II-3
Increasing Power Needs of Portables Stimulate Micro Fuel
Cell Research II-4
Stationary Fuel Cell Industry Scenario II-4
Direct Methanol Fuel Cell Preferred Choice for Portable Devices II-6
Mobile Fuel Cells Receive Support from Electronics Industry II-7
Stationary and Distributed Energy Applications Garner Attention II-7
Table 2: Large Stationary Fuel Cell Systems Installed
Worldwide: 2000-2004 (Units) (includes corresponding
Graph/Chart) II-8
Attracting Attention of the Natural Gas Industry II-8
Competitive Landscape II-8
Developed World Dominates Industry II-8
A Diverse Assortment of Market Players II-9
Major Fuel Cell Systems Integrators II-9
Consolidation Trend in the Industry II-9
M&A Activity in the Industry: 2000-2005 II-10
Market Snapshots II-10
Issues Facing the Industry II-11
Capital Costs II-11
Reliability II-12
Material Costs II-12
Manufacturing Issues II-12
Engineering Issues II-12
Modeling II-12
Reliability and Durability II-12
Materials II-12
Fuel Processor II-13
New Pumps II-13
Fuel Storage II-13
Electronics and Sensors II-13
Other Issues II-13
Materials Scenario II-13
Important Materials Used in Fuel Cells and Batteries II-13
Fuel Cell Activity Worldwide II-14
Overview II-14
Select Fuel Cell Policies and Programs in Developed Nations II-14
Research and Development II-15
Potential Sequence for Fuel Cell Development: 2005-2040 II-15
Table 3: R&D Expenditure of Select North American Fuel Cell
Companies: 2003 (US$ in '000s) II-15

2. Product Overview II-16
Definition II-16
Basic Principle II-16
Table 4: Cost Structure of Fuel Cell - Percentage Share of
Key Components (Polymer Membrane (Electrolyte), Carbon
Electrode, Flowfield, Platinum Catalyst, Others) (includes
corresponding Graph/Chart) II-16
Support Systems II-17
Technology II-17
Function II-17
Carnot Efficiency and Fuel Cells II-18
An Insight into Key Components II-18
Reformers II-18
Hydrocarbon Sources II-18
Steam Reforming II-19
Partial Oxidation II-19
Gasified II-19
Stacks II-19
Stack Contents II-19
Difference between Fuel Cells and Batteries II-20
History II-20
Timeline II-21
Classification of Fuel Cells II-21
An Insight II-21
Electrolyte Based Technologies II-21
Fuel Cell Technologies II-22
Technical Features II-22
Merits and Demerits II-23
Basic Application II-23
Fuel Cell Systems II-23
Major Types of Fuel Cells II-24
Alkaline Fuel Cells (AFC) II-24
Overview II-24
Principle of Operation II-24
Operational Principles II-24
Merits and Demerits II-24
Phosphoric Acid Fuel Cells (PAFCs) II-24
Overview II-24
Application Areas II-25
Operational Principles II-25
Merits II-25
Demerits II-25
Solid Polymer or Proton Exchange Membrane Fuel Cell (PEM) II-26
Overview II-26
Operational Principle II-26
Applications Areas II-26
Improved PEM Functionality due to Innovation of New Membranes II-26
Merits II-26
Demerits II-27
Molten Carbonate Fuel Cells (MCFCs) II-27
Overview II-27
Operational Principle II-27
Benefits II-27
Drawback II-27
Solid Oxide Fuel Cells (SOFCs) II-27
Overview II-27
SOFCs vs MCFCs II-28
Tubular and Planar Types II-28
Operational Principle II-28
Merits II-29
Demerits II-29
Components & Properties II-29
Yttria Stabilised Zirconia II-29
Nickel II-29
Strontium Doped Lanthanum Magnatite II-29
Lanthanum Chromite II-29
Gas Reforming in SOFC II-30
Intermediate Temperature Solid Oxide Fuel Cells II-30
Research Focus II-30
Other Types of Fuel Cells II-30
Direct Methanol Fuel Cells (DMFC) II-30
Regenerative Fuel Cells (RFC) II-31
Zinc-Air Fuel Cells (ZAFC) II-31
Working Principle II-31
Protonic Ceramic Fuel Cell (PCFC) II-31
Fuel Cell Materials II-32
Pumps II-32
Ceramics II-32
Motors II-32
Bulk Molding Compounds II-32
Plastics II-32
Fuel Cell Energy Sources II-33
An Insight II-33
Natural Gas II-34
Hydrogen II-34
Overview II-34
Table 5: Global Hydrogen Fuel Stations By Region/ Country-
USA, Germany, Europe (excluding Germany), Japan, and
Others: Recent Past Data for 2003 (includes corresponding
Graph/Chart) II-34

Table 6: Global Hydrogen Fuel Stations by Hydrogen
Type-Compressed Gaseous Hydrogen (CGH2), Liquid Hydrogen
(LH2), LCGH, and Others: Recent Past Data for 2003
(includes corresponding Graph/Chart) II-34
Storage Issues II-35
Supply II-35
Challenges Plaguing Use of Hydrogen II-35
Hydrogen Infrastructure II-35
Low Energy Density II-35
Hydrogen Powered Fuel Cell Buses II-36
Methanol II-36
As a Source of Fuel II-36
Benefits II-36
Shortcoming II-37
EconomicViability II-37
Legislative Measures II-37

