The goal of Fuel cell industry research in compiling and publishing the 2007 Fuel Cell Industry Report Review is to provide key players with all important 2007 news and an analysis of how the industry will be affected in one publication.

We hope you will find this Review valuable, and we look forward to another year of serving our customers' technology market research needs.

TABLE OF CONTENTS

Chapter- 1: CATALYST, COMPONENTS AND MATERIALS


  

    
STABILIZED   PLATINUM ELECTROCATALYSTS FOR FUEL CELLS
  
  

    
VEHICLE   FUEL CELL CATALYST BREAKTHROUGH
  
  
  

    
PALLADIUM CONTAINING FUEL CELL MARKET CONSIDERATIONS
  
  

    
PALLADIUM-BASED   ALLOY CATALYSTS FOR FUEL CELLS
  
  

    
INTEGRATED SENSING SYSTEMS LAUNCHES EMBEDDED FUEL-CELL CONCENTRATION   SENSORS
  
  

    
CATALYTIC   NANOCHANNEL REACTOR ARRAYS FOR FUEL REFORMING
  
  

    
PLATINUM NANODOTS FOR FUEL CELLS
  
  

    
NEW   RESIN FOR FUEL CELL BINDER
  
  

    
LOW-COST NANO   CATALYST ENHANCES FUEL CELL PERFORMANCE
  
  

    
NEW CATALYSTS FOR   CHEAPER HYDROGEN
  
  

    
GENERATOR FUEL SUPPLY AND RECYCLING
  
  

    
STRONG AND   STRETCHY FIBERS WITH BARRIER POTENTIAL
  
  
  

    
FIFTY-ATOM-THICK   FILTER FOR FUEL CELL SERVICE
  
  

    
GS   CARBON ACQUIRES CARBON AEROGEL TECHNOLOGY
  
  

    
MIT NANOCOMPOSITE   COULD FORM FUEL CELL GAS BARRIERS
  
  
  

    
GAS-DIFFUSION   SUBSTRATE
  
  

    
BRUSH ANODE AND   TUBULAR CATHODE SCALE UP MICROBIAL FUEL CELLS
  
  
  

    
UNIVERSITY OF   WISCONSIN-MADISON RESEARCHERS STUDY MICROBIAL FUEL CELLS
  
  

    
FUEL-CELL   EFFICIENCY ENHANCEMENT PROJECT
  
  
  

    
FUELCELL ENERGY   INCREASES CELL POWER OUTPUT BY 20%
  
  

    
US FUEL CELL   COUNCIL PUBLISHES GASKET GUIDANCE DOCUMENT
  
  

    
POLYFUEL ISSUED PORTABLE FUEL CELL TECHNOLOGY PATENTS
  
  

    
VIASPACE SHIPS FC   HUMIDITY SENSOR, REPORTS FURTHER INTEREST, PATENT TRANSFERS
  
  

    
AUTOMATED, HIGH VOLUME FUEL CELL ASSEMBLY LINE
  
  

    
NANOPARTICLE   PLATINUM FOR FUEL CELL POWERED VEHICLES
  
  

    
SUGAR-TO-HYDROGEN TECHNOLOGY
  
  
  

    
MICROBIAL FUEL CELLS GET NUTRITIONAL BOOST
  
  

    
TWO BACTERIA   BETTER THAN ONE IN CELLULOSE-FED FUEL CELL
  
  
  

    
IQ MICRO   ACCELERATES MICROFLUIDICS PRODUCT DEVELOPMENT
  
  

    
FLUID SENSING   DEVICE WITH INTEGRATED BYPASS
  
  
  

    
U.S. AND CHINA   INCREASE VEHICLE EFFICIENCY COOPERATION
  
  

    
MESOPOROUS   MATERIALS FOR FUEL CELLS
  
  

    
VOLLER   COLLABORATES WITH THE UNIVERSITY OF CAMBRIDGE TO DEVELOP ADVANCED REFORMERS
  
  

    
ITM   SHOWS PATENT PROGRESS
  
  

    
WALL MOUNTED   RESIDENTIAL FUEL CELL HEAT AND POWER SYSTEM
  
  

    
UTC   POWER FUEL CELL TO PROVIDE ELECTRICITY AND HEAT FOR NEW HIGH SCHOOL
  
  

    
BALLARD   AND VOLLER COLLABORATE ON AUXILIARY POWER UNITS
  
  

    
"PERFORMANCE OF   AUTOMOTIVE FUEL CELL SYSTEMS WITH NANOSTRUCTURED THIN FILM CATALYSTS"
  
  
  

    
TABLE 1   PERFORMANCE AND COST SUMMARY
  



Chapter- 2: STATIONARY FUEL CELLS

  

    
TAX CREDIT   EXTENSION KEY COMPONENT FOR COMMERCIALIZATION
  
  

    
CRM, XAAR, AND   SOLVAY COLLABORATE ON FUEL CELL STACK FABRICATION PROCESS
  
  

    
FUELCELL ENERGY POWERS WASTEWATER TREATMENT PLANT WITH 1.0 MW OF   RENEWABLE POWER
  
  

    
POWER AIR   DEMONSTRATES ZINC AIR FUEL CELL INDOOR GENERATOR AND DESIGN PROTOTYPE
  
  

    
STATUS NATIONAL   CENTER FOR MANUFACTURING FC SCIENCES
  
  

    
UTC   POWER FUEL CELL FLEET ATTAINS 8 MILLION HOURS OF OPERATION
  
  

    
PRODUCT   DEVELOPMENT FOR A GERMAN RESIDENTIAL COMBINED HEAT AND POWER SYSTEM
  
  

    
AFC ENERGY   PARTNERS WITH AKZO NOBEL
  
  

    
ACUMENTRICS COMPLETES PHASE I OF ITS U.S. DOE SOLID-STATE ENERGY   CONVERSION ALLIANCE (SECA) COOPERATIVE AGREEMENT
  
  

    
ACUMENTRICS   RECEIVES PHASE II SBIR FUNDING TO RAISE FUEL CELL EFFICIENCY
  
  

    
FUELCELL ENERGY AND AIR PRODUCTS SUPPLY MULTI MEGAWATT FUEL CELL FOR   WASTEWATER FACILITY
  
  

    
MORGAN STANLEY   AND DISTRIBUTED ENERGY FORM JOINT VENTURE TO FINANCE RENEWABLE POWER GENERATION   PROJECTS
  
  

