Stationary Fuel Cell Sales

Stationary Fuel Cell Sales Market Outlook

The global stationary fuel cell market is projected to reach approximately USD 15 billion by 2035, growing at a CAGR of about 18% from 2025 to 2035. This significant growth can be attributed to increasing demand for clean and reliable energy sources, rising awareness regarding carbon emissions and sustainability, and advancements in fuel cell technology. The shift towards decentralized energy generation, especially in urban areas, is further driving the adoption of stationary fuel cells. The growing investments in renewable energy resources and supportive government policies aimed at reducing greenhouse gas emissions are also contributing factors to the market’s expansion. Moreover, the applications of stationary fuel cells across various sectors, including residential, commercial, and industrial, are expected to fuel their acceptance and growth in the coming years.

Growth Factor of the Market

Several factors contribute to the remarkable growth of the stationary fuel cell market. One of the primary drivers is the accelerating global focus on clean and sustainable energy sources, which has prompted industries and governments to invest significantly in fuel cell technology. The ability of fuel cells to produce energy with minimal environmental impact is aligning well with international policies aimed at reducing carbon footprints. Additionally, the increasing prevalence of energy storage systems and hybrid approaches in renewable energy generation is enhancing the feasibility and effectiveness of stationary fuel cells. Technological advancements, including improved efficiency and reduced costs of fuel cells, are also playing a critical role in making these systems more accessible and appealing to end-users. Lastly, the rising demand for uninterrupted power supply in critical applications such as hospitals and data centers emphasizes the need for reliable energy solutions, further propelling market growth.

Key Highlights of the Market

• The market is expected to reach USD 15 billion by 2035, with a CAGR of 18% from 2025 to 2035.
• Proton Exchange Membrane Fuel Cells are anticipated to dominate the market due to their efficiency and versatility.
• Residential applications are projected to show substantial growth, driven by increasing energy demands.
• Government initiatives and incentives are promoting the adoption of stationary fuel cells across various sectors.
• The Asia Pacific region is expected to lead the market with a significant share, driven by rapid industrialization and urbanization.

By Product Type

Proton Exchange Membrane Fuel Cell:

Proton Exchange Membrane Fuel Cells (PEMFCs) are gaining traction in the stationary fuel cell market, primarily due to their high efficiency and rapid start-up capabilities. These fuel cells operate at relatively low temperatures, which makes them suitable for applications requiring quick energy delivery, such as residential and commercial setups. Their modular design allows for easy scalability, making them favorable for both small-scale and large-scale applications. Furthermore, advancements in membrane and catalyst technology have significantly improved their performance and lifespan, further enhancing their appeal. With increasing governmental and regulatory support for low-emission technologies, PEMFCs are expected to witness heightened adoption in both urban and rural settings over the forecast period.

Solid Oxide Fuel Cell:

Solid Oxide Fuel Cells (SOFCs) are recognized for their high efficiency and fuel flexibility, capable of utilizing a variety of fuels including natural gas and biogas. Operating at high temperatures, SOFCs are ideally suited for industrial applications where waste heat recovery can be maximized, thus improving overall energy efficiency. Their ability to provide continuous power generation makes them particularly attractive for utility and industrial users seeking reliable energy solutions. Additionally, ongoing research and development efforts aimed at reducing the cost of materials and improving operational stability are expected to translate into increased adoption rates for SOFCs in stationary applications, especially in the industrial sector.

Molten Carbonate Fuel Cell:

The Molten Carbonate Fuel Cell (MCFC) technology is well-regarded for its high efficiency and ability to operate on natural gas and other hydrocarbons. MCFCs are especially advantageous in large-scale applications, making them suitable for industrial settings and combined heat-and-power (CHP) systems. Their inherent capacity to use waste CO2 as a fuel source enhances their appeal within the context of carbon capture and utilization strategies. Moreover, with ongoing innovations aimed at improving their durability and cost-effectiveness, MCFCs are positioned to gain a stronger foothold in the stationary fuel cell market. Their ability to provide both electricity and usable heat makes them a valuable option for businesses looking to optimize energy consumption and reduce operational costs.