3. Fuel Cell Applications II-38
General End-Use Markets II-38
Application Areas II-38
Large-Scale Power-Intensive Applications II-38
Portable Applications II-38
Stationary Applications II-38
Transportation Applications II-38
Snapshots of Select End Uses II-39
Military/Aerospace II-39
Table 7: US Market for Fuel Cells in Military Applications
by Technology - PEMFC, Alkaline Fuel Cells, PAFC, MCFC, and
SOFC: 2004 & 2008P (includes corresponding Graph/Chart) II-39
Power Generation II-39
An Overview II-39
Alternative Energy Technologies II-40
Types II-40
Fuel Cells Vs Gensets II-40
Fuel Cells Vs Microturbines II-41
Prospects for Renewable Technology II-41
Transportation II-42
Table 8: Number of Fuel Cell Buses Operating Worldwide
(includes corresponding Graph/Chart) II-42

Table 9: Fuel Cell Buses By Type of Technology- PEMFC, PAFC,
and Others (includes corresponding Graph/Chart) II-42
Industrial II-42
Residential II-43
Commercial II-43
Marine II-43
Major Application Areas II-43
Portable Fuel Cells II-43
Overview II-43
Technical Challenges II-44
Players II-44
Micro Fuel Cells vis-à-vis Batteries II-44
MEMS Technology II-44
Stationary Fuel Cells II-45
Overview II-45
Categories II-45
Technology Type II-45
Table 10: Fuel Cell Technologies for Stationary
Applications: 2004-2005 (In %) (includes corresponding
Graph/Chart) II-46
Fuel Cells vis-à-vis Conventional Systems II-46
Market Participants II-47
Fuel Cells Market Worldwide (2004): Major Stationary Fuel
Cell Developers II-47
Fuels II-47
Benefits II-47
Installations II-48
Micro CHP II-48
Table 11: Assessment of Fuel Cells In CHP: 2002-2010 II-48
Automotive Fuel Cells II-48
An Overview II-48
Table 12: Assessment of Fuel Cells for Automotive
Applications: 2001-2020 II-49
Table 13: Leading Makers of Electric Vehicles: Market Share
of Peugeot, Fiat, General Motors, Ford, Honda, Toyota, and
Others: Historic Data for 2000 (includes corresponding
Graph/Chart) II-49
Trends II-49
PEM Fuel Cells Show Great Promise in Automobile Applications II-49
Advantages of Fuel Cell Vehicles over Conventional Systems II-49
Fuel Cells Vehicles: Facing Commercialization and Technical
Challenges II-50
Collaborations in Fuel Cell Development II-50
Fuel Cell Prototypes for Automobiles: 2002 II-51
Barriers II-51
Hypercar Vehicles Concept II-52

4. Product Introductions/Innovations II-53
IdaTech Launches 250 Watt iGen™ System II-53
Ford Motor Unveils Hybrid Fuel Cell Vehicle II-53
New Micro-Fuel Cell System Developed by Fraunhofer Researchers II-53
Total Acta Introduces New HYPERMEC 3-Series Fuel Cell Catalysts II-53
AIST, FCRA and NGK Plug Studio Develop Ultra Small SOFC II-53
NanoDynamics Introduces NDRevolution 50H Hybrid SOFC II-54
SAIT and Samsung SDI Co-develop Mobile Fuel Cell Charger II-54
Hydrogen Power Develops Portable Hydrogen Reactor II-54
Volkswagen Develops New High-Temperature Fuel Cell II-54
EnerFuel Introduces EFH-100 Fuel Cell Humidifiers for PEM Fuel
Cell Systems II-54
SFC Smart Fuel Cell Unveils EFOY Fuel Cell Products II-54
Hitachi Introduces DMFC Prototype for External Recharging of
Mobile Devices II-55
Seiko Instruments Develops Small Size Polymer Electrolyte Fuel
Cell II-55
Voller Energy Group Launches Fuel Cell ABC™ Automatic Battery
Charger II-55
Gashub Technology Launches Smallest PEM Fuel Cell Stacks II-55
Voller Energy Group Launches VE100 Rack Mount Industrial Fuel
Cell System II-55
ReliOn Launches Two New Hydrogen Fuel Cells II-56
Kuraray Develops New Fuel Cell Electrolyte Membrane II-56
Hosokawa Micron Subsidiary Develops New Solid-Oxide Fuel Cell II-56
CFCL Develops Next Generation Fuel Cells II-56
Samsung SDI Announces Development of New Fuel Cell Battery II-56
NTT DoCoMo Displays Prototype of Polymer Electrolyte Fuel Cell II-57
UltraCell Unveils XX25 Micro Fuel Cell II-57
Jadoo Power Systems Introduces New Fuel Cell Products II-57
Casio Computer Unveils a Prototype Methanol Reformate Fuel Cell II-57
Jadoo Power Systems Introduces XRT Fuel Cell System II-57
Modine Manufacturing Rolls out New Green Fuel Cell Product II-57
Astris Energi Launches New Products under TL6 Platform II-58
IdaTech Rolls Out New ElectraGen™3 Fuel Cell System II-58
Sony Develops New Fullerenes Film for High-Efficiency Direct
Methanol Fuel Cell II-58
Samsung SDI Develops New Longer Lasting Fuel Cell for Laptops II-58
FCT and TOTO to Design an SOFC for Residential Use II-58
Nuvera and East Penn to Develop Hybrid Battery Fuel Cells II-59
Hyundai Rolls Out Second Generation Fuel Cell Electric Vehicle II-59
Astris Energi Launches Alkaline Fuel Cell Powered Golf Car II-59