    
PLUG POWER   ANNOUNCES INDIAN DISTRIBUTION PARTNERSHIP
  
  

    
TOYOTA   CONTINUES COGENERATION SYSTEM
  
  

    
TABLE 2 TMC AND   AISIN SPECIFICATIONS
  
  

    
FUELCELL ENERGY   AND VERSA POWER WRAP UP SOFC DEMO
  
  

    
ACUMENTRICS ROLLS OUT AHEAD MICRO-CHP HEATER/GENERATOR
  
  

    
FIGURE 1 MICRO-CHP   HEATER/GENERATOR
  
  

    
IDATECH IN   EUROPEAN MARKETING AGREEMENT WITH CHLORIDE GROUP PLC
  
  

    
TUBULAR   FUEL CELL SYSTEM TESTED FOR RESIDENTIAL CONSUMER USE BY NIST
  
  

    
CERAMIC FUEL   CELLS, NUON AND REMEHA COLLABORATE ON MICROGENERATION
  
  

    
TRULITE   INTRODUCES ALL-INCLUSIVE FUEL CELL POWER GENERATION SYSTEM
  
  

    
POSCO   AND KOREA ELECTRIC POWER CORP. (KEPCO) WILL COLLABORATE ON FUEL CELLS
  
  

    
FORD ADVANCES   THIRD-GENERATION FUMES-TO-FUEL CELL TECHNOLOGY
  
  

    
CONNECTICUT UTILITIES SUBMIT 68 MEGAWATTS OF FUELCELL ENERGY POWER   PLANT PROJECTS TO UTILITY CONTROL
  
  

    
CONNECTICUT   UTILITIES SUBMIT 68ý(CONTINUED)
  
  

    
UNIVERSITY OF KANSAS CENTER FOR RESEARCH SEES WATER MANAGEMENT AS KEY   TO PEM FUEL CELL OPTIMIZATION
  
  

    
ACUMENTRICS AND   MTS DEMONSTRATE WALL MOUNTED RESIDENTIAL FUEL CELL HEAT AND POWER SYSTEM
  
  

    
BALLARD   AND VOLLER SIGN SUPPLY AGREEMENT
  
  

    
RESIDENTIAL FUEL CELL HEAT AND POWER SYSTEM
  
  

    
ENBRIDGE ORDERS   1.2 MW FUELCELL ENERGY PIPELINE POWER PLANT
  
  

    
THIN   FILM, ANODE-SUPPORTED SOFC
  
  

    
ALASKA ENERGY   TECHNOLOGY DEVELOPMENT LAB TESTS PROPANE FUEL CELL STATION
  
  

    
LESS EXPENSIVE   FUEL CELL ELECTRODES POSSIBLE
  
  

    
TIAX   RESEARCHES LOW-COST, HIGH-TEMPERATURE RECUPERATORS FOR SOFCS FABRICATED FROM   TI3ALC2 MACHINABLE CERAMIC
  
  

    
MEMBRANE AND   CATALYST DEVELOPMENT AT 3M
  
  

    
POINT-OF-USE   FILTERS FOR FUEL CELL TESTING
  
  

    
FIGURE 2   CLEAN AIR EFFECT ON A MULTIPLE STACK PEM FUEL CELL
  
  

    
FIGURE 3   DONALDSON FUEL CELLS
  
  

    
FIGURE 4 BEFORE   AND AFTER FUEL CELL FILTRATION
  



Chapter- 3: PORTABLE

  

    
POROUS   SILICON FUEL CELL DEVELOPMENT
  
  

    
MILLENNIUM CELL   EXPANDS PATENT PORTFOLIO
  
  

    
ARSC   HYDRA UNIT COMPLETES PRODUCTION OF PROTOTYPE FUEL CELLS AND BEGINS CERTIFICATION   PROCESS
  
  

    
MICROCELL TO OPEN 80,000 SQUARE FOOT FUEL CELL MANUFACTURING PLANT IN   EASTERN NORTH CAROLINA
  
  

    
CONTRACT   EXTENSION FOR NUVANT SYSTEMS
  
  

    
PORTABLE FUEL   CELL MAKER CMR FUEL CELL PROGRESS REPORT
  
  
  

    
POWER BOOST   CONVERTER FOR MICRO-FUEL CELL DEVICES
  
  

    
MEDIS   DIRECT LIQUID FUEL CELL
  
  

    
MILLENNIUM CELL   AND KUCHERA DEFENSE SYSTEMS FORM STRATEGIC RELATIONSHIP
  
  

    
MOBION   FUEL CELL
  
  
  

    
DIRECT   METHANOL FUEL CELL CORP. FILES PATENT APPLICATION ON TAMPER RESISTANT FUEL   CARTRIDGES
  
  

    
MTI   MICROFUEL CELLS DELIVERS PROTOTYPE
  
  

    
FIGURE 5 HOW A   MICRO FUEL CELL WORKS
  
  

    
WAH   SHING TOYS AND HORIZON FUEL CELL LAUNCH "CLEAN TOY INITIATIVE"
  
  

    
MORPHIC   TECHNOLOGIES RECEIVES STRATEGICALLY IMPORTANT ORDER FOR FLOW-PLATES FOR LAPTOP   FUEL CELLS
  
  

    
HOTMODULE FUEL   CELL GENERATES HEAT AND POWER FROM SEWAGE GAS
  
  

    
HYDROGEN CORP. COMPLETES MECHANICAL ASPECTS OF COMMERCIAL   DEMONSTRATION FUEL CELL POWER PLANT
  
  

    
MILLENNIUM CELL AND DOW CHEMICAL CO. ACHIEVE ADDITIONAL MILESTONE
  
  

    
CMR FUEL CELLS   COMPLETES SAMSUNG JOINT DEVELOPMENT AGREEMENT
  
  

    
OAK   RIDGE NATIONAL LABORATORY AND RESEARCH CENTRE JULICH FUEL CELL PARTNERSHIP
  
  

    
OREGON   STATE BOOSTS ELECTRICITY PRODUCTION USING NEW MICROBIAL FUEL CELL DESIGN
  
  

    
OREGON STATE   BOOSTS ELECTRICITY...(CONTINUED)
  
  

    
VOLVO   FUEL CELL ALCOGUARD AIMS TO PREVENTS DRUNK DRIVING
  
  

