Fuel Cell Catalyst Coated Membranes

Fuel Cell Catalyst Coated Membranes Market Outlook

The global Fuel Cell Catalyst Coated Membranes market is projected to reach approximately USD 2.5 billion by 2035, growing at a CAGR of around 12% from 2025 to 2035. This growth can be attributed to the increasing demand for clean and sustainable energy solutions as governments worldwide implement stricter environmental regulations. Moreover, advancements in fuel cell technology and significant investments in research and development to enhance the efficiency of fuel cells further contribute to market growth. The transition towards renewable energy sources and the rising adoption of fuel cell vehicles in the automotive sector are expected to drive demand for catalyst coated membranes significantly. Additionally, the growing popularity of portable and stationary fuel cells for various applications is expected to create ample opportunities for market expansion.

Growth Factor of the Market

The Fuel Cell Catalyst Coated Membranes market is witnessing substantial growth propelled by several factors. The global push for clean energy alternatives has heightened the need for efficient and reliable fuel cell technologies, thus increasing investments in catalyst-coated membranes. An essential driver is the automotive industry's shift towards hydrogen fuel cell vehicles, which require sophisticated catalyst systems to optimize performance. Additionally, the rising number of government initiatives aimed at promoting green energy solutions and reducing carbon emissions is creating a favorable environment for market growth. Technological advancements in fuel cell designs and manufacturing processes have also made them more cost-effective, enhancing their attractiveness to end-users. Furthermore, the growing trend of decentralization in energy generation is leading to an increase in stationary fuel cell applications, further amplifying the demand for catalyst-coated membranes.

Key Highlights of the Market

• The market is anticipated to grow at a CAGR of around 12% between 2025 and 2035.
• Significant advancements in fuel cell technology are expected to enhance membrane performance.
• Increased adoption of hydrogen fuel cell vehicles will drive demand for catalyst-coated membranes.
• Government initiatives promoting clean energy solutions are favorable for market development.
• The stationary fuel cell segment is emerging as a key application area, boosting market growth.

By Product Type

Platinum-Based Catalysts:

Platinum-based catalysts dominate the Fuel Cell Catalyst Coated Membranes market due to their superior catalytic activity and effectiveness in facilitating electrochemical reactions. The high efficiency of platinum in hydrogen oxidation and oxygen reduction reactions makes it the preferred choice for many fuel cell applications. Despite the high cost of platinum, its exceptional performance in fuel cells, particularly in Proton Exchange Membrane Fuel Cells (PEMFCs), justifies the investment. As the demand for fuel cells increases, researchers are also focusing on developing methods for recycling platinum and reducing overall costs, making this segment a primary focus for innovation and growth.

Palladium-Based Catalysts:

Palladium-based catalysts are gaining traction in the fuel cell market due to their relatively lower cost compared to platinum while still offering good catalytic activity. These catalysts are particularly advantageous in specific applications where cost efficiency is critical, such as in portable and micro fuel cells. The growing interest in palladium is also driven by its ability to function in various environments, which supports its utilization in diverse applications. As manufacturers seek alternatives to expensive platinum, the palladium catalyst segment is expected to witness significant growth, driven by increased adoption across various fuel cell technologies.

Ruthenium-Based Catalysts:

Ruthenium-based catalysts are emerging as a potential alternative to platinum and palladium, especially in specific fuel cell applications that require high-performance characteristics under varying conditions. Ruthenium exhibits excellent durability and stability, making it suitable for certain types of fuel cells, such as direct methanol fuel cells (DMFCs). Ongoing research is focused on enhancing the performance of ruthenium catalysts, which, if successful, could position them as a more viable option in the market. The adaptability of ruthenium in various electrochemical reactions also provides manufacturers with an alternative pathway to optimize their fuel cell systems.

Nickel-Based Catalysts:

Nickel-based catalysts are particularly advantageous in alkaline fuel cells where their cost-effectiveness is a significant benefit. These catalysts offer good performance in specific applications, especially in stationary fuel cells. The economic benefits of using nickel, combined with its ample availability, make it an attractive choice for manufacturers looking to reduce production costs. As the market for fuel cells expands, the use of nickel in catalyst coated membranes is expected to increase, especially in regions focused on affordable energy solutions. Efforts to enhance the efficiency of nickel-based catalysts will further solidify their position in the market.

