2012 Fuel Cell Technologies Market Report
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Authors This report was a collaborative effort by staff of the Breakthrough Technologies Institute, Inc., in Washington, D.C. Acknowledgement This report was funded through Argonne National Laboratory by the U.S. Department of Energy’s Fuel Cell Technologies Office within the Office of Energy Efficiency and Renewable Energy. The authors relied upon the hard work and valuable contributions of many men and women in government and in the fuel cell industry. The authors especially wish to thank Sunita Satyapal and the staff of the U.S. Department of Energy’s Fuel Cell Technologies Office for their support and guidance. The authors also wish to thank Rachel Gelman of the National Renewable Energy Laboratory and the many others who made this report possible. Notice This report is being disseminated by the Department of Energy. As such, this document was prepared in compliance with Section 515 of the Treasury and General Government Appropriations Act for Fiscal Year 2001 (Public Law 106-554) and information quality guidelines issued by the Department of Energy. Neither the United States government nor any agency thereof, nor any of their employees, makes any warranty, express or implied, or assumes any legal liability or responsibility for the accuracy, completeness, or usefulness of any information, apparatus, product, or process disclosed, or represents that its use would not infringe privately owned rights. Reference herein to any specific commercial product, process, or service by trade name, trademark, manufacturer, or otherwise does not necessarily constitute or imply its endorsement, recommendation, or favoring by the United States government or any agency thereof. Cover Photo – 400 kW Bloom Energy installation at Nokia, Sunnyvale, California ii CONTENTS List of Figures ............................................................................................................................... iv List of Tables ................................................................................................................................. v List of Acronyms ........................................................................................................................... vi Introduction ................................................................................................................................... 1 Financial Data ............................................................................................................................... 3 Cost Reduction .......................................................................................................................... 3 Revenues, Assets, and R&D Expenses ....................................................................................4 Venture Capital and Private Equity............................................................................................ 6 Shipments ..................................................................................................................................... 9 Government Policy, Standards, and Regulation .........................................................................12 Applications and Market Assessment .........................................................................................15 Material Handling ..................................................................................................................... 15 Stationary Power ..................................................................................................................... 17 Prime Power ........................................................................................................................ 18 Micro Combined Heat and Power ........................................................................................22 Backup and Remote Power .................................................................................................23 Military ..................................................................................................................................... 24 Portable/Micro ......................................................................................................................... 25 Transportation ......................................................................................................................... 25 Light Duty Vehicles .............................................................................................................. 26 Fuel Cell Buses.................................................................................................................... 28 Other Transportation Applications .......................................................................................31 Hydrogen Infrastructure and Energy Storage ..........................................................................32 New studies in 2012 .................................................................................................................... 33 Intellectual Property .................................................................................................................... 34 Spotlight: International Hydrogen Vehicle Fueling Infrastructure ...............................................37 Appendix I: Company Profiles .................................................................................................... 42 iii LIST OF FIGURES Figure 1: Projected Fuel Cell Transportation System Costs per kW, Assuming High Volume Production (500,000 units per year). Source: DOE......................................................................3 Figure 2: Worldwide Venture Capital (VC), Private Equity (PE), Over-the-Counter (OTC), and Private Investment in Public Equities (PIPE) Investments in Fuel Cell Companies (2010 – 2012) Source: Breakthrough Technologies Institute using data from Bloomberg New Energy Finance . 6 Figure 3: U.S. Venture Capital (VC), Private Equity (PE), Over-the-Counter (OTC), and Private Investment in Public Equities (PIPE) Investments in Fuel Cell Companies (2010 – 2012) Source: Breakthrough Technologies Institute using data from Bloomberg New Energy Finance . 6 Figure 4: Fuel Cell Systems Shipped by Application, World Markets: 2008-2012. Source: Navigant Research ........................................................................................................................ 9 Figure 5: MW of Fuel Cells Shipped by Application, World Markets: 2008-2012. Source: Navigant Research........................................................................................................................ 9 Figure 6: Fuel Cell Systems Shipped by Application, Manufactured in North America and Asia: 2008-2012. Source: Navigant Consulting. ..................................................................................10 Figure 7: Fuel Cell Systems and MWs Shipped by Country of Manufacture: 2008-2012. Source: Navigant Consulting. ................................................................................................................... 10 Figure 8: Fuel Cell Systems Shipped by Application, Manufactured in Europe: 2008-2012. Source: Navigant Consulting....................................................................................................... 11 Figure 9: Projected Growth of Zero-Emission Vehicles in California. Source: California Air Resources Board. ....................................................................................................................... 13 Figure 10: Top Fuel Cell Material Handling Customers in 2012. Source: Breakthrough Technologies Institute ................................................................................................................. 15 Figure 11: Projected FCEV sales and hydrogen station deployments in the U.K. Source: UKH2Mobility. .............................................................................................................................. 26 Figure 12: Projected number of FCEVs on the road in California, 2011-2017. Source: California Fuel Cell Partnership................................................................................................................... 27 Figure 13: U.S. Patent and Trademark Office Clean Energy Patent Awards By Sector, 2002 2012. Source: Heslin Rothenberg Farley & Mesiti P.C. ............................................................35 Figure 14: Top Ten U.S. Fuel Cell Patent Assignees (2002-2012) ............................................36 Figure 15: Fuel Cell Patents by Country (Top Ten) and by Region. Source: Fuel Cell Today...36 iv LIST OF TABLES Table 1: Gross Revenues and Cost of Revenue for Select Public Fuel Cell Companies ............4 Table 2: R&D Expenditures for Select Public Fuel Cell Companies ...........................................5 Table 3: Total Assets and Liabilities for Select Public Fuel Cell Companies ...............................5 Table 4: Top Ten Disclosed Venture Capital and Private Equity Investors in Fuel Cells, By Company and By Country (2012) .................................................................................................. 7 Table 5: Top Ten Venture Capital and Private Equity Investors in Fuel Cells, By Company and By Country (Cumulative 1/1/2000 – 12/31/2012) ..........................................................................8 Table 6: 2012 DOE Funding Awards .........................................................................................12 Table 7: Commercially Available Material Handling Fuel Cells