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  FUEL CELLS
A Global Strategic Business Report

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.

CODE:    MCP-1071  PAGES:    571
PRICE:    $3950  DATE:       March 2008
COMPANIES:  182  MARKET DATA TABLES:   98
Due to the proprietary nature, our previews are offered only to manufacturers, top-tier management consultants, investment banks, and investment research groups.

 TABLE OF CONTENTS  
  FUEL CELLS (Complete Report) Pages : 571   | $3950
I. INTRODUCTION, METHODOLOGY & PRODUCT DEFINITIONS4$100
   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 SUMMARY124$2150
  1. Market Dynamics.....II-115 $1200  
   Trends and Issues.....II-1
Fuel Cells Promise Immense Long-Term Potential.....II-1
1$100
   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
1$350
   MFCs – Promising Future, Challenges Abound.....II-3
Micro Fuel Cells Set to Increase the Power Supply for Portable Electronic
  Items.....II-3
1$100
   Increasing Power Needs of Portables Stimulate Micro Fuel Cell Research.....II-4
Stationary Fuel Cell Industry Scenario.....II-4
2$200
   Direct Methanol Fuel Cell Preferred Choice for Portable Devices.....II-61$100
   Mobile Fuel Cells Receive Support from Electronics Industry.....II-7
Stationary and Distributed Energy Applications Garner Attention.....II-7
1$100
   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
1$350
   A Diverse Assortment of Market Players.....II-9
Major Fuel Cell Systems Integrators.....II-9
Consolidation Trend in the Industry.....II-9
1$100
   M&A Activity in the Industry: 2000-2005.....II-10
Market Snapshots.....II-10
1$100
   Issues Facing the Industry.....II-11
Capital Costs.....II-11
1$100
   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
1$100
   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
1$100
   Fuel Cell Activity Worldwide.....II-14
Overview.....II-14
Select Fuel Cell Policies and Programs in Developed Nations.....II-14
1$100
   Research and Development.....II-15
Potential Sequence for Fuel Cell Development: 2005-2040.....II-15
Table 3: R&D Expenditure of Select North American Fuel Cell Companies: 2003 (US$ in '000s).....II-15
1$350
  2. Product Overview.....II-1622 $1200  
   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
1$350
   Support Systems.....II-17
Technology.....II-17
Function.....II-17
1$100
   Carnot Efficiency and Fuel Cells.....II-18
An Insight into Key Components.....II-18
Reformers.....II-18
Hydrocarbon Sources.....II-18
1$100
   Steam Reforming.....II-19
Partial Oxidation.....II-19
Gasified.....II-19
Stacks.....II-19
Stack Contents.....II-19
1$100
   Difference between Fuel Cells and Batteries.....II-20
History.....II-20
1$100
   Timeline.....II-21
Classification of Fuel Cells.....II-21
An Insight.....II-21
Electrolyte Based Technologies.....II-21
1$100
   Fuel Cell Technologies.....II-22
Technical Features.....II-22
1$100
   Merits and Demerits.....II-23
Basic Application.....II-23
Fuel Cell Systems.....II-23
1$100
   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
1$100
   Application Areas.....II-25
Operational Principles.....II-25
Merits.....II-25
Demerits.....II-25
1$100
   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
1$100
   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
1$100
   SOFCs vs MCFCs.....II-28
Tubular and Planar Types.....II-28
Operational Principle.....II-28
1$100
   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
1$100
   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
1$100
   Regenerative Fuel Cells (RFC).....II-31
Zinc-Air Fuel Cells (ZAFC).....II-31
Working Principle.....II-31
Protonic Ceramic Fuel Cell (PCFC).....II-31
1$100
   Fuel Cell Materials.....II-32
Pumps.....II-32
Ceramics.....II-32
Motors.....II-32
Bulk Molding Compounds.....II-32
Plastics.....II-32
1$100
   Fuel Cell Energy Sources.....II-33
An Insight.....II-33
1$100
   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
1$350
   Storage Issues.....II-35
Supply.....II-35
Challenges Plaguing Use of Hydrogen.....II-35
Hydrogen Infrastructure.....II-35
Low Energy Density.....II-35
1$100
   Hydrogen Powered Fuel Cell Buses.....II-36
Methanol.....II-36
As a Source of Fuel.....II-36
Benefits.....II-36
1$100
   Shortcoming.....II-37
EconomicViability.....II-37
Legislative Measures.....II-37
1$100
  3. Fuel Cell Applications.....II-3815 $1300  
   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
1$100
   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
1$350
   Alternative Energy Technologies.....II-40
Types.....II-40
Fuel Cells Vs Gensets.....II-40
1$100
   Fuel Cells Vs Microturbines.....II-41
Prospects for Renewable Technology.....II-41
1$100
   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
1$350
   Residential.....II-43
Commercial.....II-43
Marine.....II-43
Major Application Areas.....II-43
Portable Fuel Cells.....II-43
Overview.....II-43
1$100
   Technical Challenges.....II-44
Players.....II-44
Micro Fuel Cells vis-à-vis Batteries.....II-44
MEMS Technology.....II-44
1$100
   Stationary Fuel Cells.....II-45
Overview.....II-45
Categories.....II-45
Technology Type.....II-45
1$350
   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
1$350
   Market Participants.....II-47
Fuel Cells Market Worldwide (2004): Major Stationary Fuel Cell Developers.....II-47
Fuels.....II-47
Benefits.....II-47
1$100
   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
1$350
   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
1$350
   Fuel Cells Vehicles: Facing Commercialization and Technical Challenges.....II-50
Collaborations in Fuel Cell Development.....II-50
1$100
   Fuel Cell Prototypes for Automobiles: 2002.....II-51
Barriers.....II-51
1$100