    
FIGURE 6 VOLVO   ALCOGUARD
  
  

    
ENERFUEL DEBUTS PORTABLE FUEL CELL CAMERA
  
  

    
ECOTALITY'S FUEL CELL STORE TO BE ONLINE DISTRIBUTOR FOR THE MEDIS   24/7 POWER PACK
  
  

    
FIGURE 7 MEDIS   24-7 POWER PACK
  
  

    
FIGURE 8 POWER   PACK DISCHARGE CURVE
  
  

    
MTI   MICRO EXPANDS BUSINESS DEVELOPMENT EFFORTS IN ASIA
  
  

    
TABLE 3 MOBION   COMMERCIALIZATION TIMELINE
  
  

    
MTI MICROFUEL   CELLS TO BEGIN TAKING ORDERS FOR ITS MOBION 30M FUEL CELLS
  
  

    
FIGURE 9   MOBION 30M
  
  

    
FIGURE 10 MOBION   TECHNOLOGY POWERING A TYPICAL SMART PHONE
  
  

    
CERAMIC   MICROREACTORS SHOW PROMISE FOR PORTABLE ELECTRICAL POWER SOURCES
  



Chapter- 4: TRANSPORTATION

  

    
FORD SHOWCASES   EDGE EV WITH HYSERIES DRIVE, "WORLD'S FIRST DRIVABLE PLUG-IN FUEL CELL   VEHICLE"
  
  

    
FIGURE   11 FORD EDGE HYBRID
  
  

    
DOE-FUNDED ICE RESURFACER ON TOUR
  
  

    
EPA APPROVES   CALIFORNIA ZEV REGS, SETS STAGE FOR WIDER FUEL CELL VEHICLE USE.
  
  

    
ARGONNE   NATIONAL LABORATORY DEVELOPS IMPROVED SOFTWARE THAT HELPS RESOLVE TIME AND COST   CONSTRAINTS IN DESIGNING ADVANCED VEHICLES
  
  

    
INVEST IN GERMANY   OUTLINES NEW DEVELOPMENTS IN CLEANER TRANSPORTATION
  
  

    
HYSERIES DRIVE   FORD CONCEPT FEATURES BATTERY-POWERED, PLUG-IN HYBRID WITH A HYDROGEN FUEL   CELL
  
  
  

    
FIGURE 12 HYSERIES   DRIVE POWERTRAIN
  
  

    
HYDROGENICS AND LIFTONE TEAM UP FOR FORKLIFT FUEL CELLS
  
  

    
RAYMOND   RECEIVES NYSERDA FUEL CELL R&D FUNDING; NUVERA WILL PROVIDE POWERTAP   HYDROGEN REFUELING SYSTEM
  
  

    
QUANTUM AWARDED   CONTRACT TO EXPAND HYDROGEN HYBRID VEHICLE AND REFUELING INFRASTRUCTURE
  
  

    
FIGURE   13 QUANTUM HYHAULER PLUS VEHICLE
  
  

    
THE TORO COMPANY   PARTNERS WITH NEW YORK STATE PARKS ON HYDROGEN FUEL CELL PROJECT
  
  

    
UQM TECHNOLOGIES   RECEIVES ADDITIONAL ORDER FROM EATON FOR FUEL CELL COMPRESSOR MOTORS
  
  

    
BOEING   PREPARES FUEL CELL DEMONSTRATOR AIRPLANE FOR GROUND AND FLIGHT TESTING
  
  

    
QUANTUM SHIPS   ELEVEN EXTENDED-RANGE HYDROGEN HYBRID VEHICLES TO NORWAY'S 'HYDROGEN   HIGHWAY'
  
  

    
MULTIPLE HYDROGENICS PRE-COMMERCIAL FUEL CELL ORDERS RECEIVED
  
  

    
SC LAUNCH! FUNDS   HYDROGEN FUEL CELL FORK LIFT DEMONSTRATION PROJECT
  
  

    
PLUG   POWER IN NEGOTIATIONS TO ACQUIRE GENERAL HYDROGEN
  
  

    
GENERAL MOTORS   SHOWCASES SECOND FUEL CELL PROPULSION SYSTEM FOR CHEVROLET VOLT
  
  

    
FIGURE   14 E-FLEX ELECTRIC ARCHITECTURE
  
  

    
ENFICA-FC ENVIRONMENTALLY FRIENDLY INTER CITY AIRCRAFT POWERED BY FUEL   CELLS
  
  
  

    
BMW   ANALYZES THE OUTLOOK FOR THE MOTORIZATION OF CHINA UNTIL 2020 AND SEES HYDROGEN   ECONOMY POTENTIAL
  
  
  

    
VERSA POWER BENCH   STUDY VALIDATES THE DURABILITY AND ENERGY OUTPUT OF HYBRID AUTOMOTIVE FUEL   CELLS
  
  

    
FIGURE   15 MULTIPLE CELL AND STACK TEST STANDS IN THE VPS-CALGARY FACILITY
  
  

    
U.S. SENATE   HYDROGEN AND FUEL CELL CAUCUS BRIEFING
  
  

    
GM   PREPARES FUEL CELL VEHICLE TECHNOLOGY FOR FUTURE PRODUCTION
  
  

    
AIR PRODUCTS WILL   COLLABORATE WITH PLUG POWER'S GENERAL HYDROGEN TO RETROFIT 20 BATTERY-POWERED   CLASS 1 FORKLIFTS
  
  

    
ARSC'S   AMERICAN HYDROGEN CORP AND OHIO UNIVERSITY RESEARCHERS WILL DEVELOP   AMMONIA-TO-HYDROGEN VEHICLE TECHNOLOGY
  
  

    
CENTRO RICERCHE   FIAT PRESENTS FUEL-CELL-POWERED-PANDA FLEET TO CITY OF MANTOVA
  
  

    
CERAMATEC, INC.   DEVELOPING, "SOFC INTEGRATED MULTI-MOLD DIESEL REFORMER"
  
  

    
PLUG   POWER RECEIVES FUEL CELL ORDER FROM WAL-MART STORES
  
  

    
$2 MILLION   CONTRACT FOR SATCON TO DEVELOP AN ADVANCED HEV POWERTRAIN
  
  

    
EXIDE AND BALLARD   POWER COOPERATE ON FORKLIFT TRUCK POWER SOLUTION
  
  