Phosphoric Acid Fuel Cell:

Phosphoric Acid Fuel Cells (PAFCs) are another prominent type in the stationary fuel cell market, particularly known for their reliability and durability in various commercial and industrial applications. Operating at moderate temperatures, PAFCs are particularly effective in providing consistent power and heat for facilities like hospitals and data centers. Their long operational life and relatively low maintenance requirements contribute to their attractiveness for end-users looking for long-term energy solutions. As businesses increasingly prioritize energy resilience and sustainability, PAFCs are expected to see substantial demand, especially in markets focused on reducing dependencies on traditional fossil fuels.

Direct Methanol Fuel Cell:

Direct Methanol Fuel Cells (DMFCs) are characterized by their simplicity and ease of use, making them a viable choice for stationary applications where methanol can be sourced easily. While the market for DMFCs is still developing, their potential for residential and small-scale commercial applications cannot be overlooked. The ability to convert methanol directly into electricity eliminates the need for extensive reforming processes, thus simplifying system design and operation. As the emphasis on alternative fuels grows, DMFCs are poised to capture a portion of the market, particularly among smaller end-users looking for efficient and compact energy solutions.

By Application

Residential:

The residential sector is increasingly adopting stationary fuel cells as a means of generating clean and efficient energy. Homeowners are drawn to fuel cell systems that provide reliable electricity and heat, helping to manage energy costs effectively. With the growing trend towards energy independence and a reduction in carbon footprints, many households are considering fuel cells as an alternative to traditional power sources. Additionally, government incentives and rebates aimed at promoting renewable energy in homes are further encouraging the uptake of residential fuel cell systems. As technology improves and costs decrease, it is anticipated that the residential application of stationary fuel cells will experience robust growth.

Commercial:

In the commercial sector, stationary fuel cells are increasingly being recognized for their ability to provide continuous power supply and enhance energy resilience. Businesses are leveraging fuel cell technology to meet their energy needs and reduce reliance on the grid, particularly in energy-intensive industries such as retail and hospitality. The ability to generate both electricity and heat through combined heat and power (CHP) systems makes stationary fuel cells an attractive proposition for reducing operational costs. Furthermore, the emphasis on sustainability and corporate responsibility is driving commercial entities to explore cleaner energy options, further facilitating the adoption of fuel cells in various applications.

Industrial:

The industrial application of stationary fuel cells is anticipated to witness significant growth as companies seek to enhance energy efficiency and reduce greenhouse gas emissions. Industries such as manufacturing, chemical processing, and waste management are increasingly employing fuel cell technology to support their energy needs. The high efficiency and ability to operate on various fuels, including natural gas and biogas, make fuel cells particularly appealing for large-scale industrial applications. Additionally, the potential for waste heat recovery in industrial settings further enhances the attractiveness of fuel cells by improving overall energy utilization. As regulatory pressures on emissions intensify, the industrial sector is expected to increasingly turn to stationary fuel cells as a viable energy solution.

By User

Utilities:

Utilities are progressively adopting stationary fuel cells to enhance grid reliability and support renewable energy integration. Fuel cells offer a stable and continuous power supply, which is crucial for utility providers looking to manage fluctuating energy demands and ensure uninterrupted service to consumers. Furthermore, the ability to provide distributed generation through fuel cell technology aligns well with the growing trend towards decentralized energy systems. As utilities explore innovative solutions to improve grid resilience and environmental performance, stationary fuel cells are becoming an integral part of their energy strategies.

Data Centers:

Data centers, known for their substantial energy demands, are increasingly turning to stationary fuel cells as a means of ensuring reliable, clean power. The critical nature of data center operations necessitates continuous and dependable energy sources, and fuel cells provide an attractive solution with their ability to deliver consistent power while minimizing carbon emissions. Additionally, the prospect of utilizing waste heat generated in fuel cell operations for cooling purposes presents a compelling case for data centers looking to optimize energy efficiency. As the digital landscape continues to evolve and energy demands grow, the adoption of stationary fuel cells in data centers is expected to rise significantly.