5. Product Introductions in Recent Past II-60
Ballard’s Fuel Cells Power Ford’s Production Vehicles II-60
UTC Power Renames PC25 as PureCell 200 Power System II-60
Hydrogenics Launches Two HyPM Fuel Cell Power Modules II-60
IdaTech Launches Portable Fuel Cell System II-60
Plug Power Launches Additions in Gencore Product Line II-60
Vectrix Corp Rolls Out Fuel Cell-Powered Scooters II-60
SiGEN and BOC Develop Eco-friendly, Fuel-Efficient Fuel Cell-
based Car II-61
Daimler-Chrysler Unveils F-Cell Fuel Cell-based Car II-61
Toyota Makes Contemporary Fuel Cell-based Sports Utility Vehicle II-61
Kobe Steel Creates High-Capacity Hydrogen Compressor for Fuel
-Cell Cars II-61
IMRE Scientists Develop Cheaper Fuel Cells II-61
UQM Technologies Provides Electronic Controller for Fuel Cell
Vehicles II-61
CIT Develops Solid Acid Fuel Cells II-62
Pacific Fuel Cell Produces Nanotube-based Fuel Cell II-62
MTU Unveils First Fuel Cell-based Yacht II-62
Caterpillar and Deere Foray into Fuel Cell Industry II-62
Honda Creates New Fuel Cell Generator II-62
MMC Develops Fuel Cell-based Minivan II-63
Ballard Launches Stationary Fuel Cell Power Generator II-63
NIT Develops Glass-based Electrolyte Membrane for Fuel Cell
Battery II-63
Brown University Researchers Develop Fuel Cells for Medical
Implants II-63
Toshiba Develops Direct Methanol Fuel Cell for Laptops II-63
Palcan Rolls Out Fuel Cell Scooter II-64
Astris Unveils Latest Alkaline Fuel Cell Generator II-64
ST Microelectronics Develops Micro Fuel Cells for Handsets II-64
Nissan Launches Fuel Cell Vehicles II-64
Nuvera and BWT to Develop Polymeric Membrane II-64
Fraunhofer ISE Develops Autothermal Gasoline Reforming II-64
Ballard and Ford Introduce Hydrogen Generator II-65
Plug Power Introduces Fuel Cell Systems II-65
MTI Launches Direct Methanol Micro Fuel Cell Prototype II-65
LG Develops Fuel Cells II-65
Shell, Mitsubishi, and Johnson Matthey Form New Joint Venture
Company II-65
Gifu University Develops Thin Palladium Film II-65
Donaldson Introduces Noise Filtration System II-66
FuMA Develops Proton-Conducting Membranes II-66
Toshiba and Hitachi Develop Direct Methanol Fuel Cells II-66
Yuasa Develops Electric Power Systems II-66
GM Unveils Stationary Fuel Cell Generator and Gasoline Processor II-66
Ballard Builds Fuel Cell Power Generator II-66
Delphi Develops Solid-Oxide Fuel Cells II-66