   Hypercar Vehicles Concept.....II-52
1$100
  4. Product Introductions/Innovations.....II-537 $700  
   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
1$100
   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
1$100
   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
1$100
   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
1$100
   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
1$100
   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
1$100
   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
1$100
  5. Product Introductions in Recent Past.....II-607 $700  
   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
1$100
   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
1$100
   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
1$100
   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
1$100
   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
1$100
   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
1$100
   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
1$100
  6. Recent Industry Activity.....II-6725 $1200  
   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
1$100
   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
1$100
   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
1$100
   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
1$100
   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
1$100
   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
1$100
   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
1$100
   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
1$100
   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
1$100
   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
1$100
   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
1$100
   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
1$100
   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
1$100
   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
1$100
   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
1$100
   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
1$100
   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
1$100
   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
1$100
   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
1$100
   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
1$100
   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
1$100
   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
1$100
   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
1$100
   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
1$100
   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
1$100
  7. Strategic Corporate Developments in Recent Past.....II-9213 $900  
   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
1$100
   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
1$100
   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
1$100
   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
1$100
   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
1$100
   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
1$100
   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
1$100
   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
1$100
   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
1$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
1$100
   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
1$100
   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
1$100
   European Commission Establishes High Level Group.....II-104
Fuel Cell Technologies Enters into Agreement.....II-104
1$100
  8. Focus on Select Players.....II-1058 $800  
   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
1$100
   Arotech Corp. (US).....II-106
Astris Energi Inc. (Canada).....II-106
Axane Fuel Cells (France).....II-106
Ballard Power Systems Inc. (Canada).....II-106
1$100
   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
1$100
   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
1$100
   Hydrogenics Corp. (Canada).....II-109
IdaTech LLC (US).....II-109
Independent Power Technologies (Russia).....II-109
1$100
   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
1$100
   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
1$100
   Teledyne Energy Systems Inc. (US).....II-112
UTC Fuel Cells (US).....II-112
Voller Energy Group Plc (UK).....II-112
1$100
  9. Global Market Perspective.....II-113   
   Table 14: World Recent Past, Current & Future Analysis for Fuel Cells by Geographic Region – US, Canada, Japan, Europe and Rest of World Markets Independently Analyzed with Annual Sales in US$ Million for Years 2003 through 2012 (includes corresponding Graph/Chart).....II-1131$350
   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-1141$350
   World Market for Fuel Cells – Regional Market Analysis by Cell Type.....II-115
Table 16: World Recent Past, Current & Future Analysis for Phosphoric Acid Fuel Cells by Geographic Region – US, Canada, Japan, Europe and Rest of World Markets Independently Analyzed with Annual Sales in US$ Million for Years 2003 through 2012 (includes corresponding Graph/Chart).....II-115
1$350
   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-1161$350
   Table 18: World Recent Past, Current & Future Analysis for Molten Carbonate Fuel Cells by Geographic Region – US, Canada, Japan, Europe and Rest of World Markets Independently Analyzed with Annual Sales in US$ Million for Years 2003 through 2012 (includes corresponding Graph/Chart).....II-1171$350
   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-1181$350
   Table 20: World Recent Past, Current & Future Analysis for Alkaline Fuel Cells by Geographic Region – US, Canada, Japan, Europe and Rest of World Markets Independently Analyzed with Annual Sales in US$ Million for Years 2003 through 2012 (includes corresponding Graph/Chart).....II-1191$350