Hospitals:

The healthcare sector, particularly hospitals, are placing increasing emphasis on energy reliability and sustainability, making stationary fuel cells an appealing energy solution. The critical nature of healthcare services mandates uninterrupted power supply, and fuel cells can provide a consistent and reliable energy source, even during grid outages. Furthermore, hospitals are increasingly focused on reducing their environmental impact and operating costs, and stationary fuel cells offer an efficient means of achieving these goals. In addition to providing power, fuel cells can be integrated into combined heat and power (CHP) systems, enhancing energy efficiency and contributing to enhanced patient care through improved facility management.

Communication Towers:

Communication towers require reliable and continuous power to ensure uninterrupted connectivity and service delivery. The adoption of stationary fuel cells in this sector is on the rise, particularly as fuel cells offer a clean and dependable energy source that can operate autonomously in remote locations. The ability of fuel cells to provide backup power during grid outages is especially valuable in maintaining communication network reliability. Additionally, as mobile networks transition to 5G and beyond, the energy demands at communication towers will continue to grow, making fuel cells an attractive and viable solution for ensuring sustainable and secure energy supply.

Wastewater Treatment Plants:

Wastewater treatment plants are increasingly utilizing stationary fuel cells as an innovative approach to energy generation, particularly through the utilization of biogas produced during the treatment process. The ability to convert waste materials into energy aligns perfectly with the sustainability goals of these facilities. Fuel cells not only enhance energy efficiency but also contribute to reducing operational costs by turning waste into valuable resources. As the need for sustainable practices gains traction within the wastewater treatment sector, stationary fuel cells are expected to play a crucial role in facilitating cleaner and more efficient energy solutions.

By Capacity

>5kW:

Systems with a capacity greater than 5kW are well-suited for small-scale residential and commercial applications, providing a reliable energy source at a relatively low investment level. These systems are particularly favored by homeowners who seek to reduce energy bills and achieve energy independence. Additionally, small businesses that require consistent power can significantly benefit from the scalability of these systems, allowing for tailored energy solutions based on their specific needs. As the technology continues to evolve, systems with capacities greater than 5kW are expected to witness increased demand, particularly in regions with supportive regulations for small-scale energy generation.

5-250kW:

Fuel cells with capacities ranging from 5 to 250kW are ideal for commercial establishments and light industrial applications, offering the benefits of both electricity and heat generation. These systems provide enhanced flexibility and can be effectively integrated into existing energy infrastructures, thereby improving overall efficiency. Businesses focused on sustainability are increasingly adopting these fuel cell systems as a means of reducing their carbon footprint while managing energy costs. The expansion of government incentives promoting clean energy technologies is expected to further accelerate the adoption of fuel cells in this capacity range, particularly among commercial users.

251-1,000kW:

Fuel cells with capacities between 251 and 1,000kW are increasingly favored in industrial settings, particularly where high energy demands and continuous power supply are critical. These systems are designed to support larger operations, providing businesses with dependable energy solutions while promoting sustainability. Their capacity to utilize various fuels, including natural gas and biogas, offers flexibility for industrial users seeking to optimize their energy supply chains. As industries strive to meet both production demands and environmental regulations, stationary fuel cells in this capacity range are anticipated to experience robust adoption over the forecast period.

>1,000kW:

Fuel cells with capacities exceeding 1,000kW are ideal for utility-scale applications, providing substantial energy output for large industrial facilities or grid support. These systems play an integral role in enhancing energy resilience and integrating renewable energy sources into the existing grid. Utilities are increasingly recognizing the value of large-capacity fuel cells as a means of achieving sustainable energy goals while maintaining reliable service to consumers. Their ability to operate continuously and efficiently positions large stationary fuel cells as a central component of future energy infrastructure, particularly as the demand for clean energy solutions continues to grow.