6. Recent Industry Activity II-67
MTI Micro & Trident Systems in Partnership II-67
FuelCell Energy Obtains DPUC’s Approval for 16.2 Megawatts
Project II-67
Hydrogenics to Supply Hydrogen Generation System to Air
Liquide Canada II-67
Hydrogenics Bags Contract to Supply On-Site Hydrogen
Generation to Ford II-67
FuelCell Energy Sells 4.8 Megawatts of Direct FuelCell to
POSCO Power II-67
IdaTech Inks Distribution Agreement with b+w Telecom Solutions II-68
Acumentrics Canada to Explore the Usage of Ammonia as Fuel II-68
Nippon Oil & Sanyo to Establish Joint Venture for Fuel Cells II-68
Morphic Technologies Acquires Arcotronics II-68
FuelCell Energy Sells 3.9 Megawatts of Power Plants to The
Linde Group II-68
FuelCell Energy Sells 3 DFC300 Power Plants to California’s EMWD II-69
Ballard Bags Contract to Supply Fuel Cells for 5 Buses in London II-69
Ballard to Sell Automotive Fuel Cell Assets to Daimler AG and
Ford II-69
FuelCell Energy Sells 600 kW power plants to M&L/ICS II-69
FuelCell Energy Sells DFC300 Power Plant to Pacific Missile
Range Facility on Kauai II-70
MTI MicroFuel Cells Extends Non-exclusive Collaboration with
Korean Partner II-70
AFC Energy Completes First Phase of Akzo Nobel Fuel Cell
Agreement II-70
Ballard Inks Supply Agreement with Voller II-70
CFC Solutions to Supply HotModule High Temperature Fuel Cell II-70
POSCO to Establish Fuel Cell Plant in Korea II-71
Acumentrics Receives Phase-II SBIR Funding for Fuel Cell
Development II-71
Exide Inks Agreement with Ballard II-71
Altergy Systems Commences Automated Fuel Cell Assembly Line II-71
ECOtality Acquires Online Retailer Fuel Cell Store II-71
Plug Power Takes over General Hydrogen II-72
Plug Power Completes the Acquisition of Cellex Power Products II-72
Protonex Completes Acquisition of Mesoscopic Devices II-72
Rolls-Royce Fuel Cell Systems Acquires Assets of SOFCo-EFS
Holdings LLC II-72
Millennium Cell Acquires Remaining Stake in Gecko Energy II-72
Tyco Electronics and DMFCC Signs Design and Manufacture Agreement II-73
IdaTech Signs Distribution Agreement with Three Companies II-73
Daiichi Kigenso and Tanaka Chemical Sign Agreement for Fuel
Cell Materials II-73
E.ON UK Enters into Agreement with CFCL II-74
CMR Fuel Enters into Collaborative Agreement with Samsung II-74
STMicroelectronics Enters into an Agreement with CEA II-74
ARSC Receives First HydraStax® Order from TeleBlu II-74
ElectroChem Partners with K-PAS and Phadke II-74
VIASPACE Partners with e-Fuel Cell Technologies II-75
Heliocentris Enters into Distribution Agreement with Parker II-75
Ceramic Fuels Enters into Partnership with Jülich II-75
CMR Fuel cells Enters into Collaborative Agreement with Xaar
and Solvay II-75
Cenergie Opens POC Production Factory in France II-76
NTT DoCoMo Signs an Agreement with Aquafairy II-76
Catamount Acquires 50% Stake in EPG Fuel Cell II-76
Lumasense Technologies Acquires Andros II-76
Siemens VDO Acquires Electric Drive Operation of Ballard Power
Systems II-76
A123Systems Acquires Hymotion II-77
Hydrogenics Inks an Agreement with Heliocentris II-77
Hydrogenics and LiftOne Alliance bags Award from Greater
Columbia Fuel cell Challenge II-77
IdaTech Signs an Agreement with Chloride Group II-77
BASF Acquires PEMEAS GmbH II-78
Medis Technologies and Israel Aircraft Industries Enter into
an Agreement II-78
NexTech Materials and Plug Power Form Collaboration for SOFC
Development II-78
Voller Energy Group Signs MOU with Conergy II-78
Mitsubishi and Battelle Memorial Institute Establish Joint
Venture for Fuel Cells II-79
Nuvera Fuel Cells and QuestAir Technologies Enter into Supply
Agreement II-79
Neah Power Systems Enters into Contract with MTBSolutions II-79
Voller Energy Signs MoU with Calor Gas II-79
FCT Signs Agreement with Siemens Power Generation II-80
Sandia Signs Agreement with Sharp II-80
Webasto and Vaillant Group Sign Agreement for Fuel Cell
Development II-80
Plug Power and Ballard to Develop PEM Fuel Cell Prototype for
the US DoD II-80
Neah Power Enters into Alliance with Danfoss II-81
Quantum Fuel Systems Acquires Strategic Stake in Advanced Lithium II-81
Hydrogenics Secures Supply Contract from American Power II-81
Hydrogenics Signs Supplier Agreement with Linde Gas II-82
IdaTech Secures CERDEC Contract for Developing Tactical Fuel
cell Generator II-82
IdaTech Enters into Supplier Agreement with IGSA and Norco II-82
Rolls-Royce Establishes New US Subsidiary for Fuel Cells II-82
PEMEAS Completes E-TEK Merger II-83
American Security Resources Acquires EGO Design II-83
Astris Energi Appoints Tropical as Reseller in Greece II-83
Ceramic Fuel Cells Partners with Precision Flow II-83
Direct Methanol Signs Production Agreement with Elentec II-84
POSCO Forms Joint Venture with KEPCO Subsidiary II-84
Ballard Enters into Supply Deal with General Hydrogen II-84
Nuvera, Centro Ricerche and Fiat Powertrain to Jointly
Research Fuel Cell Propulsion II-84
Nuvera and Deka Batteries Form Joint Venture to Develop Hybrid
Propulsion for Industrial Vehicles II-85
Plug Power Enters into Distribution Agreement with FDT Associates II-85
University of Illinois Develops Membraneless Fuel Cell II-85
MSU Develops Longer Lasting Fuel Cell II-85
Chiste Corporation Acquires HydroGen, LLC II-86
Gruppo De Nora, PEMEAS Merges Fuel Cell Business II-86
US Defense Selects DuPont Fuel Cells for DACF II-86
Voller Energy Acquires KAT-Chem and Starts Reformer Activities II-86
Sumitomo, Nippon, Acumentrics Form Joint Venture in Japan II-86
VIASPACE Signs Agreement with Elentec for Fuel Cell Cartridges II-87
DaimlerChrysler AG, General Motors Signs Agreement with US DoE II-87
Rolls-Royce Inks Fuel Cell Agreement With Singaporean Consortium II-87
Pacific Fuel Cell Corp. Collaborates with Bourns, Inc. for
nanoMEA Process II-87
Ballard Enters into Supply Deal for Fuel Cell-Powered Lift
Truck Market II-87
ARSC Concludes Acquisition of EGO Design, Inc II-88
Pacific Fuel Cell Acquires Certain Rights to Carbon Nanotube MEA II-88
Whistler, Inc. Acquires Fuel Cell Visualization Technology II-88
Ballard Inks Supply Deal with Cellex II-88
Ceramic Fuel Cells Signs Letter of Intent with EWE for CHP
systems II-88
Ballard’s Mercedes-Benz Citaro Fuel Cell Buses Introduced on
Beijing Roads II-89
Hydrogenics Rolls Out HyPM Fuel Cell Products II-89
Meidensha, Siemens Power Generation to Form Joint Venture in
Japan II-89
Fuel Cell Energy to Deliver Fuel Cell Stacks to MTU II-89
PolyFuel’s Hydrocarbon DMFC Reaches the 5,000-Hour Mark II-89
Manhattan Scientifics Obtains Patent for Micro Fuel Cells in
Japan II-89
LG Chem to Commercialize Micro Fuel Cells. II-89
Chrysalix Energy Management Unleashes New Fuel Cell Technology
Investments II-90
Ticona Unveils Prototype of Plastic Fuel Cell II-90
Ashlawn Secures Contract for Fuel Cell Production from US Army II-90
DaimlerChrysler and Ford Acquire Ballard's German Fuel Cell
System Business II-90
Hydrogenics Acquires Equity in Stuart Energy Systems II-90
Ener1 Acquires Giner Electrochemical II-90
Astris Energi Acquires Czech Affiliate II-91
GenCell to Supply 40 kW Fuel Cell System II-91
Nanosys and Sharp Partner for Nanotechnology-Enabled Fuel Cells II-91
ATI Bags Contract to Develop Fuel Cell Materials II-91
MTI Develops Micro Fuel Cells to Power Mobile Phones II-91

