Fuel Cell Catalyst

Fuel Cell Catalyst Market Outlook

The global fuel cell catalyst market was valued at approximately USD 2.5 billion in 2023 and is projected to reach around USD 4.5 billion by 2035, growing at a CAGR of 6.5% during the forecast period. The growth of this market is primarily fueled by the increasing demand for clean energy solutions, coupled with stringent emissions regulations across various regions. Additionally, the growing adoption of fuel cells in transportation, power generation, and industrial applications is propelling market expansion, as stakeholders recognize the benefits of fuel cells in reducing reliance on fossil fuels. Furthermore, technological innovations, including advancements in catalyst composition and manufacturing processes, are expected to enhance performance and reduce costs, thereby driving market growth.

Growth Factor of the Market

One of the major growth factors contributing to the fuel cell catalyst market is the significant shift towards renewable energy sources, prompted by the global push for sustainability and carbon neutrality. Policymakers in many countries are introducing tax incentives and subsidies to promote the adoption of fuel cell technologies, which is encouraging investments in research and development. Furthermore, the automotive sector is witnessing a paradigm shift as manufacturers increasingly integrate fuel cell systems into their vehicles, leading to enhanced energy efficiency and reduced greenhouse gas emissions. This trend is particularly prevalent in regions like Asia Pacific, where countries like Japan and South Korea are actively promoting hydrogen fuel cell technology. The rising demand for portable power solutions, especially in remote areas and for emergency backup applications, is also stimulating the growth of the fuel cell catalyst market. Lastly, advancements in catalyst efficiency and lifespan are making fuel cells more attractive to a broader range of industries, further bolstering market prospects.

Key Highlights of the Market

• The global fuel cell catalyst market is projected to grow at a CAGR of 6.5%, driven by increasing demand for clean energy sources.
• Platinum catalysts hold the largest market share due to their superior performance and efficiency in fuel cell applications.
• The transportation segment is expected to dominate the market, with growing investments in hydrogen fuel cell vehicles.
• Asia Pacific is anticipated to witness the highest growth rate during the forecast period, supported by government initiatives promoting fuel cell technology.
• Technological advancements in catalyst formulations are expected to enhance performance, driving further adoption across various applications.

By Product Type

Platinum Catalysts:

Platinum catalysts are the most widely used catalysts in fuel cell technology due to their exceptional catalytic activity and stability. They are primarily utilized in proton exchange membrane fuel cells (PEMFCs), where they facilitate the electrochemical reactions necessary for hydrogen and oxygen to produce electricity. Their high efficiency makes them indispensable for applications that require rapid and high power outputs, such as in automotive fuel cells. However, the cost and scarcity of platinum pose challenges for widespread adoption, leading to ongoing research in alternative materials that can replace or reduce the amount of platinum used. The demand for platinum catalysts is projected to continue driving market growth, especially in regions with strong automotive and industrial sectors.

Palladium Catalysts:

Palladium catalysts are emerging as viable alternatives to platinum catalysts, particularly in certain fuel cell applications where their catalytic properties can be effectively utilized. They offer advantages in terms of cost-effectiveness, as palladium is generally less expensive than platinum. While palladium catalysts may not match the performance of platinum in every application, they have shown promising results in specific environments, such as alkaline fuel cells (AFCs). The market for palladium catalysts is anticipated to grow, especially as research continues to optimize their efficacy and broaden their applicability in various fuel cell technologies.

Ruthenium Catalysts:

Ruthenium catalysts are gaining traction in the fuel cell catalyst market due to their unique properties that make them suitable for specific applications, particularly in alkaline fuel cells and certain types of solid oxide fuel cells. Their capacity to enhance the electrocatalytic activity of other metals when used in combination is driving research aimed at developing more efficient and cost-effective catalytic solutions. While still a smaller segment compared to platinum, the increasing focus on innovation and alternative catalyst materials is likely to result in a steady rise in demand for ruthenium catalysts in fuel cell applications.

Iron Catalysts:

Iron catalysts are emerging as a potential game-changer in the fuel cell catalyst market, particularly due to their abundance and low cost compared to precious metals. Research into iron-based catalysts has shown promising results, particularly for alkaline fuel cells, where they can provide comparable performance at a much lower cost. The widespread availability of iron makes it an appealing option for large-scale applications. As research continues to advance and optimize iron catalysts, their adoption is expected to grow, contributing to reduced overall costs in fuel cell technology.