By Region

The stationary fuel cell market is showing diverse growth patterns across various regions, with North America leading the way. In North America, the market is projected to reach USD 5 billion by 2035, accounting for approximately 33% of the global market share. This growth is primarily driven by significant investments in clean energy technologies and the presence of key market players. Furthermore, favorable government initiatives aimed at promoting renewable energy adoption are also contributing to the market's expansion. The trend towards decentralization of energy systems and the increasing demand for reliable back-up power in critical applications are expected to fuel further growth in this region. The CAGR for North America is anticipated to be around 17% during the forecast period.

Europe is expected to follow closely, with a market share of approximately 30%, projected to reach USD 4.5 billion by 2035. The favorable regulatory environment, coupled with increasing investments in hydrogen infrastructure and renewable energy projects, is driving growth in this region. The market for stationary fuel cells in Asia Pacific is also gaining momentum, driven by rapid urbanization and industrialization, particularly in countries like China and Japan. The Asia Pacific region is expected to capture around 25% of the market share, with an anticipated CAGR of 20% during the forecast period. Latin America and the Middle East & Africa are also emerging markets, with growth expected due to a focus on energy sustainability and the adoption of clean energy technologies.

Opportunities

As the global demand for clean energy sources continues to rise, the stationary fuel cell market presents numerous opportunities for growth and innovation. One significant opportunity lies in the expansion of energy storage systems that can work synergistically with fuel cell technology. By leveraging advancements in battery storage and fuel cell integration, businesses can enhance energy efficiency and reliability, thus providing a seamless transition to renewable energy sources. Furthermore, as more industries adopt sustainable practices and aim to reduce their carbon footprints, fuel cells can play a vital role in achieving these objectives by providing clean and efficient power solutions that align with corporate sustainability goals. Additionally, ongoing research and development will likely lead to further innovations in fuel cell technology, making it more cost-effective and accessible to a broader range of users.

Another promising opportunity for the stationary fuel cell market lies in the increasing focus on smart grids and decentralized energy generation. As governments and utilities work towards modernizing energy infrastructures, the integration of stationary fuel cells into smart grid systems can enhance energy distribution efficiency and resilience. The growing trend of microgrid development, particularly in remote or underserved areas, offers a unique opportunity for stationary fuel cells to provide reliable power while reducing dependence on fossil fuels. Moreover, as the adoption of hydrogen as a clean energy carrier gains traction, stationary fuel cells will be positioned to capitalize on this emerging trend, providing a sustainable energy solution that addresses both environmental concerns and energy security challenges.

Threats

The stationary fuel cell market is not without its challenges and threats, which could hinder its growth trajectory. One primary threat is the competition from alternative energy sources, particularly solar and wind energy, which have established themselves as dominant players in the renewable energy sector. With rapidly decreasing costs and advancements in energy storage solutions, these alternatives may present a more attractive option for consumers and businesses. Additionally, the lack of widespread hydrogen infrastructure remains a significant barrier to the adoption of certain types of fuel cells, limiting their usability and market penetration. As hydrogen production and distribution evolve, fuel cells may face hurdles in aligning with consumers' energy needs and infrastructure capabilities.

Moreover, the high initial investment costs associated with stationary fuel cells can deter potential users from adopting this technology. While operational costs may prove to be lower in the long run, businesses often seek immediate returns on investment, making them hesitant to transition to stationary fuel cells. Additionally, regulatory frameworks surrounding energy production can vary widely from region to region, leading to confusion and complexity for potential users. If not addressed, these challenges may impede the overall growth of the stationary fuel cell market, limiting its ability to fulfill the increasing demand for clean and sustainable energy solutions.

Competitor Outlook

• Ballard Power Systems
• Plug Power Inc.
• Bloom Energy Corporation
• FuelCell Energy, Inc.
• Siemens AG
• Hydrogenics Corporation (a Cummins Inc. company)
• Doosan Fuel Cell America, Inc.
• Horizon Fuel Cell Technologies
• NEC Energy Solutions
• Cummins Inc.
• PowerCell Sweden AB
• AFC Energy PLC
• ITM Power PLC
• Serenergy A/S
• Polymer Power, Inc.

