Fuel Cell TechnologiesMarket Report 2016

DRAFT REPORT

AuthorsThis report was compiled and written by

Sandra Curtin and Jennifer Gangi of the Fuel Cell and Hydrogen Energy Association,

in Washington, D.C.

AcknowledgementThe authors relied upon the hard work and valuable contributions of many men and women in government and in the fuel cell and hydrogen industry and especially wish to thank Sunita Satyapal and the staff of the U.S. Department of Energys Fuel Cell Technologies Office for their support and guidance. The authors also would like to thank Tian Tian of the National Renewable Energy Laboratory. The authors also acknowledge E4Tech for collaboration and contribution under their project award with DOE.

Front Matter i

NoticeThis report is being disseminated by the U.S. Department of Energy. As such, this document was prepared in compliance with Section 515 of the Treasury and General Government Appropriations Act for Fiscal Year 2001 (Public Law 106-554) and information quality guidelines issued by the Department of Energy.

Neither the United States government nor any agency thereof, nor any of their employees, makes any warranty, express or implied, or assumes any legal liability or responsibility for the accuracy, com-pleteness, or usefulness of any information, apparatus, product, or process disclosed, or represents that its use would not infringe privately owned rights. Reference herein to any specific commercial product, process, or service by trade name, trademark, manu-facturer, or otherwise does not necessarily constitute or imply its endorsement, recommendation, or favoring by the United States government or any agency thereof.

FUEL CELL TECHNOLOGIES REPORT

ii Front Matter

ContentsAcronyms iv

Measures v

Currency Exchange Rates v

Introduction 1

Industry Trends and Data 3

Business and Financial Activities 4

Revenues, Assets, and Research and Development Expenses 4

Investment 6

Mergers, Acquisitions, Partnerships and Collaborations 8

Federal Activities 9

U S Department of Energy 9

U S Department of Transportation 11

U S Department of Defense 11

National Aeronautics and Space Administration 11

National Science Foundation 11

Transportation 12

Light-Duty Vehicles 12

Buses 16

Trucks 18

Material Handling Equipment 18

Rail 19

Other Motive Applications 19

Hydrogen 20

Hydrogen Infrastructure/Supply 20

Hydrogen Production 22

Power-to-Gas and Energy Storage 23

Stationary Power 25

Large-Scale Stationary Power 25

Bloom Energy 25

Doosan Fuel Cell America 26

FuelCell Energy 26

Additional Companies 28

Small-Scale Stationary 29

Portable and Off-Grid Power 30

Components 31

Reports and Studies 32

Appendix: Federal Funding Awards 2016 33

Photo Credits 42

Endnotes 42

Front Matter iii

List of FiguresFigure 1: Fuel Cells Shipped Worldwide by Application 3

Figure 2: Megawatts of Fuel Cells Shipped Worldwide by Application 3

Figure 3: Megawatts of Fuel Cells Shipped Worldwide by Region of Manufacture 3

Figure 4: Worldwide Venture Capital, Private Equity, Over-the-Counter, and Private Investment in Public Equities Investments in Fuel Cell Companies (2014-2016) 6

Figure 5: U S Venture Capital, Private Equity, Over-the-Counter, and Private Investment in Public Equities Investments in Fuel Cell Companies (2014-2016) 7

Figure 6: The Federal Highway Administrations Hydrogen Refueling Map, Part of the National Alternative Fuel and Electric Charging Network 11

List of TablesTable 1: Gross Revenue and Cost of Revenue for Select Public Fuel Cell Companies 4

Table 2: R&D Expenditures for Select Public Fuel Cell Companies 5

Table 3: Total Assets and Liabilities for Select Public Fuel Cell Companies 6

Table 4: 2016 Loan Activity 7

Table 5: Examples of Business Collaborations 8

Table 6: Honda Activities and Announcements 12

Table 7: Hyundai Activities and Announcements 13

Table 8 : Toyota Activities and Announcements 13

Table 9: Activities and Announcements by Other Automakers 14

Table 10 Policies Supporting Fuel Cell Vehicles and Hydrogen Infrastructure Development 15

Table 11: Fuel Cell Bus Commercialization Plans 16

Table 12 Fuel Cell Bus Deployment and Development Announcements 17

Table 13: Hydrogen Infrastructure and Supply Announcements 22

Table 14: Power-to-Gas (P2G) Demonstra