This report analyzes the worldwide markets for Fuel Cells in US$ Million by the following product segments: Phosphoric Acid Fuel Cells, Molten Carbonate Fuel Cells, Alkaline Fuel Cells, Solid Oxide Fuel Cells, Proton Exchange Membrane Fuel Cells, and Others. The report provides separate comprehensive analytics for the US, Canada, Japan, Europe, and Rest of World. Annual estimates and forecasts are provided for each region for the period of 2007 through 2015. The report profiles 145 companies including players such as Acumentrics Corp., Ansaldo Fuel Cells SpA, Apollo Energy Systems Inc., Areva Group, HELION, Arotech Corp., Electric Fuel Battery Corporation, Astris Energy, Inc., Axane Fuel Cells Systems, Ballard Power Systems Inc.,  BCS Fuel Cells, Ceramic Fuel Cells Ltd., Ceres Power Holdings Plc, Fuel Cell Energy Inc., Fuel Cell Technologies, Hydrogenics Corporation., IdaTech LLC, Jadoo Power,  Mitsubishi Heavy Industries Ltd., MKU Canada Inc., MTI MicroFuel Cells Inc., MTU Onsite Energy GmbH,  Nuvera Fuel Cells Inc., Plug Power, Inc., Proton Energy Systems, Inc., Palcan Energy Corporation, Quantum Fuel Systems Technologies Worldwide, Inc., ReliOn, Inc., RWE Fuel Cells GmbH, SFC Smart Fuel Cell AG, Siemens Power Generation, Teledyne Energy Systems Inc., UTC Power, and ZAO Independent Power Technologies. Market data and analytics are derived from primary and secondary research. Company profiles are mostly extracted from URL research and reported select online sources.

TABLE OF CONTENTS

  I. INTRODUCTION, METHODOLOGY & PRODUCT DEFINITIONS
 
      Study Reliability and Reporting Limitations                       I-1
      Disclaimers                                                       I-2
      Data Interpretation & Reporting Level                             I-2
       Quantitative Techniques & Analytics                              I-3
      Product Definitions and Scope of Study                            I-3
       Phosphoric Acid Fuel Cells (PAFC)                                I-4
       Molten Carbonate Fuel Cells (MCFC)                               I-4
       Alkaline Fuel Cells (AFC)                                        I-4
       Solid Oxide Fuel Cells (SOFC)                                    I-4
       Proton Exchange Membrane Fuel Cells (PEMFC)                      I-4
       Others (Includes Direct Methanol Fuel Cells (DMFC) among Others) I-4

 II. EXECUTIVE SUMMARY

  1. INDUSTRY OVERVIEW                                                  II-1
      A Quick Primer                                                    II-1
       Current Market Scenario: A Review                                II-2
        Key Statistical Findings                                        II-3
         Table 1: Global Fuel Cells Market (2008): Percentage Share
         Breakdown of Units Delivered by Application Area -
         Stationary Portable and Transport (includes corresponding
         Graph/Chart)                                                   II-3

         Table 2: Global Fuel Cells Market (2007 & 2008): Percentage
         Share Breakdown of Fuel Cell Units Delivered by Technology
         (includes corresponding Graph/Chart)                           II-3