The competitive landscape of the stationary fuel cell market is characterized by several key players who are at the forefront of innovation and technological advancements. Companies such as Ballard Power Systems and Plug Power Inc. continue to lead the charge with their cutting-edge fuel cell solutions, focusing on improving efficiency and reducing costs. Their commitment to research and development allows them to remain competitive while addressing the growing demand for clean energy sources. Additionally, collaborations and partnerships among industry players are becoming increasingly common, facilitating the sharing of resources and knowledge to drive further advancements in fuel cell technologies.

Another notable player, Bloom Energy Corporation, has made significant strides in the market with its solid oxide fuel cell technology, providing efficient energy solutions for commercial and industrial applications. Their focus on sustainability and resilience has positioned them as a key player in the industry, attracting substantial investments and partnerships. Furthermore, FuelCell Energy, Inc. has a strong presence in the utility sector, offering solutions that optimize energy production and reduce emissions. Their ability to provide reliable and clean power generation makes them a valuable partner for utilities seeking to modernize their energy infrastructures.

In addition to these key players, emerging companies such as Hydrogenics Corporation and Doosan Fuel Cell America, Inc. are also gaining traction in the market. Their innovative approaches and focus on developing scalable fuel cell solutions position them well for future growth. As the stationary fuel cell market continues to evolve, ongoing mergers, acquisitions, and collaborations among these companies will drive innovation and expand market reach, contributing to the overall growth and evolution of the industry.

• 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 Siemens AG
    • 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 Cummins Inc.
    • 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 ITM Power PLC
    • 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 Serenergy A/S
    • 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 AFC Energy PLC
    • 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 Plug Power Inc.
    • 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 Polymer Power, 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 PowerCell Sweden AB
    • 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 NEC Energy Solutions
    • 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 Ballard Power Systems
    • 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 FuelCell Energy, 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 Bloom Energy Corporation
    • 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
  • 5.14 Horizon Fuel Cell Technologies
    • 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 Hydrogenics Corporation (a Cummins Inc. company)
    • 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 Stationary Fuel Cell Sales Market, By User
    • 6.1.1 Utilities
    • 6.1.2 Data Centers
    • 6.1.3 Hospitals
    • 6.1.4 Communication Towers
    • 6.1.5 Wastewater Treatment Plants
  • 6.2 Stationary Fuel Cell Sales Market, By Capacity
    • 6.2.1 >5kW
    • 6.2.2 5-250kW
    • 6.2.3 251-1
    • 6.2.4 000kW
    • 6.2.5 >1
    • 6.2.6 000kW
  • 6.3 Stationary Fuel Cell Sales Market, By Application
    • 6.3.1 Residential
    • 6.3.2 Commercial
    • 6.3.3 Industrial
  • 6.4 Stationary Fuel Cell Sales Market, By Product Type
    • 6.4.1 Proton Exchange Membrane Fuel Cell
    • 6.4.2 Solid Oxide Fuel Cell
    • 6.4.3 Molten Carbonate Fuel Cell
    • 6.4.4 Phosphoric Acid Fuel Cell
    • 6.4.5 Direct Methanol Fuel Cell

• 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 Stationary Fuel Cell Sales 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 Stationary Fuel Cell Sales market is categorized based on

By Product Type

• Proton Exchange Membrane Fuel Cell
• Solid Oxide Fuel Cell
• Molten Carbonate Fuel Cell
• Phosphoric Acid Fuel Cell
• Direct Methanol Fuel Cell

By Application

• Residential
• Commercial
• Industrial

By User

• Utilities
• Data Centers
• Hospitals
• Communication Towers
• Wastewater Treatment Plants

By Capacity

• >5kW
• 5-250kW
• 251-1
• 000kW
• >1
• 000kW

By Region

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

Key Players

• Ballard Power Systems
• Plug Power Inc.
• Bloom Energy Corporation
• FuelCell Energy, Inc.
• Siemens AG
• Hydrogenics Corporation (a Cummins Inc. company)
• Doosan Fuel Cell America, Inc.
• Horizon Fuel Cell Technologies
• NEC Energy Solutions
• Cummins Inc.
• PowerCell Sweden AB
• AFC Energy PLC
• ITM Power PLC
• Serenergy A/S
• Polymer Power, Inc.