    
HARVARD   UNIVERSITY RESEARCH TEAM RECEIVES FUNDING FROM ALLIED MINDS TO COMMERCIALIZE   NOVEL SOLID OXIDE FUEL CELLS
  
  

    
BAE SYSTEMS WILL   HELP COMMERCIALIZE FUEL CELL HYBRID TRANSIT BUS
  
  

    
WÄRTSILÄ-RUN RESEARCH CONSORTIUM RECEIVES ONE MILLION EURO EU GRANT TO   DEVELOP MARINE FUEL CELLS
  
  

    
PROTOTYPE OF A   GIANT FC POWERED AIRSHIP READY TO BEGIN FLIGHT TESTS
  
  

    
FIGURE 16   AEROSCRAFT AIRSHIP
  
  

    
WAL-MART   EVALUATING FUEL CELL POWERED FORKLIFTS
  
  

    
FIGURE   17 CELLEX'S CX-P150 FUEL CELL POWER UNIT AT WAL-MART
  
  

    
MOHAWK   FUEL CELL VEHICLE OIL FREE HYDROGEN COMPRESSOR FUNDED
  



Chapter- 5: MILITARY AND AEROSPACE

  

    
SFC   WINS US ARMY OTC ORDER FOR DEVELOPMENT OF A 250 W FUEL CELL
  
  

    
TELEDYNE RECEIVES CONTRACT OPTION TO DELIVER ADDITIONAL PEM   SYSTEM
  
  

    
AKZO NOBEL AND   AFC COLLABORATE ON ALKALINE FUEL CELL HYDROGEN PRODUCTION
  
  

    
FUEL CELL   HYDROGEN FLOW BREAKTHROUGH
  
  
  

    
FUEL CARTRIDGE   MANUFACTURING
  
  

    
NORTH DAKOTA EERC   DEMONSTRATES HYDROGEN PRODUCTION AT ETHANOL FACILITIES
  
  

    
QUESTAIR RECEIVES FOLLOW-ON ORDER FOR H-3200 HYDROGEN PURIFIERS
  
  

    
FORZA FUEL CELL   POWER SYSTEM SHIPPED TO SACRE-DAVEY INNOVATIONS
  
  

    
HYDROGEN FUELING   STATION DEMO AT UNIVERSITY OF CALIFORNIA, IRVINE
  
  

    
PROGRAM   TO DEVELOP MOBILE MEDICAL POWER SOURCE FOR U.S. AIR FORCE
  
  

    
NEW ROUND OF   TESTS FOR FUEL CELL UNMANNED AERIAL VEHICLE
  
  

    
STAR   TECHNOLOGY & RESEARCH HIGH-ALTITUDE MORPHING AIRCRAFT R&D
  
  

    
INI POWER SYSTEMS   CLOSES SERIES B EQUITY FINANCING
  
  

    
ULTRACELL   RECEIVES FUNDING FROM U.S. ARMY
  
  

    
QUANTUM   AWARDED CONTRACTS TO DEVELOP DIESEL HYBRID AND FUEL CELL VEHICLES
  
  

    
AEROVIRONMENT   PUMA SMALL UAS ACHIEVES FLIGHT OF NEARLY 5 HOURS ON FUEL CELL BATTERY HYBRID   SYSTEM
  
  
  

    
THE DEVELOPMENT   OF FUEL CELL TECHNOLOGY FOR NASA'S HUMAN SPACEFLIGHT PROGRAM
  
  
  

    
FIGURE   18 ELEMENTS OF A FUEL CELL POWER SYSTEM
  
  

    
MULTIPLE   CONTRACTS FOR IDATECH
  
  

    
SCALE   UP OF HIGH-EFFICIENCY HYDROGEN GAS SEPARATION PRODUCT
  
  

    
SAINT LOUIS   UNIVERSITY RESEARCHERS DEVELOPING SELECTIVE BIOFUEL CELL-POWERED SENSORS FOR THE   DETECTION OF NITROAROMATIC EXPLOSIVES
  
  

    
BAE SYSTEMS   UNVEILS HYBRID ELECTRIC DRIVE SYSTEM FOR FUTURE COMBAT SYSTEMS, EVENTUAL FUEL   CELL INTEGRATION
  
  
  

    
FIGURE 19 CONCEPT   NON-LINE-OF-SIGHT CANNON
  
  

    
ULTRACELL WILL   DEVELOP PORTABLE FUEL CELL FOR THE UK MOD PORTABLE POWER SYSTEMS PROGRAM
  
  

    
MEDIS   TECHNOLOGIES RECEIVES ORDER FROM GENERAL DYNAMICS TO DEVELOP FUEL CELL PRODUCT   FOR DEFENSE DEPARTMENT WEARABLE POWER SOURCE COMPETITION
  
  

    
NEAH POWER   BECOMES MEMBER OF GENERAL DYNAMICS EDGE INNOVATION NETWORK
  
  

    
DUPONT   FUEL CELLS INTRODUCES NEW EXTENDED LIFE MEMBRANE, GAINS MILITARY CONTRACT
  
  

    
POWER+ENERGY,   INC. AWARDED CONTRACT FOR HYDROGEN TECHNOLOGY DEMO
  



Chapter- 6: HYDROGEN GENERATION AND STORAGE

  

    
NUVERA AND EAST   PENN MANUFACTURING COLLABORATE ON POWERTAP HYDROGEN GENERATION SYSTEM   INSTALLATION
  
  

    
FUELCELL ENERGY AND AIR PRODUCTS BEGIN WORK ON ADVANCED HYDROGEN   GENERATION STATION
  
  

    
DIVERSIFIED   ENERGY AND EVERGREEN PULP CREATE PARTNERSHIP TO OFFSET MILL'S NATURAL GAS USAGE   WITH RENEWABLE ENERGY, SYNGAS, AND FUEL CELLS
  
  

    
UNIVERSITY OF CALIFORNIA, SAN DIEGO RESEARCHERS USE SOLAR ENERGY TO   CONVERT CARBON DIOXIDE INTO FC FUEL
  
  
  

    
FIGURE   20 SOLAR SPLITTING OF CARBON DIOXIDE
  
  

    
UCLA   CHEMISTS DESIGN THE LEAST DENSE CRYSTALS EVER
  
  

    
FIGURE 21 CRYSTAL   STRUCTURE OF COF-108
  
  