Nickel Catalysts:

Nickel catalysts are increasingly recognized for their utility in fuel cells, particularly in solid oxide fuel cells (SOFCs) where they are used in the anode. Their affordability and excellent performance in certain applications make them attractive for various energy systems. The development of nickel catalysts has accelerated in recent years, spurred by the growing need for sustainable energy solutions. Moreover, their integration into hybrid systems has opened new possibilities for enhancing energy efficiency and reducing emissions. Overall, the segment of nickel catalysts is expected to expand significantly as industries seek to incorporate cost-effective solutions in fuel cell technologies.

By Application

Transportation:

The transportation sector is a primary driver of growth for the fuel cell catalyst market, as hydrogen fuel cell vehicles (HFCEVs) gain traction in the automotive industry. As governments worldwide implement stricter emissions regulations and promote clean energy solutions, manufacturers are investing heavily in the development of fuel cell-powered vehicles. The advantages of fuel cells, including longer ranges and faster refueling times compared to battery electric vehicles, position them as a compelling alternative. Additionally, collaborations between automotive manufacturers and energy providers to establish hydrogen fueling infrastructure are further propelling the adoption of fuel cells in transportation.

Stationary Power Generation:

Fuel cells are increasingly being utilized for stationary power generation, providing a reliable and efficient energy source for various applications, including residential, commercial, and industrial settings. The growing demand for clean and uninterrupted power supply, coupled with rising energy costs, is driving the adoption of fuel cell systems. Furthermore, advancements in fuel cell technology have greatly improved their efficiency and reliability, making them a preferred choice for backup power systems. As more organizations seek to reduce their carbon footprint and transition to sustainable energy sources, the stationary power generation market for fuel cells is expected to experience significant growth in the coming years.

Portable Power Generation:

The portable power generation segment is witnessing a surge in demand due to the increasing need for reliable and efficient energy solutions in remote and off-grid locations. Fuel cells offer an advantage over conventional batteries in terms of energy density, weight, and operational time, making them ideal for applications such as emergency power supplies, military operations, and outdoor activities. Moreover, as technological advancements continue to enhance the portability and efficiency of fuel cell systems, they are becoming increasingly popular among consumers and businesses seeking flexible energy solutions. The expansion of this market is anticipated to continue as demand for mobile and portable energy solutions grows.

Others:

The 'Others' category encompasses a range of applications for fuel cells beyond transportation, stationary, and portable power generation. This includes sectors such as aerospace, marine, and industrial processes, where fuel cells are being explored for their potential to provide clean and efficient energy solutions. The versatility of fuel cells allows them to be integrated into various systems, offering unique benefits that enhance overall energy efficiency and reduce emissions. As industries look to innovate and meet sustainability goals, the 'Others' segment of the fuel cell catalyst market is expected to expand, driven by unique use cases and applications.

By Distribution Channel

Direct Sales:

Direct sales remain a crucial distribution channel for fuel cell catalysts, allowing manufacturers to establish a direct relationship with their customers. This approach provides the advantage of personalized service and immediate feedback, enabling manufacturers to better understand customer needs and preferences. Companies can tailor their offerings and ensure that their products meet specific application requirements. Additionally, direct sales channels often facilitate faster delivery times and streamlined logistics, enhancing customer satisfaction. As the fuel cell market continues to grow, direct sales are expected to play a significant role in expanding market reach and driving sales growth.

Indirect Sales:

Indirect sales channels, including distributors and resellers, are vital for reaching a broader customer base in the fuel cell catalyst market. By partnering with established distributors, manufacturers can leverage existing networks to penetrate new markets and segments more efficiently. These indirect channels can provide valuable insights into regional market dynamics and customer preferences, helping manufacturers make informed decisions regarding product development and marketing strategies. The growth of indirect sales is expected to accelerate as manufacturers seek to expand their market presence and capitalize on emerging opportunities in various regions.

