2011 FUEL CELL TECHNOLOGIES MARKET REPORT July 2012 Authors This report was a collaborative effort by staff of the Breakthrough Technologies Institute, Inc., in Washington, DC. Acknowledgement 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 US Department of Energy’s Fuel Cell Technologies Program 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. ii Contents List of Figures .....................................................................................................................................................v List of Tables ......................................................................................................................................................vi List of Acronyms ..............................................................................................................................................vii 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 .....................................................................................................14 Materials Handling ...................................................................................................................................14 Stationary Power ......................................................................................................................................16 Prime Power ........................................................................................................................................ 17 Micro Combined Heat and Power............................................................................................... 21 Backup and Remote Power ......................................................................................................... 23 Transportation ..........................................................................................................................................24 Light Duty Vehicles ......................................................................................................................... 25 Fuel Cell Buses .................................................................................................................................. 27 Other Transportation Applications ........................................................................................... 28 Hydrogen Infrastructure and Delivery.............................................................................................30 Energy Storage ........................................................................................................................................ 32 Military .........................................................................................................................................................34 Portable/Micro ......................................................................................................................................... 35 New studies in 2011 ........................................................................................................................................36 Intellectual Property ......................................................................................................................................38 Spotlight on Germany ................................................................................................................................. 40 Appendix I: Company Profiles ..................................................................................................................43 Public Companies ...................................................................................................................................43 Ballard Power Systems, Inc. .........................................................................................................43 Ceramic Fuel Cells Limited...........................................................................................................44 FuelCell Energy, Inc. ........................................................................................................................45 Hydrogenics Corporation ............................................................................................................. 47 ITM Power ...........................................................................................................................................48 Panasonic ............................................................................................................................................49 Plug Power ........................................................................................................................................49 SFC Energy AG .................................................................................................................................50 Toshiba ................................................................................................................................................ 52 UTC Power .......................................................................................................................................... 53 Private Companies ..................................................................................................................................54 Bloom Energy....................................................................................................................................54 ClearEdge Power .............................................................................................................................54 Horizon Fuel Cell Technologies ..................................................................................................56 IdaTech ................................................................................................................................................. 57 Intelligent Energy ............................................................................................................................ 57 iii Microcell Corporation .....................................................................................................................58 Nedstack .............................................................................................................................................59 Nuvera Fuel Cells .............................................................................................................................59 Oorja Protonics .................................................................................................................................60 ReliOn, Inc. ........................................................................................................................................... 61 Ultra Electronics, AMI .....................................................................................................................62 Auto Manufacturers ................................................................................................................................63 Daimler AG .........................................................................................................................................63 General Motors .................................................................................................................................64 Honda ..................................................................................................................................................65 Hyundai Motor Company ..............................................................................................................66 Toyota Motor Co., Ltd. .................................................................................................................... 67 iv List of Figures Figure 1: Projected Fuel Cell Transportation System Costs per kW, Assuming High Volume Production (500,000 units per year) ........................................................................................................................................................................3 Figure 2: Projected Fuel Cell Transportation System Costs per kW Across a Range of Manufacturing Volumes, 2007 and 2011 ..............................................................................................................................................................................................3