7. Strategic Corporate Developments in Recent Past II-92
Avista Labs Renamed as ReliOn II-92
UTC and Shell Hydrogen to Disband HydrogenSource II-92
Pacific Fuel Cell Acquires Intellectual Property II-92
Quantum Acquires Starcraft Corporation II-92
Renault SA Acquires Stake in Nuvera Fuel Cells II-92
EnerTad and Gepafin Acquire Stake in Ansaldo Fuel Cells II-92
Proton Energy Acquires Northern Power Systems II-93
Toshiba Acquires Toshiba International Fuel Cells Corp II-93
FuelCell Energy Sells SOFC Operations to Versa Power Systems II-93
Maxwell and Hydrogenics Form Strategic Alliance II-93
Areva Group’s Helion Develops First French Fuel Cell Stack II-93
Protonex Enters into an Agreement with Parker Hannifin II-93
Astris and El.Ma Sign Strategic Agreement II-93
Praxair Canada’s Hydrogen Fueling Systems for Fuel Cells II-94
GM Signs Agreement with Shanghai Auto II-94
NASA Buys Fuel Cell System from Hydrogenics II-94
Hydrogenics Delivers HyPM 10 Power Module to Quantum Fuel Systems II-94
SFC and Max Power Develop Methanol Fuel Cell for Sailboats II-94
Buderus and IdaTech Team Up with RWE to Develop CHP Fuel Cells II-94
Precision Industrial Automation Receives Grant II-95
FuelCell Energy Signs Agreement with US Army Unit II-95
IdaTech Signs Up RENCO for Fuel Cell Systems II-95
Plug Power Signs Agreement with Tyco for Gencore System II-95
Ballard Inks Agreement with Heliocentris Energy II-95
First Bi-Fuel Fuel Cell Debuts at Vattenfall Europe II-95
Japan and US Sign Agreement to Cooperate on Fuel Cell Development II-95
GM Fuels Fuel Cell Research Project II-96
FuelCell Energy Acquires Global Thermoelectric II-96
Teleflex Inc Acquires Koltec-Necam BV II-96
Astris and Care Action Form Joint Venture II-96
Sumitomo and Acumentrics form Joint Venture to Sell Fuel Cells
in Japan II-96
UTC and Nissan to Develop Fuel Cell Technology II-96
Voller Selects Cixxx to Distribute Fuel Cell Products II-97
Webasto Grants Fuel Cell Contract II-97
MTI Partners with Gillette to Develop Fuel Refilling Systems II-97
MARUBENI and Plug Power Enter into Distribution Partnership II-97
Major Automakers Cooperate On Fuel Cell Technology Development II-97
Proton Terminates Distribution Agreement II-97
SMP Signs Contract to Support DOE Program II-98
GrafTech Bags Supply Contract from Ballard II-98
Fuel Cell Technologies and California’s AQMD Enter into Contract II-98
IdaTech Obtains US Dept of Energy Fuel Cell Award II-98
Greenlight Power Obtains $3 Million Orders for Fuel Cell Testing II-98
Hydrogenics Acquires Greenlight II-98
General Motors and Dow Chemical Sign Deal for Supply of Fuel
Cell System II-99
AAEC Signs Agreement with Select Molecular Technologies II-99
Palcan Fuel Cells Enters into Agreement with Clean Fuel
Generation II-99
Dana Corporation Starts New Fuel Cell Support Centers II-99
Neutron Technologies and Fuel Cells Canada Join Forces II-99
NREL Builds Research Facility for Fuel Cell Technology II-99
Marubeni Sets Up Two Direct FuelCell Power Plants II-100
Two Fuel Cell Installations in the US II-100
AAEC’s Hydrogen Technology Makes FCVs More Affordable and Safe II-100
McDonald’s Adopts Fuel Cell Technology II-100
Toyota Leases Six Fuel Cell Hybrid Vehicles II-100
Eletropaulo Invests in Fuel Cells II-100
FuelCell Energy Invests in Versa Power II-100
Fuel Cell Energy’s Direct Fuel Cell Plant Dedicated II-101
CALSTART and Industry Leaders Put Fuel Cells in Transit
Through Bus Initiative II-101
Sustainable Energy Technologies Expands Fuel Cell Customer Base II-101
GM Forms Strategic Alliance II-101
General Motors Unveils AUTOnomy Concept Car II-101
Ballard Launches Gas Diffusion Layer Product II-102
DuPont Partners with MTI II-102
Agreements between Ballard and UCAR II-102
UOP and Sud-Chemie Establish New Company II-102
Caterpillar and FuelCell Sign Agreement II-102
LG and FSES Develop Fuel Cells II-103
UTC Signs Agreements with Nissan II-103
Nuvera Starts New Fuel Cell Business II-103
Wartsila and Haldore Topsoe Reach Agreement II-103
Palcan Signs MoU with Chinese Companies II-103
NEC Jointly Develops Micro Fuel Cell II-103
European Commission Establishes High Level Group II-104
Fuel Cell Technologies Enters into Agreement II-104