         Table 3: Global Fuel Cells Market (2008): Percentage Share
         Breakdown of Fuel Cell Units Manufactured by Region - North
         America, Europe, Asia-Pacific and Rest of World (includes
         corresponding Graph/Chart)                                     II-3
        Impact of the Recession                                         II-4
       Outlook                                                          II-4
      Noteworthy Trends & Issues                                        II-5
       Fuel Cells Promise Immense Long-Term Potential                   II-5
       In Time for Making the Right Kind of Impact                      II-6
       Whimsical Visions Of An All-Hydrogen Economy Drives Interest
        in Fuel Cells                                                   II-6
       Environmental Benefits Make Fuel Cells Irresistible              II-6
       Developed Nations to Retain their Stranglehold on the World
        Fuel Cells Market                                               II-7
       Cost and Fuel Storage/Distribution Remain the Most Vital Issues  II-7
       Attracting Attention of the Natural Gas Industry                 II-7
       Raw Material Prices: A Review                                    II-8
        Important Materials Used in Fuel Cells and Batteries            II-8
       Catalysts, Performance Additives to Register Rapid Gains         II-9
       Market Structure                                                 II-9
        Consolidation Blows in the Wind                                 II-9
         M&A Activity in the Industry: 2007-2010                        II-10
       The Promise of Nanotechnology in Fuel Cells                      II-10
        Current Scenario in Nanotechnology and Fuel Cell Research       II-11
       Fuel Cell Exports Exhibit Significant Growth Potential           II-12
       Trends Across Product Markets                                    II-12
        SOFCs: A Technology Of Interest to the Developed Countries      II-12
        Optimism Pervades the Market for Portable Fuel Cell Systems     II-13
         Table 4: Portable Fuel Cell Systems Installed Worldwide
         (2005-2008): Breakdown of Number of Units Delivered
         (includes corresponding Graph/Chart)                           II-14
        Increasing Power Needs of Portables Stimulate Micro Fuel
         Cell Research                                                  II-14
        MFCs - Promising Future, Challenges Abound                      II-14
        Direct Methanol Fuel Cell Preferred Choice for Portable Devices II-15
        Mobile Fuel Cells Receive Support from Electronics Industry     II-16
         Technological Progress                                         II-16
         Newly Found Complementarity                                    II-16
         Growing Power Requirement                                      II-16
         Backing from Big Companies                                     II-16
          Table 5: Worldwide Demand for Fuel Cell in Mobile Phones:
          Breakdown of Number of Units (In Million) and Percentage
          Share in the Total Mobile Phones Market (includes
          corresponding Graph/Chart)                                    II-17
       Auto Industry Views Fuel Cell Systems in Positive Light          II-17
        As a Substitute for 2-Stroke Engine Motorcycles                 II-18
       Stationary Fuel Cell Industry Scenario                           II-18
        Stationary and Distributed Energy Applications Garner Attention II-19
         Table 6: Large Stationary Fuel Cell Systems Installed
         Worldwide (2003-2008): Breakdown of Number of Units
         Delivered and Annual Installed Capacity in MW (includes
         corresponding Graph/Chart)                                     II-20

         Table 7: Small Stationary Fuel Cell Systems Installed
         Worldwide (2003-2008): Breakdown of Number of Units
         Delivered (includes corresponding Graph/Chart)                 II-20
      Fuel Cell Activity Worldwide                                      II-21
       Overview                                                         II-21
       Select Fuel Cell Policies and Programs in Developed Nations      II-21
        United States                                                   II-21
        Europe                                                          II-21
        Japan                                                           II-22
      Research and Development                                          II-22
       Potential Sequence for Fuel Cell Development: 2005-2040          II-22