    
CTP   HYDROGEN DEVELOPING IMPROVED HYDROGEN GENERATION MEMBRANE SYSTEMS
  
  

    
FIGURE 22 CTP   HYDROGEN PROCESS
  
  

    
DOE   WILL INVEST UP TO $8.2 MILLION FOR HYDROGEN STORAGE RESEARCH
  
  

    
QUANTUM SIGNS   STRATEGIC AGREEMENT FOR DISTRIBUTION OF ALTERNATIVE FUEL SYSTEMS IN INDIA
  
  

    
PURDUE   RESEARCHERS MAP ROUTE TO HYDROGEN FROM WATER AND ALUMINUM
  
  
  

    
DOE   FUNDING UP TO $11.2 MILLION IN HYDROGEN RESEARCH
  
  

    
TABLE 4 HYDROGEN   RESEARCH
  
  

    
HYDROGEN USING   BIOMASS
  
  

    
SENATE   BRIEFING ON HYDROGEN HIGHWAY STATUS
  
  
  

    
FIGURE   23 HYDROGEN FACILITIES AND HYDROGEN HIGHWAY
  
  
  

    
HYDROGEN FUEL CELL DEMONSTRATION PROGRAM
  
  

    
NEW,   COST-EFFICIENT METHOD FOR CREATING PORTABLE HYDROGEN FUEL CELLS
  
  

    
NEW AEROGELS   COULD PURIFY HYDROGEN FOR FUEL CELLS
  
  

    
MILLENNIUM CELL RECEIVES NOTIFICATION OF ALLOWANCE FOR TWO U.S. PATENT   APPLICATIONS
  
  

    
OHIO UNIVERSITY   LICENSES "AMMONIA ROUTE TO HYDROGEN" TO AMERICAN HYDROGEN CORP.
  
  

    
PERFECTING ALUMINUM-BASED HYDROGEN-GENERATING TECHNOLOGY
  
  
  

    
SOLID   AMMONIA BORANE PELLETS FOR HYDROGEN STORAGE
  
  

    
HYDROGEN   PRODUCTION FROM METHANOL USING A NOVEL IMPREGNATED LAYER COMBUSTION SYNTHESIS   FOR CATALYST PREPARATION
  
  

    
ARGONNE   RECEIVES $1.88 MILLION FROM DOE TO STUDY PRACTICAL ONBOARD HYDROGEN STORAGE
  
  

    
FIGURE 24   SCHEMATIC OF POLYMERIC STORAGE OF HYDROGEN
  
  

    
UNIVERSITY OF SOUTH CAROLINA, SC LAUNCH! AND COLLEXIS ANNOUNCE   ALTERNATIVE ENERGY PROJECT TO CREATE GLOBAL VIRTUAL LIBRARY FOR HYDROGEN FUEL   RESEARCH
  
  

    
KEY   INITIATIVES AND REORGANIZATIONS FOR MILLENNIUM CELL
  
  
  

    
SOLAR   BIO-FUELS CONSORTIUM TEAM DEVELOPING MICRO-ALGAE HYDROGEN ROUTE
  
  

    
AMERICAN HYDROGEN   SHIPS FIRST AMMONIA-TO-HYDROGEN ACE UNITS
  
  

    
MORPHIC ACQUIRES   HELBIO S.A., POSTS MAJOR ORDER
  
  

    
UCLA   ENGINEERING RESEARCHERS CREATE MODEL TO HELP IDENTIFY OPTIMAL HYDROGEN-STORAGE   MATERIALS
  
  

    
ENGINEERED   EGGSHELLS TO HELP MAKE HYDROGEN FUEL
  
  

    
PACIFIC   NORTHWEST NATIONAL LABORATORY SELECTS HP HIGH-PERFORMANCE COMPUTING TECHNOLOGY   TO AID HYDROGEN AND FUEL CELL RESEARCH
  
  

    
HEAT & POWER   FROM LANDFILL BIOGAS
  
  

    
TECHNOLOGY   MANAGEMENT, INC. DEVELOPS SOYBEAN OIL POWERED SOFCS
  
  

    
EUROPEAN SCIENCE FOUNDATION STUDIES MICROBIAL BIOFILMS FOR FUEL CELL   SERVICE
  
  

    
MICROBIAL   HYDROGEN PROGRESS AT AGRICULTURAL RESEARCH SERVICE AND WASHINGTON   UNIVERSITY
  
  

    
DOE,   U.S. ARMY AND CHEVRON TECHNOLOGY VENTURES TO TEST HYDROGEN FUELING TECHNOLOGIES   IN COLD-WEATHER MILITARY APPLICATIONS
  
  

    
HONDA DISPLAYS   FCX CONCEPT (IC/FC/LITHIUM-ION TRIBRID) AT LOS ANGELES AUTO SHOW
  
  

    
FIGURE 25 HONDA   FCX CONCEPT AT THE LA AUTO SHOW
  
  

    
FIGURE   26 NEW STACK LAYOUT (HYDROGEN AND WATER FLOW VERTICALLY)
  
  
  

    
UNIVERSITY OF ROCHESTER RESEARCHERS USE ULTRA-INTENSE LASER BLAST TO   CREATE TRUE 'BLACK METAL' FOR FUEL CELL COMPONENTS
  
  

    
FIGURE 27   UNIVERSITY OF ROCHESTER BLACK METAL
  
  

    
POWDERMET   INVESTIGATING TITANIUM FOAM FOR EV HYDROGEN STORAGE CONTAINER
  
  

    
FORD   SHOWCASES FUEL CELL POWERED EXPLORER, INCLUDING RECORD BREAKING HYDROGEN TANK   APPROACH
  
  

    
TABLE 5   TDV 2 SPECIFICATIONS
  



Chapter- 7: INDUSTRY NEWS

  

    
FUEL CELL   COMMENTARY
  
  
  

    
HYDROGEN FUELING STATIONS OPERATING IN CALIFORNIA AND ILLINOIS
  
  

    
MORPHIC   TECHNOLOGIES PARTNERS WITH GÖTA TECHNOLOGY TO EXPAND FUEL CELL OPERATIONS
  
  

    
EUROPEAN UNION AWARDS A GRANT OF 5.8 MILLION EUROS TO A EUROPEAN   CONSORTIUM TO DEVELOP LARGE SOFC POWER PLANTS
  
  

    
2008 FEDERAL   BUDGET ENERGY AND TRANSPORTATION FUNDING
  
  

    
PACIFIC   FUEL CELL CORP. WILL PURCHASE FUEL CELL MANUFACTURING EQUIPMENT FROM SGL   TECHNIC, INC.
  
