Fuel Cell - Markets and Economics

Markets and Economics

In 2010, fuel cell industry revenues exceeded a $750 million market value worldwide, although, as of 2010, no public company in the industry had yet become profitable. There were 140,000 fuel cell stacks shipped globally in 2010, up from 11 thousand shipments in 2007, and in 2010 worldwide fuel cell shipments had an annual growth rate of 115%. Approximately 50% of fuel cell shipments in 2010 were stationary fuel cells, up from about a third in 2009, and the four dominant producers in the Fuel Cell Industry remain the United States, Germany, Japan and South Korea. The Department of Energy Solid State Energy Conversion Alliance found that, as of January 2011, stationary fuel cells generated power at approximately $724 to $775 per kilowatt installed. Bloom Energy, a major fuel cell supplier, says its fuel cells will meet a return on investment in 3–5 years, as its fuel cells generate power at 9–11 cents per kilowatt-hour, including the price of fuel, maintenance, and hardware.

Low temperature fuel cell stacks proton exchange membrane fuel cell (PEMFC), direct methanol fuel cell (DMFC) and phosphoric acid fuel cell (PAFC) use a platinum catalyst. Impurities create catalyst poisoning (reducing activity and efficiency) in these low-temperature fuel cells, thus high hydrogen purity or higher catalyst densities are required. Although there are sufficient platinum resources for future demand, most predictions of platinum running out and/or platinum prices soaring do not take into account effects of reduction in catalyst loading and recycling. Recent research at Brookhaven National Laboratory could lead to the replacement of platinum by a gold-palladium coating, which may be less susceptible to poisoning and thereby improve fuel cell lifetime considerably. Another method would use iron and sulphur instead of platinum. This is possible through an intermediate conversion by bacteria. This would lower the cost of a fuel cell substantially (as the platinum in a regular fuel cell costs around US$1,500, and the same amount of iron costs only around US$1.50). The concept is being developed by a coalition of the John Innes Centre and the University of Milan-Bicocca. PEDOT cathodes are immune to monoxide poisoning.

Current targets for a transport PEM fuel cells are 0.2 g/kW Pt – which is a factor of 5 decrease over current loadings – and recent comments from major original equipment manufacturers (OEMs) indicate that this is possible. Recycling of fuel cells components, including platinum, will conserve supplies. High-temperature fuel cells, including molten carbonate fuel cells (MCFC's) and solid oxide fuel cells (SOFC's), do not use platinum as catalysts, but instead use cheaper materials such as nickel and nickel oxide. They also do not experience catalyst poisoning by carbon monoxide, and so they do not require high-purity hydrogen to operate. They can use fuels with an existing and extensive infrastructure, such as natural gas, directly, without having to first reform it externally to hydrogen and CO followed by CO removal.