Other Catalysts:

The segment of other catalysts includes various materials that are being explored for use in fuel cell applications, such as non-precious metal catalysts. These catalysts are gaining attention due to their potential to reduce costs and improve sustainability in fuel cell technologies. Research is ongoing into alternative materials that can provide comparable performance to traditional catalysts while minimizing environmental impacts. This segment is expected to grow as innovations in material science lead to the discovery of new catalyst formulations and compositions designed to enhance overall fuel cell efficiency.

By Application

Transportation:

The transportation segment is one of the primary applications driving the demand for Fuel Cell Catalyst Coated Membranes. Fuel cell vehicles (FCVs) are being recognized for their potential to reduce greenhouse gas emissions significantly compared to conventional internal combustion engine vehicles. With several automotive manufacturers investing heavily in hydrogen fuel cell technology, this segment is expected to witness substantial growth. Moreover, government incentives and infrastructure development, such as hydrogen refueling stations, are further propelling the adoption of fuel cell technology in the transportation sector, thereby boosting the demand for catalyst-coated membranes.

Stationary:

Stationary fuel cells are increasingly being adopted for energy generation in residential and commercial applications. They offer a reliable and efficient solution for on-site power generation, reducing dependence on traditional energy sources and grid electricity. The growing trend of decentralized power generation is particularly beneficial for businesses looking to enhance energy security and reduce operational costs. As organizations continue to prioritize sustainability, the adoption of stationary fuel cells, which utilize catalyst-coated membranes, is expected to rise significantly. This application segment is also likely to benefit from technological advancements aimed at improving overall system efficiency and reducing costs.

Portable:

Portable fuel cells are gaining popularity for their application in consumer electronics, military, and backup power systems. These compact systems provide a lightweight and efficient energy solution, ideal for devices requiring reliable power. As the demand for mobile power solutions increases, especially in remote areas where conventional electricity access is limited, the portable fuel cell segment is projected to experience substantial growth. Innovations in catalyst-coated membranes that enhance the performance and lifespan of portable fuel cells will further drive demand in this segment, attracting various stakeholders looking to capitalize on the growing trend of portable energy solutions.

Micro Fuel Cells:

Micro fuel cells are a niche but rapidly growing segment in the fuel cell market. These miniature systems are particularly advantageous for applications where space is limited, such as in small electronic devices and wearables. The increasing miniaturization of electronics is pushing the demand for energy sources that can provide sufficient power in compact form factors. As the technology matures, the development of advanced catalyst-coated membranes tailored for micro fuel cells is expected to drive innovation and adoption in this segment, catering to the evolving needs of consumers and industries alike.

Others:

The others segment encompasses various niche applications for fuel cells, such as backup power systems, aerospace, and more specialized industrial applications. While smaller in scale compared to the other categories, this segment is essential for showcasing the versatility of fuel cell technology across diverse industries. The growth in this segment will be influenced by technological advancements and the increasing recognition of fuel cells as a viable power solution for applications beyond conventional transportation and stationary uses. Ongoing development in catalyst-coated membrane technology is expected to enhance the performance and reliability of fuel cells in these unique applications.

By Distribution Channel

Direct Sales:

The direct sales channel plays a significant role in the Fuel Cell Catalyst Coated Membranes market, characterized by manufacturers selling their products directly to end-users. This approach allows for greater control over the sales process and enables manufacturers to build strong relationships with their customers. Direct sales often lead to higher margins and better customer feedback, allowing companies to tailor their offerings to meet specific needs. As the market evolves, manufacturers are increasingly leveraging direct sales strategies to enhance customer engagement and ensure that their catalyst-coated membranes meet the demands of diverse applications across various sectors.

Indirect Sales:

Indirect sales channels, which include distributors and retailers, are also crucial for expanding the reach of Fuel Cell Catalyst Coated Membranes to a broader market. By partnering with established distributors, manufacturers can tap into existing networks and supply chains, facilitating product availability in various regions. This channel often allows for a more extensive market presence, particularly in markets where direct sales may not be feasible. Indirect sales partners also provide valuable insights into market trends and customer preferences, enabling manufacturers to adapt their strategies accordingly. As the demand for fuel cell technologies grows, the reliance on robust indirect sales channels will increase, ensuring that customers have access to the latest advancements in catalyst-coated membranes.

