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National Governor’s Association Center for Best Practices Fuel Cell Economic Development Programs An Overview of the Market April 29, 2004. Technology - Fuel Cells. Energy & Power Technology Sector Equity Performance. Energy & Power Tech sector has rallied to

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Technology fuel cells

National Governor’s Association Center for Best PracticesFuel Cell Economic Development ProgramsAn Overview of the MarketApril 29, 2004


Technology fuel cells

Technology - Fuel Cells


Technology fuel cells

Energy & Power Technology Sector Equity Performance

Energy & Power Tech sector has rallied to

outperform the Nasdaq over last 12 months

Source: FactSet and RBC Capital Markets


Fuel cell manufacturing companies in the us and canada 2004

Fuel Cell Manufacturing Companies in the US and Canada2004

BRITISH COLUMBIA

Ballard Power

Palcan Fuel Cell

ALBERTA

Global Thermoelectric

ONTARIO

Hydrogenics

Astris Energi

Fuel Cell Technologies Ltd

MASSACHUSETTS

Acumentrics

Nuvera

Ztek

Cell Tech Power

Protonex

WASHINGTON

Avista Labs

Nu Element

Neah Power

NEW YORK

Plug Power

Mechanical Technology

IDAHO

IdaTech

COLORADO

Ascent Power Sys.

Protonetics

CALIFORNIA

Metallic Power

Direct Methanol Fuel Cell

Anuvu

ILLINOIS

Mosaic Energy

OHIO

McDermott Tech

CONNECTICUT

Fuel Cell Energy

UTC Fuel Cell

Proton Energy

GenCell

Infinity

UTAH

Cerametec

VersaPower

PENNSYLVANIA

Siemens Power

NEW JERSEY

Millenium Cell

TEXAS

LynnTech

- Gary Simon, Sigma Energy Group

GEORGIA

Fuel Cell Resources

Symbols Designate Company Size

Large

Medium

Small

FLORIDA

Apollo Energy


Technology fuel cells

U.S. Fuel Cell

Related Sales

200

150

100

50

2002

2001

Estimated Government and

Corporate Spending in R&D, 2001

U.S. Fuel Cell

Related Expenditures

400

400

- Corporate

300

300

- Government

200

200

100

100

2002

US

Japan

EU

Canada

2001

Emerging Markets - Fuel Cells

  • Price Waterhouse-Coopers estimates markets for fuel cells could be as large as $1.7 trillion by 2020.

  • Focus by Japan and EU on PEMFC

  • Commercialization of PEMFC is close and considered to be the most promising fuel cell technology today.


Technology fuel cells

DMFC

Ballard, 2002

SOFC

Cost (US$/kW)

MCFC

Plug, 2003

Technology

AFC

Nippon Oil, 2004

PAFC

PEMFC

100

Time

100,000

10,000

1,000

Cost (US$/kW)

Fuel Cell Cost Curves

Source: Fuel Cell Today (March 2004)


Technology fuel cells

4030

20

10

0

Wind

COE cents/kWh

1980 1990 2000 2010 2020

100

80

60

40

20

0

Photovoltaic

COE cents/kWh

1980 1990 2000 2010 2020

Emerging Markets - Renewable Energy

  • demand growth 26% for 2003

  • global annual sales of $9 billion

  • top manufacturers * - Vestas, NEG-Micon, GE

  • key markets - Germany, US, Spain

  • demand growth 20-25% per year

  • global annual sales of $3-4 billion

  • top manufacturers - Sharp, BP, Kyocera, and Shell (AstroPower among top 10)

  • key markets - Japan, Germany, U.S.

Declining costs and increasing demand present

disruptive factors for the energy sector!

1These graphs are reflections of historical cost trends NOT precise annual historical data (levelized cents/kWh in constant $2000). Source: NREL Energy Analysis Office (www.nrel.gov/analysis/docs/cost_curves_2002.ppt) Updated: October 2002

* Vestas and NEG-Micon merged their operations to create the largest wind turbine manufacturing group


Technology fuel cells

Hydrogen and Fuel Cell Companies - Endurance is an Issue

Cumulative Announced

“Restructurings”

Announced M&A Transactions

9

8

3

7

6

5

2

4

3

2

1

1

2003

2000

2001

2002

2003

2000

2001

2002

Signs of a market bottom! More M&A Activity Likely!!

Source: RBC Capital Markets


Technology fuel cells

Recent M&A Activity in Hydrogen and Fuel Cells

  • Ballard Power acquires XCELLIS and Ecostar (October 2001)

    - $348 M - all stock

    - PEM fuel cells, vehicular fuel cell engines and electronic drive systems technology - combine all three pieces into one entity to lower overall costs and accelerate product development.

  • Plug Power merges with H Power (November 2002)

    - $50.7 M - all stock

    - Stationary PEM fuel cell technology developers

  • Stuart Energy acquires Vandenborre Technologies (December 2002)

    - $18 M - $11.6 M stock and $6.4 M cash

    - Developers of alkaline electrolysis based hydrogen generation systems

  • Hydrogenics acquires Greenlight Power (January 2003)

    - $19 M - $16.75 M stock and $2.25 M cash

    - Fuel cell test station developers

  • Distributed Energy Systems acquires Northern Power Systems (May 2003)

    - $27.5 M - $8.5 M stock and $19 M cash

    - Combining hydrogen generation technology with renewable and fossil-fuel power systems

  • Fuel Cell Energy acquires Global Thermoelectric (August 2003)

    - $80 M - all stock (~$115-120 M at close given stock appreciation)

    - Developers of MCFC and SOFC technologies

Source: RBC Capital Markets


Technology fuel cells

Back to Edison – Energy Security and Reliability

The Economist, ABB.


Technology fuel cells

Fuel Cells and a Renewable Hydrogen Economy

Graphic provided by the National Renewable Energy Laboratory


Technology fuel cells

Connecticut Clean Energy Fund – Fuel Cell Initiative

  • Fuel Cell Installations

    • Commercialization

      • UTC PC25 St. Francis Hospital – power security to operating room

      • UTC PC25 South Windsor High School – baseload power emergency shelter

      • DFC300 Yale University – CHP application with high quality power needs

    • Demonstration

      • 10 kW SOFC using syngas from biomass gasification process

      • 5 kW SOFC using ethanol fuel

    • Performance Monitoring – working with EPRI (Electric Power Research Institute) to identify system performance and risks associated with commercialization

  • Investments

    • Proton Energy Systems – regenerative fuel cell systems

    • Acumentrics – manufacturer of SOFC

    • Ztek – business developing SOFC technology

    • GenCell – integrated fuel cell power generators

    • Sure Power – high reliable back-up power systems using fuel cells

  • Outreach and Education

    • Annual Fuel Cell Investment Summit – RK Pachauri, IPCC Chairman

    • Public Fuel Cell Alliance

    • Connecticut Global Fuel Cell Center at the University of Connecticut


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