By Ingredient Type

Proton Exchange Membrane Fuel Cell (PEMFC):

Proton exchange membrane fuel cells (PEMFC) are among the most well-known fuel cell technologies, utilizing platinum-based catalysts for their electrochemical reactions. These fuel cells operate at low temperatures and are particularly well-suited for applications in transportation and portable power generation. The demand for PEMFCs is expected to grow as advancements in catalyst formulations improve performance and reduce costs, making them increasingly viable for broader applications. The market for PEMFC catalysts is anticipated to expand alongside the growth of the hydrogen economy, as more stakeholders recognize the benefits of this efficient and clean technology.

Alkaline Fuel Cell (AFC):

Alkaline fuel cells (AFCs) utilize alkaline electrolytes and are known for their high efficiency and lower operating temperatures compared to other fuel cell technologies. They employ catalysts such as nickel and palladium, which can reduce overall costs while maintaining performance. AFCs are particularly suitable for stationary applications, including backup power and grid support. The market for AFC catalysts is expected to grow as industries seek cost-effective and efficient energy solutions. Additionally, the increasing focus on hydrogen production and utilization in various sectors is likely to drive demand for AFC technology.

Solid Oxide Fuel Cell (SOFC):

Solid oxide fuel cells (SOFCs) represent a promising technology for stationary power generation, utilizing ceramic electrolytes and catalysts such as nickel in their anodes. SOFCs are known for their high efficiency and versatility, capable of operating on various fuels, including natural gas and biogas. As industries emphasize decarbonization and the transition to sustainable energy sources, the demand for SOFC technology and catalysts is expected to rise. The ability of SOFCs to provide clean and reliable power generation positions them favorably in the market, driving growth in the catalyst segment associated with this technology.

By Proton Exchange Membrane Fuel Cell

Hydrogen Fuel Cells:

Hydrogen fuel cells, particularly proton exchange membrane fuel cells (PEMFCs), are pivotal in the fuel cell catalyst market, offering a clean energy solution with minimal environmental impact. These fuel cells convert hydrogen and oxygen into electricity through a simple chemical reaction, emitting only water vapor as a byproduct. As the automotive industry shifts towards electrification and seeks sustainable alternatives to traditional internal combustion engines, hydrogen fuel cells are gaining prominence. Government incentives and investments in hydrogen infrastructure further bolster the market potential for hydrogen fuel cells, making them a critical area of focus for catalyst development.

By Alkaline Fuel Cell

Low-Temperature AFC:

Low-temperature alkali fuel cells (AFCs) are characterized by their operation at lower temperatures, leading to enhanced efficiency and quicker start-up times. These fuel cells utilize alkaline electrolytes and are particularly suited for applications where rapid response and reliability are essential, such as in backup power systems. The market for low-temperature AFCs is anticipated to grow as industries seek alternatives to traditional batteries and fossil fuels. Additionally, ongoing developments in catalyst materials and formulations are expected to improve performance further, driving adoption across various sectors.

By Solid Oxide Fuel Cell

High-Temperature SOFC:

High-temperature solid oxide fuel cells (SOFCs) are known for their high efficiency and flexibility in fuel usage. Operating at temperatures exceeding 600°C, these fuel cells can utilize a wide range of fuels, including natural gas and renewable sources like biogas. The ability to achieve high electrical efficiency makes SOFCs particularly appealing for industrial applications and large-scale power generation. As industries increasingly focus on sustainability and reducing emissions, the demand for high-temperature SOFCs and their associated catalysts is expected to rise significantly, creating opportunities for manufacturers and suppliers in this space.

By Region

In terms of regional analysis, North America is currently a significant player in the fuel cell catalyst market, accounting for approximately 30% of the global market share in 2023. The region is characterized by advanced technology adoption, high investments in research and development, and robust infrastructure for hydrogen production and distribution. The United States, in particular, is witnessing substantial growth in the automotive sector, with numerous manufacturers developing hydrogen fuel cell vehicles, which is expected to further boost the demand for fuel cell catalysts in the coming years. The region is projected to grow at a CAGR of 6% from 2023 to 2035 as governmental policies and incentives continue to support clean energy initiatives.

Europe is another critical market for fuel cell catalysts, with a share of around 25% in the global market. The region is actively seeking to transition towards renewable energy and reduce greenhouse gas emissions, leading to increased investment in fuel cell technology. Countries such as Germany, the UK, and France are at the forefront of promoting hydrogen technology through innovation and collaborative projects. The European market is expected to grow at a CAGR of 7% during the forecast period, driven by government policies and increasing consumer interest in sustainable energy solutions. Meanwhile, the Asia Pacific region is anticipated to experience the highest growth rate, fueled by strong government support for hydrogen fuel cell technology in countries like Japan and South Korea, which could see a CAGR of 8% through 2035.