By Material Type

Perfluorosulfonic Acid (PFSA):

Perfluorosulfonic Acid (PFSA) is a critical material in the production of catalyst-coated membranes, particularly for Proton Exchange Membrane Fuel Cells (PEMFCs). PFSA membranes offer excellent proton conductivity, chemical stability, and mechanical properties, making them ideal for high-performance fuel cell applications. The growing demand for hydrogen fuel cell vehicles and stationary applications is driving the need for PFSA-based membranes. As manufacturers strive to improve membrane efficiency and reduce costs, ongoing research into PFSA formulations and alternatives will play a significant role in shaping the future of this segment. The continuous innovation in PFSA materials is expected to enhance the overall performance and lifespan of fuel cells, further solidifying their position in the market.

Hydrocarbon:

Hydrocarbon-based materials are emerging as cost-effective alternatives to PFSA membranes, offering comparable performance and durability at a lower price point. These membranes have gained attention due to their potential for widespread application across various fuel cell technologies. As the focus on reducing production costs intensifies, the market for hydrocarbon membranes is likely to expand, particularly in emerging economies where cost constraints are more pronounced. Ongoing advancements in hydrocarbon membrane technology, aimed at improving conductivity and chemical resistance, will enhance their viability in competitive applications, potentially positioning them as a mainstream choice in the catalyst-coated membranes market.

Others:

The others category includes a range of alternative materials that are being explored for use in catalyst-coated membranes beyond the traditional PFSA and hydrocarbon options. This segment has been gaining traction as researchers and manufacturers seek innovative materials that can provide enhanced performance under specific operating conditions. The exploration of biodegradable polymers and non-toxic materials aligns with the broader trends toward sustainability and environmental responsibility in the fuel cell industry. As these alternative materials continue to undergo rigorous testing and development, their eventual commercialization could lead to a significant shift in the catalyst-coated membranes market, offering more diverse options for manufacturers and end-users alike.

By Perfluorosulfonic Acid

Standard PFSA:

Standard PFSA membranes are the most common type used in fuel cell applications, boasting excellent proton conductivity and chemical stability. These membranes are widely utilized in Proton Exchange Membrane Fuel Cells (PEMFCs) due to their ability to maintain performance across various operating conditions. The demand for standard PFSA membranes is primarily driven by the growth of the hydrogen fuel cell vehicle market and the need for efficient energy solutions in stationary applications. As manufacturers continually seek to enhance the performance and reduce costs of standard PFSA membranes, this segment is expected to remain dominant within the Fuel Cell Catalyst Coated Membranes market.

Reinforced PFSA:

Reinforced PFSA membranes are designed to improve the mechanical strength and durability of traditional PFSA membranes. By incorporating reinforcement materials, these membranes exhibit enhanced resistance to deformation and degradation, making them suitable for high-stress applications. The growing emphasis on fuel cell longevity and reliability has led to an increased interest in reinforced PFSA membranes, particularly in demanding environments such as automotive and stationary applications. As the market evolves, ongoing research and development efforts will continue to focus on optimizing the performance of reinforced PFSA membranes, thereby contributing to their growing adoption in the fuel cell sector.

Modified PFSA:

Modified PFSA membranes incorporate additives or adjustments to the standard PFSA formulation to improve specific properties such as ionic conductivity, chemical resistance, or thermal stability. These modifications enable manufacturers to tailor membrane performance for different fuel cell applications and operating conditions. The increasing interest in customized solutions has led to a surge in demand for modified PFSA membranes, particularly in specialized applications requiring unique performance characteristics. As advancements in material science continue, the market for modified PFSA membranes is expected to expand, providing further diversity within the catalyst-coated membranes landscape.

By Region

The North American Fuel Cell Catalyst Coated Membranes market is poised for significant growth, driven by substantial investments in fuel cell technology, particularly in the automotive sector. The presence of major automotive manufacturers and a supportive regulatory environment for hydrogen fuel cell adoption are key factors contributing to this growth. The North American market is expected to witness a CAGR of around 13% from 2025 to 2035, as advancements in technology and infrastructure continue to facilitate the uptake of fuel cell solutions across various applications.