  

    
WORLD   ENERGY SOLUTIONS ACQUIRES HYDROGEN SAFE TECHNOLOGIES
  
  

    
BOC GASES AND   LINDE GAS REBRED IN NORTH AMERICA AS LINDE
  
  

    
BAC2 EXPANDS INTO   NEW FACILITIES
  
  

    
AST SUBCONTRACT   FOR ENERFUEL
  
  

    
COMPANIES RECEIVE SBIR AWARDS TO DEVELOP PEM FUEL CELL MEMBRANES
  
  

    
BASF VENTURE   CAPITAL INVESTS IN ULTRACELL
  
  

    
BALLARD REPORTS   FINANCIALS AND SELLS AUTOMOTIVE APPLICATIONS TO SIEMENS
  
  

    
AWARD   RECIPIENTS FOR R&D AND COMMERCIALIZATION PROJECTS IN OHIO
  
  
  

    
ROLLS-ROYCE ACQUIRES SOFCO-EFS HOLDINGS
  
  

    
FUEL CELL   INDUSTRY REQUESTS LONG-TERM TAX INCENTIVE
  
  

    
ECD   OVONICS RESTURES
  
  

    
DOE'S FUEL CELL   RESEARCH TOPICS
  
  
  

    
NUVERA   FUEL CELLS RELOCATES HQ TO BILLERICA
  
  

    
DOE FUNDING FOR   ADVANCED FUEL CELL AND ELECTRIC VEHICLE TECHNOLOGIES
  
  

    
DOE TECHNOLOGY   TRANSFER COORDINATOR
  
  

    
QUANTUM   TECHNOLOGIES REVIEWS TECSTAR STRATEGIC ALTERNATIVES, ISSUES PRIVATE   PLACEMENT
  
  

    
DOE'S SMALL   BUSINESS INNOVATION RESEARCH PROGRAM
  
  
  

    
NEW   TRANSPORTATION FUEL STANDARDS, INCLUDING HEVS, PLUG-INS, AND FCVS
  
  

    
POWER   AIR CORPORATION SELECTS INVESTOR AND MEDIA RELATIONS COUNSEL
  
  

    
MULTIPLE CONTRACTS FOR QUANTUM
  
  

    
ENER1 APPOINTS   TWO INDUSTRY EXECUTIVES AS INDEPENDENT DIRECTORS
  
  

    
IBEREOLICA AND   CLEAN HYDROGEN PRODUCERS FINALIZING LICENSE CONTRACT
  
  

    
AIR   PRODUCTS AND HYGEAR SIGN HYDROGEN SALES AND MARKETING CONTRACT
  
  

    
FIGURE 28 SAN   ANTONIO FUEL CELL SEMINAR 2007 EXHIBIT HALL
  
  

    
NANODYNAMICS   ENERGY DISPLAY GOES "OFF-THE-GRID" AT FUEL CELL SEMINAR 2007
  
  

    
ETHANOIL CLOSER TO COMPLETING ACQUISITION OF MAJORITY INTEREST IN AN   ADVANCED FUEL CELL PROGRAM
  
  

    
POSCO BEGINS   CONSTRUCTION OF FUEL CELL PLANT
  
  

    
DOOSAN   HEAVY INDUSTRIES & CONSTRUCTION INITIATES FULL SCALE FUEL CELL POWER   GENERATION
  
  

    
ENER1 MANAGEMENT   CHANGES PREPARE FOR COMMERCIALIZATION OF LITHIUM-ION BATTERIES AND FUEL   CELLS
  
  

    
BALLARD POWER   SYSTEMS FQ3 RESULTS ON TRACK
  
  
  

    
ARIZONA STATE   UNIVERSITY RESEARCHERS IMPROVE FUEL CELL PERFORMANCE BY USING INORGANIC   LIQUIDS
  
  

    
NYPRO SIGNS   CARTRIDGE MANUFACTURING AGREEMENT WITH DIRECT METHANOL FUEL CELL CORP.
  
  

    
CABOT ENERGY   MATERIALS BUSINESS CHANGES NAME TO CABOT FUEL CELLS
  
  

    
WRIGHT   FUEL CELL RECEIVES NORTECH COMMERCIALIZATION FUNDING
  
  

    
MEDIS   TECHNOLOGIES AND IAI WILL JOINTLY DEVELOP FUEL CELLS TO POWER UAV SYSTEMS
  
  

    
SIEMENS SOFC TEST   RESULTS EXCEED SECA REQUIREMENTS
  



Chapter- 8: BRIEFLY NOTED

  

    
ARSC HYDRA UNIT   COMPLETES PRODUCTION OF PROTOTYPE FUEL CELLS
  
  

    
DIRECT METHANOL   FUEL CELL CORP. FILES SERIES OF CARTRIDGE PATENT APPLICATIONS
  
  

    
IDATECH SELECTED   BY THE WESTERN STATES CONTRACTING ALLIANCE AS AN APPROVED FUEL CELL   PROVIDER
  
  

    
ENOVA   APPOINTS NEW CEO
  
  

    
FUELCELL ENERGY FUEL CELL STACK COMPONENT ORDERS FROM MTU CFC   SOLUTIONS
  
  

    
$20   MILLION OFFICE OF NAVAL RESEARCH CONTRACT FOR ALION
  
  

    
HOKU CONTRACTS   FOR POLYSILICON MANUFACTURING REACTORS
  
  

    
HYDROGENICS SIGNS   DISTRIBUTION AGREEMENT WITH HELIOCENTRIS
  
  

    
NEW PRESIDENT AND   CEO FOR IDATECH
  
  

    
HYDROGEN CORP. INITIATES PRE-COMMISSIONING OF 400KW DEMO AND   ACCEPTANCE TEST FACILITY
  
  

    
H2GEN   INNOVATIONS HYDROGEN GENERATOR FOR CHEVRON HYDROGEN CO. ORLANDO ENERGY   STATION
  
  

    
ENER1   GROUP COMPLETES BLOCK TRADE WITH INSTITUTIONAL INVESTORS
  
  