  2. PRODUCT OVERVIEW                                                   II-23
      Definition                                                        II-23
      Basic Principle                                                   II-23
       Table 8: Cost Structure of Fuel Cell - Percentage Share of
       Key Components (Polymer Membrane (Electrolyte), Carbon
       Electrode, Flowfield, Platinum Catalyst, Others) (includes
       corresponding Graph/Chart)                                       II-24
      Support Systems                                                   II-24
      Technology                                                        II-24
      Function                                                          II-25
      Carnot Efficiency and Fuel Cells                                  II-25
      An Insight into Key Components                                    II-25
       Reformers                                                        II-25
       Hydrocarbon Sources                                              II-26
        Steam Reforming                                                 II-26
        Partial Oxidation                                               II-26
        Gasified                                                        II-26
       Stacks                                                           II-26
       Stack Contents                                                   II-27
      Challenges in Fuel Cell Commercialization                         II-27
       Capital Costs                                                    II-27
       Reliability                                                      II-27
       Material Costs                                                   II-28
       Manufacturing Issues                                             II-28
       Engineering Issues                                               II-28
        Modeling                                                        II-28
        Reliability and Durability                                      II-28
        Materials                                                       II-28
        Fuel Processor                                                  II-28
        New Pumps                                                       II-28
        Fuel Storage                                                    II-29
        Electronics and Sensors                                         II-29
       Other Issues                                                     II-29
      Difference between Fuel Cells and Batteries                       II-29
       History                                                          II-29
       Timeline                                                         II-30
      Classification of Fuel Cells                                      II-31
       An Insight                                                       II-31
       Electrolyte Based Technologies                                   II-31
      Fuel Cell Technologies                                            II-32
      Technical Features                                                II-32
      Power Output and Efficiency                                       II-32
      Merits and Demerits                                               II-33
       Basic Application                                                II-33
       Fuel Cell Systems                                                II-33
        Low Temperature Cells- Function at Less Than 200°C              II-33
        High Temperature Cells- Function in the Range of 600°C and
         1,000°C                                                        II-33
      Major Types of Fuel Cells                                         II-34
       Alkaline Fuel Cells (AFC)                                        II-34
        Overview                                                        II-34
        Principle of Operation                                          II-34
        Operational Efficiencies                                        II-34
        Merits and Demerits                                             II-34
       Phosphoric Acid Fuel Cells (PAFCs)                               II-35
        Overview                                                        II-35
        Application Areas                                               II-35
        Operational Principles                                          II-35
        Merits                                                          II-35
        Demerits                                                        II-36
       Solid Polymer or Proton Exchange Membrane Fuel Cell (PEM)        II-36
        Overview                                                        II-36
        Operational Principle                                           II-36
        Applications Areas                                              II-37
        Improved PEM Functionality due to Innovation of New Membranes   II-37
        Merits                                                          II-37
        Demerits                                                        II-37
       Molten Carbonate Fuel Cells (MCFCs)                              II-37
        Overview                                                        II-37
        Operational Principle                                           II-38
        Benefits                                                        II-38
        Drawback                                                        II-38
       Solid Oxide Fuel Cells (SOFCs)                                   II-38
        Overview                                                        II-38
        SOFCs vs MCFCs                                                  II-39
        Tubular and Planar Types                                        II-39
        Operational Principle                                           II-39
        Merits                                                          II-39
        Demerits                                                        II-40
        Components & Properties                                         II-40
         Yttria Stabilised Zirconia                                     II-40
         Nickel                                                         II-40
         Strontium Doped Lanthanum Magnetite                            II-40
         Lanthanum Chromite                                             II-40
        Gas Reforming in SOFC                                           II-41
        Intermediate Temperature Solid Oxide Fuel Cells                 II-41
        Research Focus                                                  II-41
       Other Types of Fuel Cells                                        II-41
        Direct Methanol Fuel Cells (DMFC)                               II-41
        Regenerative Fuel Cells (RFC)                                   II-42
        Zinc-Air Fuel Cells (ZAFC)                                      II-42
         Working Principle                                              II-42
        Protonic Ceramic Fuel Cell (PCFC)                               II-43
      Fuel Cell Materials                                               II-43
       Pumps                                                            II-43
       Ceramics                                                         II-43
       Motors                                                           II-43
       Bulk Molding Compounds                                           II-43
       Plastics                                                         II-44
      Fuel Cell Energy Sources                                          II-44
       An Insight                                                       II-44
        Table 9: Global Fuel Cell Market: Percentage Share of Fuel
        Cell Units Delivered By Fuel Type - For Hydrogen, Methanol,
        Natural Gas and Others During 2007 & 2008 (includes
        corresponding Graph/Chart)                                      II-45
       Natural Gas                                                      II-45
       Hydrogen                                                         II-46
        Overview                                                        II-46
         Table 10: Number of Hydrogen Filling Stations Constructed
         by Region - North America, Europe, Asia, and Rest of World
         for Years 2006 Through 2008 (includes corresponding
         Graph/Chart)                                                   II-46
        Storage Issues                                                  II-46
        Supply                                                          II-47
        Challenges Plaguing Use of Hydrogen                             II-47
         Hydrogen Infrastructure                                        II-47
         Low Energy Density                                             II-47
        Hydrogen Powered Fuel Cell Buses                                II-47
       Methanol                                                         II-48
        As a Source of Fuel                                             II-48
        Benefits                                                        II-48
        Shortcomings                                                    II-48
        Economic Viability                                              II-49
        Legislative Measures                                            II-49