Opportunities

The fuel cell catalyst market presents numerous opportunities for innovation and growth, particularly in the context of increasing global demand for sustainable energy solutions. As governments worldwide commit to ambitious climate goals and transition to cleaner energy systems, the demand for hydrogen fuel cells is expected to rise sharply. This creates significant opportunities for manufacturers to invest in research and development of advanced catalyst materials that can enhance the efficiency and reduce the costs associated with fuel cells. Additionally, the expansion of hydrogen infrastructure is crucial for the widespread adoption of fuel cell technology, offering opportunities for partnerships between energy providers, manufacturers, and government entities to create a comprehensive ecosystem that supports the growth of fuel cells.

Furthermore, as industries continue to explore alternative energy sources, there is a growing interest in integrating fuel cell technology across various applications, including transportation, stationary power generation, and portable devices. Companies that can innovate and adapt their catalyst solutions to meet the specific needs across these diverse applications will be well-positioned to capitalize on emerging market opportunities. Additionally, the increasing availability of funding and investment for clean energy technologies, including fuel cells, provides an encouraging environment for startups and established companies alike to explore new business models and expand their product offerings in the fuel cell catalyst market.

Threats

Despite the growth potential, the fuel cell catalyst market faces several threats that could impact its expansion. One of the primary concerns is the reliance on precious metals, such as platinum and palladium, which are subject to price volatility and supply chain constraints. This dependency creates risks for manufacturers and end-users alike, as fluctuations in metal prices can lead to increased costs for fuel cell systems and may inhibit wider adoption. Moreover, the competition from alternative energy technologies, such as battery electric vehicles (BEVs), poses a significant threat to the growth of fuel cell technology, as BEVs continue to gain traction in the automotive industry. As consumers increasingly prioritize electric vehicles, fuel cells may face challenges in securing market share, particularly if they cannot demonstrate clear advantages in performance and cost.

Another threat arises from the slow pace of infrastructure development for hydrogen production and distribution. While many countries are making strides in building hydrogen fueling stations, the overall progress remains inconsistent, which could hinder the growth of the fuel cell catalyst market. Inadequate infrastructure may lead to consumer hesitance in adopting hydrogen fuel cell vehicles and technologies, limiting market expansion. Additionally, regulatory challenges and the need for standardized safety protocols can pose barriers to entry for new market players, making it essential for companies to navigate a complex landscape and establish compliance with diverse regulations across regions.

Competitor Outlook

• Johnson Matthey
• BASF SE
• Nissan Chemical Corporation
• 3M Company
• DuPont
• FuelCell Energy
• Ballard Power Systems
• Plug Power
• Anglo American Platinum
• Umicore
• W.L. Gore & Associates
• Infinitum Electric
• Horizon Fuel Cell Technologies
• PowerCell Sweden AB
• Neah Power Systems

The competitive landscape of the fuel cell catalyst market is characterized by a mix of established players and emerging companies, each striving to innovate and capture market share. Major companies such as Johnson Matthey and BASF SE are leading the charge with their extensive experience in catalyst development and a strong focus on research and development. These industry giants have invested significant resources into advancing fuel cell technologies and enhancing catalyst efficiency, positioning themselves as key players in the market. Their established supply chains and customer relationships provide a competitive edge, allowing them to dominate the fuel cell catalyst sector and respond swiftly to market trends.

Another notable player, FuelCell Energy, has made significant strides in solid oxide fuel cell technology, offering innovative solutions for stationary power generation. Their commitment to sustainability and energy efficiency has garnered attention from various industries, contributing to their growth within the fuel cell catalyst market. Similarly, Ballard Power Systems has established itself as a leader in hydrogen fuel cell technology, focusing on transportation applications. With strategic partnerships and collaborations, Ballard is well-positioned to leverage the growing demand for fuel cell vehicles and contribute to the market's overall expansion.