    
UNIVERSITY OF   NEVADA-RENO HAS DOE HYDROGEN FUEL FUNDING
  
  

    
AMERICAN HYDROGEN   CORP. SUBSIDIARY TO DEVELOP HYDROGEN FORMULATOR OPPORTUNITY FOR ARSC
  
  

    
ALGODYNE   ETHANOL'S DIRECT-ALCOHOL-FUEL-CELL WORK PROTOTYPE COMPLETED
  
  

    
NEAH   POWER SYSTEMS APPOINTS BUZZ ALDRIN TO BOARD OF DIRECTORS
  
  

    
NISSAN   DELIVERS FUEL CELL-POWERED VEHICLE FOR KANAGAWA TOSHI KOTSU LTD LIMO
  
  

    
BALLARD   POWER SYSTEMS TO PROVIDE FUEL CELLS TO DANTHERM AIR HANDLING A/S
  
  

    
FIRSTFUELCELLS.COM SPONSORS ROBOT FUEL CELL CONTEST
  
  

    
PACIFIC FUEL CELL   CORP. STARTS PRODUCTION IN OHIO PLANT
  
  

    
SOUTH KOREA   BOOSTING HYBRID AND FUEL CELL VEHICLE R&D SPENDING
  
  

    
CARBON   NANTECHNOLOGIES, INC. (CNI) TO MERGE WITH UNIDYM, INC.
  
  

    
QUESTAIR TO SUPPLY SECOND SYSTEM TO RECOVER METHANE FROM BIOGAS IN   SWITZERLAND
  
  

    
MOTT   CORPORATION POROUS METAL IN FUEL CELLS AND HYDROGEN SEPARATION
  
  

    
IDATECH   SECURES MULTI-YEAR JAPANESE CONTRACT FOR HYDROGEN PURIFICATION
  
  

    
ELEMENTAL POWER   GROUP ARRANGES FUEL CELL DEVELOPMENT BUSINESS
  
  

    
ENOVA COMPLETES   DELIVERY OF HYBRID VANS TO NORTH AMERICA'S 2ND LARGEST FLEET OPERATOR
  
  

    
CATAMOUNT ENERGY   INVESTS IN FUEL CELL POWER GENERATION
  
  

    
CSA   INTERNATIONAL RETAINED TO CERTIFY HYDRASTAX FUEL CELL FOR ARSC HYDRA UNIT
  
  

    
PLUG   POWER COMPLETES CELLEX POWER ACQUISITION
  
  

    
SATCON'S EXPANDS FUEL CELL INVERTER DSP BASED CONTROLLER BOARD   CAPABILITY
  
  

    
ENER1 APPOINTS   SUBHASH DHAR AS PRESIDENT
  
  

    
NEAH GETS PATENT   FOR FABRICATING POROUS SILICON-BASED STRUCTURES
  
  

    
MTI MICRO   RECEIVES DOE FUNDING
  
  

    
SUPERPROTONIC RAISES FUNDS TO ACCELERATE DEVELOPMENT AND   COMMERCIALIZATION
  
  

    
NIPPON   OIL CORP. AND COSMO OIL CO. COLLABORATE ON STATIONARY FUEL CELLS
  
  

    
HELIOCENTRIS AND PARKER ENERGY SYSTEMS SIGN TEKSTAK DISTRIBUTION   AGREEMENT
  
  

    
UNIVERSITY OF   ROCHESTER AWARDED $1.8 MILLION FOR NANOTECH FUEL CELL INITIATIVE
  
  

    
PACIFIC FUEL CELL   APPOINTS NEW VP TECHNOLOGY
  
  

    
HYDRA FUEL CELL   TAKING ORDERS FOR HYDRASTAX FUEL CELLS
  
  

    
MIKE CHERRY JOINS   ARSC AS VP-MARKETING, HYDRASTAX
  
  

    
DYNETEK   ANNOUNCES RESIGNATION OF MICHAEL LANG AS A DIRECTOR
  
  

    
HYDROGENICS REGAINS COMPLIANCE WITH NASDAQ MINIMUM BID PRICE LISTING   REQUIREMENT
  
  

    
CMR   FUEL CELLS, ACCELRYS, AND JOHNSON MATTHEY FORM CONSORTIUM FOR ALTERNATIVE ENERGY   RESEARCH
  
  

    
PLUG   POWER APPOINTS NEW CHIEF FINANCIAL OFFICER
  
  

    
PLUG POWER INC.   APPROVED AS A CERES COMPANY
  
  

    
ULTRACELL FUEL   CELL SYSTEM PASSES MIL-STD-810F ENVIRONMENTAL TESTS
  
  

    
ACUMENTRICS OPENS NEW CANADIAN OFFICE WITH FORMER STAFF FROM FUEL CELL   TECHNOLOGIES, LTD.
  
  

    
CHEVY   SEQUEL SETS RECORD: 300 MILES ON ONE TANK OF HYDROGEN
  
  

    
RUSSIAN   BILLIONAIRE ANNOUNCES PLANS TO SET UP BILLION DOLLAR FUEL CELL/NANOTECH   INVESTMENT FUND
  
  

    
SATCON RECEIVES   OVER $2.8 MILLION IN NEW FUEL CELL INVERTER ORDERS
  
  

    
DUPONT AND FOSS   FORM JOINT AGREEMENT TO ENHANCE ETHANOL PRODUCTION
  
  

    
HYDROGENICS   FORKLIFT MARKET DEVELOPMENT ADVANCES THROUGH MULTIPLE CUSTOMER DEPLOYMENTS
  
  

    
MILLENNIUM CELL NAMES MOHRING AS CTO
  
  

    
ARGONNE   FLEXIBLE HYDROGEN SENSORS
  
  

    
SANDIA/BOEING COLLABORATION TARGETS AIRCRAFT FUEL CELL   APPLICATION
  
  

    
NEAH ANNOUNCES   COMMENCEMENT OF TESTING ON FUEL CELL STACK ARCHITECTURE
  
  

    
TUBULAR FUEL CELL   SYSTEM TESTED FOR RESIDENTIAL CONSUMER USE BY NIST
  
  

    
ROCHESTER DELPHI EMPLOYEES ACCEPT PAY CUTS TO KEEP PLANT OPEN
  
  

    
HYPOWER   FUEL DELIVERS HYDROGEN EQUIPMENT TO MTSU FOR UPCOMING FLEX-FUEL PROJECT
  
  