8. Focus on Select Players II-105
Acumentrics Corp. (US) II-105
Alternative Energy Corporation (US) II-105
Ansaldo Fuel Cells SpA (Italy) II-105
Apollo Energy Systems Inc. (US) II-105
Areva Group (France) II-105
Arotech Corp. (US) II-106
Astris Energi Inc. (Canada) II-106
Axane Fuel Cells (France) II-106
Ballard Power Systems Inc. (Canada) II-106
Ball Aerospace & Technologies Corp. (US) II-107
BCS Fuel Cells (US) II-107
Ceramic Fuel Cells Ltd. (Australia) II-107
Ceres Power Holdings Plc (UK) II-107
CFC Solutions GmbH (Germany) II-107
Distributed Energy Systems Corp. (US) II-108
Northern Power Systems II-108
Proton Energy Systems II-108
Electro-Chem-Technic (UK) II-108
Fuel Cell Energy Inc. (US) II-108
Hydrogenics Corp. (Canada) II-109
IdaTech LLC (US) II-109
Independent Power Technologies (Russia) II-109
Mitsubishi Heavy Industries Ltd. (Japan) II-110
Morgan Fuel Cells (UK) II-110
MTI MicroFuel Cells Inc. (US) II-110
Nuvera Fuel Cells Inc. (US) II-110
Plug Power Inc. (US) II-110
Quantum Fuel Systems Technologies Worldwide, Inc. (US) II-111
ReliOn Inc. (US) II-111
RWE Fuel Cells GmbH (Germany) II-111
SFC Smart Fuel Cell AG (Germany) II-111
Siemens Power Generation (Germany) II-111
Teledyne Energy Systems Inc. (US) II-112
UTC Fuel Cells (US) II-112
Voller Energy Group Plc (UK) II-112

9. Global Market Perspective II-113
Table 14: World Recent Past, Current & Future Analysis for
Fuel Cells by Geographic Region - US, Canada, Japan, Europe
and Rest of World Markets Independently Analyzed with Annual
Sales in US$ Million for Years 2003 through 2012 (includes
corresponding Graph/Chart) II-113

Table 15: World 10-Year Perspective for Fuel Cells by
Geographic Region - Percentage Breakdown of Dollar Sales for
US, Canada, Japan, Europe, and Rest of World for Years 2003,
2007 & 2012 (includes corresponding Graph/Chart) II-114
World Market for Fuel Cells - Regional Market Analysis by Cell
Type II-115
Table 16: World Recent Past, Current & Future Analysis for
Phosphoric Acid Fuel Cells by Geographic Region - US, Canada,
Japan, Europe and Rest of World Markets Independently Analyzed
with Annual Sales in US$ Million for Years 2003 through 2012
(includes corresponding Graph/Chart) II-115

Table 17: World 10-Year Perspective for Phosphoric Acid Fuel
Cells by Geographic Region - Percentage Breakdown of Dollar
Sales for US, Canada, Japan, Europe, and Rest of World for
Years 2003, 2007 & 2012 (includes corresponding Graph/Chart) II-116

Table 18: World Recent Past, Current & Future Analysis for
Molten Carbonate Fuel Cells by Geographic Region - US,
Canada, Japan, Europe and Rest of World Markets Independently
Analyzed with Annual Sales in US$ Million for Years 2003
through 2012 (includes corresponding Graph/Chart) II-117

Table 19: World 10-Year Perspective for Molten Carbonate Fuel
Cells by Geographic Region - Percentage Breakdown of Dollar
Sales for US, Canada, Japan, Europe, and Rest of World for
Years 2003, 2007 & 2012 (includes corresponding Graph/Chart) II-118

Table 20: World Recent Past, Current & Future Analysis for
Alkaline Fuel Cells by Geographic Region - US, Canada, Japan,
Europe and Rest of World Markets Independently Analyzed with
Annual Sales in US$ Million for Years 2003 through 2012
(includes corresponding Graph/Chart) II-119