In Europe, the Fuel Cell Catalyst Coated Membranes market is also expected to grow robustly, supported by strong government initiatives aimed at reducing carbon emissions and promoting sustainable energy solutions. The European Union's commitment to enhancing hydrogen infrastructure and the growing adoption of fuel cell vehicles are key drivers in this region. The European market's focus on research and development for advanced fuel cell technologies further positions it as a significant player in the global landscape. As a result, the European segment is anticipated to grow at a CAGR of around 11% during the forecast period.

Opportunities

The Fuel Cell Catalyst Coated Membranes market presents numerous opportunities for growth, especially as the global focus on sustainable energy intensifies. One major opportunity lies in the transportation sector, where the shift towards hydrogen fuel cell vehicles is gaining traction. As automotive manufacturers increasingly invest in hydrogen technology, there is a growing demand for efficient fuel cell systems, which directly translates to an increased need for high-quality catalyst-coated membranes. Additionally, government incentives and funding for developing hydrogen infrastructure can further stimulate this segment, providing manufacturers with potential avenues for collaboration and innovation. The ongoing research into alternative materials for catalyst-coated membranes also presents an opportunity for companies to differentiate their products in the market, catering to a wider range of applications.

Another significant opportunity is the expansion of stationary fuel cells in commercial and residential settings. The rising need for decentralized energy generation solutions, combined with the desire for backup power systems, positions stationary fuel cells as a viable option. This presents a unique opportunity for manufacturers to capitalize on the growing trend of integrating fuel cells into energy systems. As energy prices rise and the world shifts towards renewable sources, the adoption of fuel cells in various applications can enhance energy security and reliability, further boosting the demand for catalyst-coated membranes. Companies that can effectively navigate this landscape and develop innovative, cost-effective solutions will likely emerge as leaders in the fuel cell market.

Threats

The Fuel Cell Catalyst Coated Membranes market faces several threats that could hinder its growth trajectory. One significant threat is the fluctuating prices of precious metals used in catalyst formulations, such as platinum and palladium. As these prices are subject to market volatility, manufacturers may find it challenging to maintain consistent production costs, potentially impacting profit margins. If the prices of these materials increase significantly, it could lead to higher costs for catalyst-coated membranes, which may stifle demand, particularly in price-sensitive markets. Furthermore, competition from alternative energy technologies, such as batteries and advanced supercapacitors, poses a threat to the fuel cell market, as these alternatives continue to improve in performance and reduce costs. The emergence of new technologies could divert investments and attention away from fuel cell systems.

Additionally, regulatory challenges could pose a significant restrainer on the Fuel Cell Catalyst Coated Membranes market. While many governments are supportive of hydrogen fuel cell technologies, differing regulations and standards across regions can create hurdles for manufacturers. The lack of a unified regulatory framework may lead to increased compliance costs and complexity for companies looking to enter new markets. Moreover, the slow pace of developing hydrogen infrastructure, particularly in regions with less government support, can restrain the growth of the fuel cell market. Companies operating in this space must navigate these challenges while continuing to innovate and find solutions to meet the evolving demands of consumers and industries.

Competitor Outlook

• Ballard Power Systems Inc.
• Hydrogenics Corporation
• Plug Power Inc.
• Pemfuel Technologies Inc.
• ITM Power PLC
• Bloom Energy Corporation
• FuelCell Energy, Inc.
• Doosan Fuel Cell America, Inc.
• Cummins Inc.
• Hydrogenics Corporation
• PowerCell Sweden AB
• ReForm Energy Inc.
• Proton OnSite
• Nuvera Fuel Cells, LLC

The competitive landscape of the Fuel Cell Catalyst Coated Membranes market is characterized by a mix of established players and emerging companies striving to capture market share. Key players are actively investing in research and development to enhance their product offerings and improve the efficiency of catalyst-coated membranes. As the market grows, collaboration and partnerships between manufacturers and research institutions are expected to increase, fostering innovation and driving advancements in fuel cell technology. Companies that can successfully leverage their strengths and adapt to changing market conditions will be well-positioned to compete effectively in this rapidly evolving landscape.

