Fuel Cell Industry Growing, but Still Relatively Small

According to the 2006 Fuel Cell Industry Survey by PriceWaterhouseCoopers, for the publicly traded companies in the global fuel cell sector:

●  Revenues were up 20% to $266 million in 2005
●  There was a 6% decrease in R&D expenditures to $206 million
●  Continuing a trend started in 2003, revenues exceeded spending on R&D
●  Net losses in 2005 decreased by 19% to $365 million
●  None of the individual companies surveyed reported profits
●  Total full time employment increased 8% to 3,022
●  The total market capitalization remained nearly constant at $3.2 billion

The survey report focuses on the 2005 year-over-year financial results of the world's 23 publicly traded companies whose primary business is in the areas of fuel cell production, system integration, and/or related fueling infrastructure.  While publicly traded companies represent only a portion of the industry, the reporting requirements of these businesses allow insight into the operational, financial and strategic realities facing the industry as a whole.

The industry was segmented as follows:

--One AFC company (alkaline FC)
--Two DLFC companies (direct liquid FC)
--Three DMFC companies
--One MCFC company
--Six PEMFC companies
--Four SOFC companies
--Seven Infrastructure companies

The total is greater than 23 because some companies are active in more than one segment.

The highest gross revenues were $54,300 thousand for Quantum Fuel Systems, $53,733 thousand for Ballard Power Systems and $44,980 thousand for Distributed Energy Systems. With the exception of Polyfuel, no significant revenues were reported in the portable (personal use items such as battery chargers and battery replacement) market despite the generally accepted belief that this segment is the closest to commercialization. (The Energy Blog disagrees with this belief, believing that the stationary market is closest to commercialization and likely to be the largest market in the long run, not the mobile (transportation) market) The largest market in 2005 was the mobile market, supported almost exclusively through government and corporate funding and military contracts.

The largest R&D expenditures were $75,492 thousand for Ballard, $36,319 thousand for Plug Power Inc. and $21,840 thousand for Fuel Cell Energy, Inc.  The three smallest percentage net losses were all by infrastructure companies; Dynatek Industries LTD, Quantum, and Distributed Energy.

Although some of the statistics are impressive, this survey reaffirms, to me, that the fuel cell industry is far behind the renewable energy and biofuels market in terms of time to commercialization and except for stationary and the portable markets will not likely have any impact in the next 7 to 15 years.

Despite some feeble attempts to use fuel cells in automobiles, the ICE plug-in hybrid and electric vehicle will dominate.  If an infrastructure for hydrogen is ever developed, replacing the ICE with a fuel cell in plug-ins would make sense at some time in the future.  Military applications are likely to succeed due to the unique capabilities of a fuel cell.

The total revenues of these companies, despite leaving out some large distributed sector companies, such as Siemans and the Japanese car companies, is suprisingly small, indicating to me that the critical mass for rapid expansion has not yet been reached. Further consolidation and technology improvements are still required.

Comments

[amazingdrx]

Whoops Jim. You completely left out multi-fuel SOFC/microturbine backup generation for serial plugin hybrids. It doesn't need hydrogen.

It runs on easily stored and widely available liquid fuels, averaging 1/10nth or less of present ICE vehicle fuel consumption.

These vehicles plugged into the grid, running on biogas, powdered cellulose, or natural gas can provide grid storage and even replace present nuclear and fossil fuel power plants.

[james filippi]

Ridiculous comment! 7-15 years away, maybe you should check FUEL CELL ENERGY's backlog and partnership w/ POSCO... For you to say 7-15 years away is an irresponsible remark! They are here now! Grow up!!

[Kit P]

“except for stationary” which is what FUEL CELL ENERGY manufactures.

[Thug]

sucatain randim cheseeeeeee manzz amnaiojf amandha andn jebauvn alsihgieun i aren tt ment ddabeb me jaeauub and keshyao

[ティファニー 激安]

tiffany & coスウォッチ グループ ジャパンはこのほど、東京?銀座のニコラス?G?ハイエック センター内に「ティファニー ウォッチ ショールーム」をオープンした。男性向けの「アトラス ジェント スクエア クロノグラフ」、女性向けの「ティファニー ジェメア」をはじめ、希少性の高いアイテムも展示、販売される。Tiffany Rings
国内初のティファニー ウォッチ専門店となる同ショールームには、新作ウォッチがいち早く店頭に並ぶだけでなく、さまざまなフェアやイベントも開催される予定となっている。時計の専門知識を持つスタッフにより、利用客の要望にもきめ細かく対応するという。ティファニー 激安
同ショールームでも販売される「アトラス ジェント スクエア クロノグラフ」は、最高のムーブメントとして広く認められるフレデリック?ピゲ製自動巻キャリバー1285を搭載。さらに頑丈な40mmのステンレス スティール ケースとスポーティなデザインにより、毅然とした男の魅力を演出している。Tiffany ネックレス
「ティファニー ジェメア」は、18カラットのホワイトゴールドで作られた樽型のケースが特徴で、たくさんのダイヤモンドを散りばめた宝飾時計に仕上がっている。ダイヤモンド1列のモデルとダイヤモンド2列のモデルのほかに、時計の表面に610個のダイヤモンド(3.12カラット)を敷き詰めたフルパヴェのモデルも用意。Tiffany locksこれらの3モデルを、直径22mm / 18mmの2パターンで展開する。ティファニー
その他、ショールームのオープンを記念し、日本初登場となる「ステートメント ウォッチ」「5thアヴェニュー ウォッチ」なども特別展示されるティファニー。
アメリカを代表する世界のプレミア?ジュエラー、ティファニーは1837年の創設以来、時を越えて多くの人々を魅了してきた。ティファニーのジュエリー、シルバー、ウォッチ、そのデザインの数々は何世代にもわたって世界中で愛され続けている。ティファニー 通販

[RMT]

er investment. At least with the car, you know how much you're going to end up paying. With a wife, foreign or domestic, it's an

[アバクロ]

nt. At least with the car, you know

[生薬]

て多くの人々を魅了してきた。ティファニーのジュエリー、シルバー、ウ

[女性用媚薬]

C companies
--Four SOFC companies
--Seven Infrastructure companies

The total is greater than 23 because some companies are active in more than one segment.

[天天素]

天天素

[アニメ抱き枕]

er investment. At least with the car, you know how much you're going to end up paying. With a wife, foreign or domestic, it's an

[orgasm]

great site