Table 21: World 10-Year Perspective for Alkaline Fuel Cells by
Geographic Region - Percentage Breakdown of Dollar Sales for
US, Canada, Japan, Europe, and Rest of World for Years 2003,
2007 & 2012 (includes corresponding Graph/Chart) II-120

Table 22: World Recent Past, Current & Future Analysis for
Solid Oxide Fuel Cells by Geographic Region - US, Canada,
Japan, Europe and Rest of World Markets Independently
Analyzed with Annual Sales in US$ Million for Years 2003
through 2012 (includes corresponding Graph/Chart) II-121

Table 23: World 10-Year Perspective for Solid Oxide Fuel Cells
by Geographic Region - Percentage Breakdown of Dollar Sales
for US, Canada, Japan, Europe, and Rest of World for Years
2003, 2007 & 2012 (includes corresponding Graph/Chart) II-122

Table 24: World Recent Past, Current & Future Analysis for
Proton Exchange Membrane Fuel Cells by Geographic Region - US,
Canada, Japan, Europe and Rest of World Markets Independently
Analyzed with Annual Sales in US$ Million for Years 2003
through 2012 (includes corresponding Graph/Chart) II-123

Table 25: World 10-Year Perspective for Proton Exchange
Membrane Fuel Cells by Geographic Region - Percentage
Breakdown of Dollar Sales for US, Canada, Japan, Europe, and
Rest of World for Years 2003, 2007 & 2012 (includes
corresponding Graph/Chart) II-124

III. MARKET

1. United States III-1
A.Market Analysis III-1
Outlook III-1
Trends and Issues III-2
Small Fuel Cell Sector Solidifies Presence in Market III-2
Fuel Cells: The American Advantage III-3
Table 26: US Fuel Cell Market by Application - Power
Generation, Military/Space, Transportation, Portable
Electronics and Others: 2004, 2008 & 2012 (includes
corresponding Graph/Chart) III-3

Table 27: Fuel Cell Forecasts by Application in the US:
2015P (includes corresponding Graph/Chart) III-3
Automotive Applications: Still Far Away III-4
Innovation in Mobile Technology Fuels Micro Cell Advancement III-4
Distributed Power and Cogeneration Promise Opportunities III-4
Table 28: Load Leveling Sector in the US: 2001 and 2006
(US$ Million) (includes corresponding Graph/Chart) III-5
Alternate Energy Sources Gain Attention III-5
Table 29: Renewable Energy Segments in the US: 1995, 2000,
and 2005 (US$ million) (includes corresponding
Graph/Chart) III-5

Table 30: Generation of Electric Power in the US from
Various Fuels-Coal, Nuclear, Natural Gas, Hydroelectric,
Petroleum, and Other Renewables (includes corresponding
Graph/Chart) III-6
Market Participants III-6
Growth Factors III-6
Market Constraints III-7
Research Scenario III-7
Government Initiatives III-7
Overview III-7
Role in Promoting a Hydrogen Economy III-8
Energy Policy Act III-8
Renewable Portfolio Standards III-8
FreedomCAR Program III-8
FreedomFuel Program III-8
Solid State Energy Conversion Alliance III-8
Programs at State Level III-9
Initiatives in Select US States III-9
California III-9
Texas and Ohio III-9
Michigan III-9
Strategic Corporate Developments III-9
Strategic Corporate Developments in Recent Past III-23
Focus on Select Players III-53
Acumentrics Corp. III-53
Alternative Energy Corporation III-53
Apollo Energy Systems Inc. III-53
Arotech Corp III-54
Ball Aerospace & Technologies Corp III-54
BCS Fuel Cells III-54
Distributed Energy Systems Corp III-54
Fuel Cell Energy Inc III-55
IdaTech LLC III-55
MTI MicroFuel Cells Inc III-55
Nuvera Fuel Cells Inc. III-56
Plug Power Inc III-56
Quantum Fuel Systems Technologies Worldwide, Inc. III-56
ReliOn Inc III-56
Teledyne Energy Systems Inc III-56
UTC Fuel Cells III-57
B.Market Analytics III-58
Table 31: US Recent Past, Current & Future Analysis for Fuel
Cells by Cell Type - Phosphoric Acid Fuel Cells, Molten
Carbonate Fuel Cells, Alkaline Fuel Cells, Solid Oxide Fuel
Cells, and Proton Exchange Membrane Fuel Cells Markets
Independently Analyzed with Annual Sales in US$ Million for
Years 2003 through 2012 (includes corresponding Graph/Chart) III-58

Table 32: US 10-Year Perspective for Fuel Cells by Cell Type
- Percentage Breakdown of Dollar Sales for Phosphoric Acid
Fuel Cells, Molten Carbonate Fuel Cells, Alkaline Fuel
Cells, Solid Oxide Fuel Cells, and Proton Exchange Membrane
Fuel Cells for Years 2003, 2007 & 2012 (includes
corresponding Graph/Chart) III-58