Among the notable players, Ballard Power Systems Inc. has established itself as a leader in fuel cell technology, focusing on developing innovative fuel cell solutions for various applications, including transportation and stationary energy. The company's ongoing commitment to research and development has allowed it to maintain a competitive edge in the market. Similarly, Plug Power Inc. is focused on providing alternative energy solutions through its advanced fuel cell systems, catering to the growing demand for clean energy in the material handling and logistics sectors. Their strategic partnerships and collaborations with major industry players further bolster their market position.

In addition to these established players, emerging companies like PowerCell Sweden AB and ReForm Energy Inc. are making significant strides in the market. PowerCell Sweden AB is known for its innovative fuel cell stack technology and its efforts to develop cost-effective fuel cell solutions for various industries. ReForm Energy Inc. focuses on capturing and utilizing waste heat from industrial processes to enhance fuel cell efficiency, showcasing the potential for innovative approaches within the catalyst-coated membranes landscape. As competition intensifies, the ability to innovate and address the evolving needs of customers will be crucial for these companies to thrive in the Fuel Cell Catalyst Coated Membranes 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 Cummins Inc.
    • 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 ITM Power PLC
    • 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 Proton OnSite
    • 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 Plug Power Inc.
    • 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 ReForm Energy Inc.
    • 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 PowerCell Sweden AB
    • 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 FuelCell Energy, Inc.
    • 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 Nuvera Fuel Cells, LLC
    • 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 Hydrogenics Corporation
    • 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 Bloom Energy Corporation
    • 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 Pemfuel Technologies Inc.
    • 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 Ballard Power Systems Inc.
    • 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 Doosan Fuel Cell America, Inc.
    • 5.13.1 Business Overview
    • 5.13.2 Products & Services
    • 5.13.3 Financials
    • 5.13.4 Recent Developments
    • 5.13.5 SWOT Analysis

• 6 Market Segmentation

  • 6.1 Fuel Cell Catalyst Coated Membranes Market, By Application
    • 6.1.1 Transportation
    • 6.1.2 Stationary
    • 6.1.3 Portable
    • 6.1.4 Micro Fuel Cells
    • 6.1.5 Others
  • 6.2 Fuel Cell Catalyst Coated Membranes Market, By Product Type
    • 6.2.1 Platinum-Based Catalysts
    • 6.2.2 Palladium-Based Catalysts
    • 6.2.3 Ruthenium-Based Catalysts
    • 6.2.4 Nickel-Based Catalysts
    • 6.2.5 Other Catalysts
  • 6.3 Fuel Cell Catalyst Coated Membranes Market, By Material Type
    • 6.3.1 Perfluorosulfonic Acid (PFSA)
    • 6.3.2 Hydrocarbon
    • 6.3.3 Others
  • 6.4 Fuel Cell Catalyst Coated Membranes 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 Middle East & Africa - Market Analysis
    • 10.5.1 By Country
      • 10.5.1.1 Middle East
      • 10.5.1.2 Africa
  • 10.6 Fuel Cell Catalyst Coated Membranes Market by Region

• 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 Coated Membranes market is categorized based on

By Product Type

• Platinum-Based Catalysts
• Palladium-Based Catalysts
• Ruthenium-Based Catalysts
• Nickel-Based Catalysts
• Other Catalysts

By Application

• Transportation
• Stationary
• Portable
• Micro Fuel Cells
• Others

By Distribution Channel

• Direct Sales
• Indirect Sales

By Material Type

• Perfluorosulfonic Acid (PFSA)
• Hydrocarbon
• Others

By Region

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

Key Players

• Ballard Power Systems Inc.
• Hydrogenics Corporation
• Plug Power Inc.
• Pemfuel Technologies Inc.
• ITM Power PLC
• Bloom Energy Corporation
• FuelCell Energy, Inc.
• Doosan Fuel Cell America, Inc.
• Cummins Inc.
• Hydrogenics Corporation
• PowerCell Sweden AB
• ReForm Energy Inc.
• Proton OnSite
• Nuvera Fuel Cells, LLC