   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-1201$350
   Table 22: World Recent Past, Current & Future Analysis for Solid Oxide Fuel Cells by Geographic Region – US, Canada, Japan, Europe and Rest of World Markets Independently Analyzed with Annual Sales in US$ Million for Years 2003 through 2012 (includes corresponding Graph/Chart).....II-1211$350
   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-1221$350
   Table 24: World Recent Past, Current & Future Analysis for Proton Exchange Membrane Fuel Cells by Geographic Region – US, Canada, Japan, Europe and Rest of World Markets Independently Analyzed with Annual Sales in US$ Million for Years 2003 through 2012 (includes corresponding Graph/Chart).....II-1231$350
   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-1241$350
III. MARKET127$1950
  1. United States.....III-158 $1375  
   A. Market Analysis.....III-1
Outlook.....III-1
1$75
   Trends and Issues.....III-2
Small Fuel Cell Sector Solidifies Presence in Market.....III-2
1$75
   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
1$200
   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
1$75
   Table 28: Load Leveling Sector in the US: 2001 and 2006 (US$ 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
1$200
   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
1$200
   Market Constraints.....III-7
Research Scenario.....III-7
Government Initiatives.....III-7
Overview.....III-7
1$75
   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
1$75
   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
14$550
   Strategic Corporate Developments in Recent Past.....III-2330$750
   Focus on Select Players.....III-53
Acumentrics Corp......III-53
Alternative Energy Corporation.....III-53
Apollo Energy Systems Inc......III-53
1$75
   Arotech Corp.....III-54
Ball Aerospace & Technologies Corp.....III-54
BCS Fuel Cells.....III-54
Distributed Energy Systems Corp.....III-54
1$75
   Fuel Cell Energy Inc.....III-55
IdaTech LLC.....III-55
MTI MicroFuel Cells Inc.....III-55
1$75
   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
1$75
   UTC Fuel Cells.....III-571$75
   B. Market Analytics.....III-58
Table 31: US Recent Past, Current & Future Analysis for Fuel Cells by Cell Type – Phosphoric Acid Fuel Cells, Molten Carbonate Fuel Cells, Alkaline Fuel Cells, Solid Oxide Fuel Cells, and Proton Exchange Membrane Fuel Cells Markets Independently Analyzed with Annual Sales in US$ 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
1$200
  2. Canada.....III-5912 $750  
   A. Market Analysis.....III-59
Outlook.....III-59
Overview.....III-59
Future Potential for Canadian Fuel Cell Technologies.....III-59
Market Activity.....III-59
1$75
   Fuel Cell Programs.....III-60
Government Programs.....III-60
Market Snapshots.....III-60
1$75
   Strategic Corporate Developments.....III-613$225
   Strategic Corporate Developments in Recent Past.....III-644$300
   Focus on Select Players.....III-68
Astris Energi Inc.....III-68
1$75
   Ballard Power Systems Inc......III-69
Hydrogenics Corp.....III-69
1$75
   B. Market Analytics.....III-70
Table 33: Canadian Recent Past, Current & Future Analysis for Fuel Cells by Cell Type – Phosphoric Acid Fuel Cells, Molten Carbonate Fuel Cells, Alkaline Fuel Cells, Solid Oxide Fuel Cells, and Proton Exchange Membrane Fuel Cells Markets Independently Analyzed with Annual Sales in US$ 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
1$200
  3. Japan.....III-7114 $775  
   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
1$75
   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
1$75
   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
1$75
   Stationary Cogeneration.....III-74
Cost Constraints.....III-74
Strategic Corporate Developments.....III-74
3$225
   Strategic Corporate Developments in Recent Past.....III-776$350
   Mitsubishi Heavy Industries Ltd – A Major Player.....III-831$75
   B. Market Analytics.....III-84
Table 35: Japanese Recent Past, Current & Future Analysis for Fuel Cells by Cell Type – Phosphoric Acid Fuel Cells, Molten Carbonate Fuel Cells, Alkaline Fuel Cells, Solid Oxide Fuel Cells, and Proton Exchange Membrane Fuel Cells Markets Independently Analyzed with Annual Sales in US$ 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
1$200
  4. Europe.....III-858 $800  
   A. Market Analysis.....III-85
Outlook.....III-85
Overview.....III-85
Renewable Energy Sector.....III-85
Research Programs.....III-85
1$75
   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
1$200
   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
1$75
   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
1$75
   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
1$75
   B. Market Analytics.....III-90
Table 39: European Recent Past, Current & Future Analysis for Fuel Cells by Geographic Region – France, Germany, UK, Italy and Rest of Europe Markets Independently Analyzed with Annual Sales in US$ Million for Years 2003 through 2012 (includes corresponding Graph/Chart).....III-90
1$200
   Table 40: European Recent Past, Current & Future Analysis for Fuel Cells by Cell Type – Phosphoric Acid Fuel Cells, Molten Carbonate Fuel Cells, Alkaline Fuel Cells, Solid Oxide Fuel Cells, and Proton Exchange Membrane Fuel Cells Markets Independently Analyzed with Annual Sales in US$ 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
1$200
   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 Fuel Cells, and Proton Exchange Membrane Fuel Cells for Years 2003, 2007 & 2012 (includes corresponding Graph/Chart).....III-92
1$200
  4a. France.....III-933