2. Canada III-59
A.Market Analysis III-59
Outlook III-59
Overview III-59
Future Potential for Canadian Fuel Cell Technologies III-59
Market Activity III-59
Fuel Cell Programs III-60
Government Programs III-60
Market Snapshots III-60
Strategic Corporate Developments III-61
Strategic Corporate Developments in Recent Past III-64
Focus on Select Players III-68
Astris Energi Inc III-68
Ballard Power Systems Inc. III-69
Hydrogenics Corp III-69
B.Market Analytics III-70
Table 33: Canadian Recent Past, Current & Future Analysis
for Fuel Cells by Cell Type - Phosphoric Acid Fuel Cells,
Molten Carbonate Fuel Cells, Alkaline Fuel Cells, Solid
Oxide Fuel Cells, and Proton Exchange Membrane Fuel Cells
Markets Independently Analyzed with Annual Sales in US$
Million for Years 2003 through 2012 (includes corresponding
Graph/Chart) III-70

Table 34: Canadian 10-Year Perspective for Fuel Cells by
Cell Type - Percentage Breakdown of Dollar Sales for
Phosphoric Acid Fuel Cells, Molten Carbonate Fuel Cells,
Alkaline Fuel Cells, Solid Oxide Fuel Cells, and Proton
Exchange Membrane Fuel Cells for Years 2003, 2007 & 2012
(includes corresponding Graph/Chart) III-70

3. Japan III-71
A.Market Analysis III-71
Outlook III-71
Fuel Cells: A Promising Market III-71
Japanese Households Offer Huge Growth for Fuel Cells III-71
Oil and Gas Companies in the Cogeneration Fray III-71
Increased Lifetime at Reduced Costs to Be the Goals III-72
Fuel Cells Ideal for Advanced Military Applications III-72
Mobile Applications to Fuel Growth III-72
Challenges Ahead for the Developers to Deliver Quality
Products III-73
Government and Industry Initiatives III-73
Future Potential III-73
Fuel Cell Vehicles III-73
Stationary Cogeneration III-74
Cost Constraints III-74
Strategic Corporate Developments III-74
Strategic Corporate Developments in Recent Past III-77
Mitsubishi Heavy Industries Ltd - A Major Player III-83
B.Market Analytics III-84
Table 35: Japanese Recent Past, Current & Future Analysis
for Fuel Cells by Cell Type - Phosphoric Acid Fuel Cells,
Molten Carbonate Fuel Cells, Alkaline Fuel Cells, Solid
Oxide Fuel Cells, and Proton Exchange Membrane Fuel Cells
Markets Independently Analyzed with Annual Sales in US$
Million for Years 2003 through 2012 (includes corresponding
Graph/Chart) III-84

Table 36: Japanese 10-Year Perspective for Fuel Cells by
Cell Type - Percentage Breakdown of Dollar Sales for
Phosphoric Acid Fuel Cells, Molten Carbonate Fuel Cells,
Alkaline Fuel Cells, Solid Oxide Fuel Cells, and Proton
Exchange Membrane Fuel Cells for Years 2003, 2007 & 2012
(includes corresponding Graph/Chart) III-84

4. Europe III-85
A.Market Analysis III-85
Outlook III-85
Overview III-85
Renewable Energy Sector III-85
Research Programs III-85
Historic Data III-86
Table 37: EC Aid for Fuel Cell Development Based on
End-Use- Transport, Stationary, Common (H2), and Portable:
Historic Data for 1999-2001 (includes corresponding
Graph/Chart) III-86

Table 38: EC Aid for Fuel Cell Development Based on Cell
Technology- PEM, Hydrogen, Solid Oxide, Fuel Purchase,
Molten Carbonate, and Direct Methanol: Historic Data for
1999- 2001 (includes corresponding Graph/Chart) III-86
Highlights of Key Stationary Fuel Cell Products and Projects
in Europe III-87
Focus on Select Players III-87
Ansaldo Fuel Cells SpA (Italy) III-87
Areva Group (France) III-87
Axane Fuel Cells (France) III-87
Ceres Power Holdings Plc (UK) III-88
CFC Solutions GmbH (Germany) III-88
Electro-Chem-Technic (UK) III-88
Independent Power Technologies (Russia) III-88
Morgan Fuel Cells (UK) III-89
RWE Fuel Cells GmbH (Germany) III-89
SFC Smart Fuel Cell AG (Germany) III-89
Siemens Power Generation (Germany) III-89
Voller Energy Group Plc (UK) III-89
B.Market Analytics III-90
Table 39: European Recent Past, Current & Future Analysis
for Fuel Cells by Geographic Region - France, Germany, UK,
Italy and Rest of Europe Markets Independently Analyzed with
Annual Sales in US$ Million for Years 2003 through 2012
(includes corresponding Graph/Chart) III-90

Table 40: European Recent Past, Current & Future Analysis
for Fuel Cells by Cell Type - Phosphoric Acid Fuel Cells,
Molten Carbonate Fuel Cells, Alkaline Fuel Cells, Solid
Oxide Fuel Cells, and Proton Exchange Membrane Fuel Cells
Markets Independently Analyzed with Annual Sales in US$
Million for Years 2003 through 2012 (includes corresponding
Graph/Chart) III-91

Table 41: European 10-Year Perspective for Fuel Cells by
Geographic Region - Percentage Breakdown of Dollar Sales for
France, Germany, UK, Italy and Rest of Europe Markets for
Years 2003, 2007 & 2012 (includes corresponding Graph/Chart) III-91

Table 42: European 10-Year Perspective for Fuel Cells by
Cell Type - Percentage Breakdown of Dollar Sales for
Phosphoric Acid Fuel Cells, Molten Carbonate Fuel Cells,
Alkaline Fuel Cells, Solid Oxide Fu