Emerging companies, such as Horizon Fuel Cell Technologies and PowerCell Sweden AB, are also making their mark by focusing on niche applications and developing novel catalyst formulations. Their agility and innovative approaches allow them to respond quickly to evolving market dynamics and cater to specific customer needs. Additionally, as the demand for clean energy solutions continues to rise, these companies are well-placed to benefit from increased investment and interest in fuel cell technologies. The competitive landscape is expected to remain dynamic, with ongoing advancements in catalyst technology and the emergence of new players driving growth and innovation in the fuel cell catalyst market.

• 1 Appendix

  • 1.1 List of Tables
  • 1.2 List of Figures

• 2 Introduction

  • 2.1 Market Definition
  • 2.2 Scope of the Report
  • 2.3 Study Assumptions
  • 2.4 Base Currency & Forecast Periods

• 3 Market Dynamics

  • 3.1 Market Growth Factors
  • 3.2 Economic & Global Events
  • 3.3 Innovation Trends
  • 3.4 Supply Chain Analysis

• 4 Consumer Behavior

  • 4.1 Market Trends
  • 4.2 Pricing Analysis
  • 4.3 Buyer Insights

• 5 Key Player Profiles

  • 5.1 DuPont
    • 5.1.1 Business Overview
    • 5.1.2 Products & Services
    • 5.1.3 Financials
    • 5.1.4 Recent Developments
    • 5.1.5 SWOT Analysis
  • 5.2 BASF SE
    • 5.2.1 Business Overview
    • 5.2.2 Products & Services
    • 5.2.3 Financials
    • 5.2.4 Recent Developments
    • 5.2.5 SWOT Analysis
  • 5.3 Umicore
    • 5.3.1 Business Overview
    • 5.3.2 Products & Services
    • 5.3.3 Financials
    • 5.3.4 Recent Developments
    • 5.3.5 SWOT Analysis
  • 5.4 3M Company
    • 5.4.1 Business Overview
    • 5.4.2 Products & Services
    • 5.4.3 Financials
    • 5.4.4 Recent Developments
    • 5.4.5 SWOT Analysis
  • 5.5 Plug Power
    • 5.5.1 Business Overview
    • 5.5.2 Products & Services
    • 5.5.3 Financials
    • 5.5.4 Recent Developments
    • 5.5.5 SWOT Analysis
  • 5.6 FuelCell Energy
    • 5.6.1 Business Overview
    • 5.6.2 Products & Services
    • 5.6.3 Financials
    • 5.6.4 Recent Developments
    • 5.6.5 SWOT Analysis
  • 5.7 Johnson Matthey
    • 5.7.1 Business Overview
    • 5.7.2 Products & Services
    • 5.7.3 Financials
    • 5.7.4 Recent Developments
    • 5.7.5 SWOT Analysis
  • 5.8 Infinitum Electric
    • 5.8.1 Business Overview
    • 5.8.2 Products & Services
    • 5.8.3 Financials
    • 5.8.4 Recent Developments
    • 5.8.5 SWOT Analysis
  • 5.9 Neah Power Systems
    • 5.9.1 Business Overview
    • 5.9.2 Products & Services
    • 5.9.3 Financials
    • 5.9.4 Recent Developments
    • 5.9.5 SWOT Analysis
  • 5.10 PowerCell Sweden AB
    • 5.10.1 Business Overview
    • 5.10.2 Products & Services
    • 5.10.3 Financials
    • 5.10.4 Recent Developments
    • 5.10.5 SWOT Analysis
  • 5.11 Ballard Power Systems
    • 5.11.1 Business Overview
    • 5.11.2 Products & Services
    • 5.11.3 Financials
    • 5.11.4 Recent Developments
    • 5.11.5 SWOT Analysis
  • 5.12 W.L. Gore & Associates
    • 5.12.1 Business Overview
    • 5.12.2 Products & Services
    • 5.12.3 Financials
    • 5.12.4 Recent Developments
    • 5.12.5 SWOT Analysis
  • 5.13 Anglo American Platinum
    • 5.13.1 Business Overview
    • 5.13.2 Products & Services
    • 5.13.3 Financials
    • 5.13.4 Recent Developments
    • 5.13.5 SWOT Analysis
  • 5.14 Nissan Chemical Corporation
    • 5.14.1 Business Overview
    • 5.14.2 Products & Services
    • 5.14.3 Financials
    • 5.14.4 Recent Developments
    • 5.14.5 SWOT Analysis
  • 5.15 Horizon Fuel Cell Technologies
    • 5.15.1 Business Overview
    • 5.15.2 Products & Services
    • 5.15.3 Financials
    • 5.15.4 Recent Developments
    • 5.15.5 SWOT Analysis