    
FIRST   HYDRASTAX SENDS RESIDENTIAL FUEL CELL SYSTEM TEXAS CUSTOMER
  
  

    
BALLARD-POWERED   BUSES ON BRITISH COLUMBIA ROADS IN 2009
  
  

    
ULTRACELL   ESTABLISHING MANUFACTURING FACILITY IN OHIO
  
  

    
POWER   AND ENERGY RECEIVES HYDROGEN PROCESSING SBIR CONTRACT FROM THE NAVY
  
  

    
OFFICE   OF NAVAL RESEARCH FINALIZES 2006 APPROPRIATION OF $1.4 MILLION TO NEAH POWER   SYSTEMS
  
  

    
HYDROGEN HYBRID TECHNOLOGIES' NEW VICE PRESIDENT
  
  

    
MILLENNIUM CELL   AND HORIZON FUEL CELL TO COMMERCIALIZE 20 WATT-PLUS PRODUCTS
  
  

    
TRULITE PORTABLE   FUEL CELL GENERATOR
  
  

    
NEAH   POWER SYSTEMS APPOINTS DANIEL ROSEN AS EXECUTIVE CHAIRMAN
  
  

    
FUJITSU   BECOMES FIRST SILICON VALLEY COMPANY TO INSTALL HYDROGEN FUEL CELL POWER
  
  

    
NEW PRESIDENT FOR   JADOO POWER SYSTEMS
  
  

    
CERAMIC FUEL   CELLS SELECTS GLEDHILL AS UK APPLIANCE PARTNER
  
  

    
FUEL CELL STORE   OFFICIAL VENDOR OF FUEL CELL KITS FOR U.S. DOE NATIONAL SCIENCE BOWL
  
  

    
TATUNG   SYSTEM TECHNOLOGIES TO DISTRIBUTE ULTRACELL REFORMED METHANOL FUEL CELLS
  
  

    
MILLENNIUM CELL AND HORIZON FUEL CELL DEMONSTRATE POWER SYSTEM
  
  

    
PRECISION FLOW TECHNOLOGIES GETS A SOFC TESTING CUSTOMER
  
  

    
FINMECCANICA'S   ANSALDO AND L-3 COMMUNICATIONS COLLABORATE ON MOLTEN CARBONATE FUEL CELLS
  
  

    
HYDROGENICS CORP.   REAPPOINTS NORMAN AS SEAGRAM CHAIRMAN
  
  

    
IDATECH REPORTS   COLLABORATION WITH TELECOM ITALIA / RENCO S.P.A.
  
  

    
MEDIS   PLANS ON SELLING $35 MILLION IN STOCK
  
  

    
QUANTUMSPHERE AND OM GROUP SOLIDIFY JOINT VENTURE
  
  

    
TARDEC   HYDROGEN HYBRID VEHICLE CONTRACT GOES TO QUANTUM
  
  

    
HOKU SCIENTIFIC   COMPLETES FUEL CELL DEMO, NOT CURRENTLY PURSUING NEW FUEL CELL CONTRACTS.
  
  

    
MICROCELL CORP.   LAUNCHES MASS FUEL CELL PRODUCTION
  
  

    
CLEAN-UP OF COKE   OVEN GAS FOR FUEL CELL OPERATIONS
  
  

    
ETHANOIL CREATES POLYGENIC POWER SYSTEMS FUEL CELL SUBSIDIARY
  
  

    
DMFCC   TEAMS WITH ANTIG FOR JOINT DEVELOPMENT OF FUEL CELL PRODUCTS
  
  

    
GROVE   DISTRIBUTES SFC SMART FUEL CELL FOR UK MOTOR HOMES
  
  

    
PLUG POWER   PRESIDENT AND CEO, TO RETIRE APRIL 7, 2008
  
  

    
COLLABORATION ON   NANOTECHNOLOGY-ENABLED FUEL CELLS EXPANDED
  
  

    
SWATCH FORMS   ADVANCED ENERGY AND FUEL CELL GROUP
  
  

    
PENNSYLVANIA NANOMATERIALS COMMERCIALIZATION CENTER ADVANCED FUEL CELL   CATALYST DEVELOPMENT GRANT FOR HYDROGEN CORP.
  
  

    
INDUSTRY SURVEY SHOWS INCREASED SALES, R&D INVESTMENT, AND   EMPLOYMENT
  
  

    
DIRECT METHANOL   FUEL CELL CORP. FILES PATENT FOR FUEL CARTRIDGE VALVE
  
  

    
JADOO POWER   ALLOWED $2.4 MILLION FROM DEFENSE APPROPRIATIONS BILL
  
  

    
CSA APPROVAL FOR   RELION FUEL CELLS
  



Chapter- 9: PALLADIUM BACKGROUND

  

    
PALLADIUM   SOURCES
  
  

    
PALLADIUM PRODUCTION AND CONSUMPTION
  
  

    
TABLE 6   U.S. PALLADIUM PRODUCTION AND CONSUMPTION, 1996-2006 (KILOGRAMS)
  
  

    
FIGURE 29   PALLADIUM PRODUCTION, 2005-2006 (KILLOGRAMS)
  
  

    
PALLADIUM   PRICES
  
  

    
TABLE 7   HISTORIC PALLADIUM METAL PRICES (DOLLARS PER TROY OUNCE)
  
  

    
PALLADIUM   MARKETS
  
  

    
FIGURE 30   PALLADIUM DEMAND BY APPLICATION IN 2005 (%)
  
  

    
CONTACTS
  
  

    
PALLADIUM COMPANIES
  
  

    
MINING   COMPANIES
  
  

    
EXPLORATION   COMPANIES
  
  

    
REFINERS AND   FABRICATORS
  
  

    
TRADING,   INVESTING AND FINANCIAL COMPANIES
  



Chapter- 10: RESOURCE GUIDE

  

    
DOE RELEASES   "HYDROGEN SAFETY FOR FIRST RESPONDERS"
  
  

    
ISO ISSUES   STANDARD FOR STORAGE OF HYDROGEN FUEL CELLS FOR SAFER TRANSPORT
  
  

    
U.S.   FUEL CELL COUNCIL LISTS FUEL CELL PRODUCTS
  
  

    
FUEL   CELLS 2000 AND DOE LAUNCH FUEL CELL PROJECT DATABASE