• 6 Market Segmentation

  • 6.1 Fuel Cell Catalyst Market, By Application
    • 6.1.1 Transportation
    • 6.1.2 Stationary Power Generation
    • 6.1.3 Portable Power Generation
    • 6.1.4 Others
  • 6.2 Fuel Cell Catalyst Market, By Product Type
    • 6.2.1 Platinum Catalysts
    • 6.2.2 Palladium Catalysts
    • 6.2.3 Ruthenium Catalysts
    • 6.2.4 Iron Catalysts
    • 6.2.5 Nickel Catalysts
  • 6.3 Fuel Cell Catalyst Market, By Ingredient Type
    • 6.3.1 Proton Exchange Membrane Fuel Cell (PEMFC)
    • 6.3.2 Alkaline Fuel Cell (AFC)
    • 6.3.3 Solid Oxide Fuel Cell (SOFC)
  • 6.4 Fuel Cell Catalyst Market, By Distribution Channel
    • 6.4.1 Direct Sales
    • 6.4.2 Indirect Sales

• 7 Competitive Analysis

  • 7.1 Key Player Comparison
  • 7.2 Market Share Analysis
  • 7.3 Investment Trends
  • 7.4 SWOT Analysis

• 8 Research Methodology

  • 8.1 Analysis Design
  • 8.2 Research Phases
  • 8.3 Study Timeline

• 9 Future Market Outlook

  • 9.1 Growth Forecast
  • 9.2 Market Evolution

• 10 Geographical Overview

  • 10.1 Europe - Market Analysis
    • 10.1.1 By Country
      • 10.1.1.1 UK
      • 10.1.1.2 France
      • 10.1.1.3 Germany
      • 10.1.1.4 Spain
      • 10.1.1.5 Italy
  • 10.2 Asia Pacific - Market Analysis
    • 10.2.1 By Country
      • 10.2.1.1 India
      • 10.2.1.2 China
      • 10.2.1.3 Japan
      • 10.2.1.4 South Korea
  • 10.3 Latin America - Market Analysis
    • 10.3.1 By Country
      • 10.3.1.1 Brazil
      • 10.3.1.2 Argentina
      • 10.3.1.3 Mexico
  • 10.4 North America - Market Analysis
    • 10.4.1 By Country
      • 10.4.1.1 USA
      • 10.4.1.2 Canada
  • 10.5 Fuel Cell Catalyst Market by Region
  • 10.6 Middle East & Africa - Market Analysis
    • 10.6.1 By Country
      • 10.6.1.1 Middle East
      • 10.6.1.2 Africa

• 11 Global Economic Factors

  • 11.1 Inflation Impact
  • 11.2 Trade Policies

• 12 Technology & Innovation

  • 12.1 Emerging Technologies
  • 12.2 AI & Digital Trends
  • 12.3 Patent Research

• 13 Investment & Market Growth

  • 13.1 Funding Trends
  • 13.2 Future Market Projections

• 14 Market Overview & Key Insights

  • 14.1 Executive Summary
  • 14.2 Key Trends
  • 14.3 Market Challenges
  • 14.4 Regulatory Landscape

Segments Analyzed in the Report

The global Fuel Cell Catalyst market is categorized based on

By Product Type

• Platinum Catalysts
• Palladium Catalysts
• Ruthenium Catalysts
• Iron Catalysts
• Nickel Catalysts

By Application

• Transportation
• Stationary Power Generation
• Portable Power Generation
• Others

By Distribution Channel

• Direct Sales
• Indirect Sales

By Ingredient Type

• Proton Exchange Membrane Fuel Cell (PEMFC)
• Alkaline Fuel Cell (AFC)
• Solid Oxide Fuel Cell (SOFC)

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Players

• Johnson Matthey
• BASF SE
• Nissan Chemical Corporation
• 3M Company
• DuPont
• FuelCell Energy
• Ballard Power Systems
• Plug Power
• Anglo American Platinum
• Umicore
• W.L. Gore & Associates
• Infinitum Electric
• Horizon Fuel Cell Technologies
• PowerCell Sweden AB
• Neah Power Systems