  3. FUEL CELL APPLICATIONS                                             II-50
      General End-Use Markets                                           II-50
       Application Areas                                                II-50
        Large-Scale Power-Intensive Applications                        II-50
        Portable Applications                                           II-50
        Stationary Applications                                         II-50
        Transportation Applications                                     II-51
      Snapshots of Select End Uses                                      II-51
       Military/Aerospace                                               II-51
        Table 11: US Market for Fuel Cells in Military Applications
        by Technology - PEMFC, Alkaline Fuel Cells, PAFC, MCFC, and
        SOFC: 2004 & 2008 (includes corresponding Graph/Chart)          II-51
       Power Generation                                                 II-52
        An Overview                                                     II-52
        Alternative Energy Technologies                                 II-52
         Types                                                          II-52
         Fuel Cells Vs Gensets                                          II-53
        Fuel Cells Vs Microturbines                                     II-53
        Prospects for Renewable Technology                              II-53
         Transportation                                                 II-54
          Table 12: Fuel Cell Buses and Light Vehicles Constructed
          Worldwide: Breakdown of Number of Units for the years 2003
          through 2009 (includes corresponding Graph/Chart)             II-55
         Industrial                                                     II-55
         Residential                                                    II-55
         Commercial                                                     II-55
         Marine                                                         II-55
      Major Application Areas                                           II-55
       Portable Fuel Cells                                              II-55
        Overview                                                        II-55
         Table 13: World Market for Portable Fuel Cells (2008):
         Percentage Share Breakdown of Units Delivered by Technology
         Type - PEMFC, SOFC, DMFC, and AFC (includes corresponding
         Graph/Chart)                                                   II-56
        Technical Challenges                                            II-57
        Players & Their Product Offerings in the Portable Fuel Cells
         Market As of the Year 2009                                     II-57
        Micro Fuel Cells vis-à-vis Batteries                            II-57
        MEMS Technology                                                 II-58
       Stationary Fuel Cells                                            II-58
        Overview                                                        II-58
        Categories                                                      II-58
        Technology Type                                                 II-59
         Table 14: World Market for Large Stationary Fuel Cells
         (2008): Percentage Share Breakdown of Units Delivered by
         Technology Type - MCFC, PAFC, SOFC and PEMFC (includes
         corresponding Graph/Chart)                                     II-59

         Table 15: World Market for Small Stationary Fuel Cells
         (2008): Percentage Share Breakdown of Units Delivered by
         Technology Type - PEMFC, SOFC, DMFC and AFC (includes
         corresponding Graph/Chart)                                     II-59
         Fuel Cells vis-à-vis Conventional Systems                      II-59
         Players & Their Product Offerings in the Large Stationary
          Fuel Cells Market As of the Year 2009                         II-60
         Players & Their Product Offerings in the Small Stationary
          Fuel Cells Market As of the Year 2009                         II-60
        Fuels                                                           II-60
        Benefits                                                        II-61
        Micro CHP                                                       II-61
         Table 16: Assessment of Fuel Cells In CHP: 2002-2010
         (includes corresponding Graph/Chart)                           II-61
       Automotive Fuel Cells                                            II-62
        An Overview                                                     II-62
         Table 17: Assessment of Fuel Cells for Automotive
          Applications: 2001-2020 (includes corresponding Graph/
           Chart)                                                       II-62
         Table 18: Worldwide Electric Vehicles Market (2010E):
         Percentage Share of Unit Sales by Vehicle Class - Light
         Duty and Heavy Duty                                            II-62
         Players & Their Product Offerings in the Transport Fuel
          Cells Market As of the year 2009                              II-63
        Trends                                                          II-63
         PEM Fuel Cells Show Great Promise in Automobile Applications   II-63
         Advantages of Fuel Cell Vehicles over Conventional Systems     II-63
         Fuel Cells Vehicles: Facing Commercialization and Technical
          Challenges                                                    II-64
        Collaborations in Fuel Cell Development                         II-64
        Barriers                                                        II-65
        HypercarSM Vehicles Concept                                     II-65

  4. PRODUCT INTRODUCTIONS/INNOVATIONS                                  II-66
      BAE Systems to Develop Zero-Emissions Fuel Cell Bus for Local
       Transit Agency                                                   II-66
      BOC Unveils First-Ever Portable Hydrogen Fuel-Cell Generator      II-66
      Ajusa Releases NOIL 5000 AC UPS (Spain)                           II-67
      Toyota to Launch 5 Hydrogen Fuel Cell Vehicles in Support of
       its Partnership with CEP                                         II-67
      Bloom Energy Introduces Novel Fuel Cell System                    II-68
      Electro Power Rolls Out Fuel Cell Back-Up Power System            II-68
      SFC Smart Fuel Cell Introduces EFOY Pro 2200 XT                   II-68
      Showa Denko Develops Platinum Substitute for Use in Fuel Cells    II-69
      Mercedes Introduces BlueZERO                                      II-69
      Proton Motor, Skoda Electric Launch New Bus Run on Triple
       Hybrid Fuel Cell                                                 II-70
      Sony Launches New Fuel Cell Series                                II-70
      Horizon Fuel’s 6 kW Fuel Cells Feature in Riversimple’s
       Hydrogen Car                                                     II-70
      NGK Develops Hydrogen-Fuelled Solid Oxide Fuel Cell               II-71
      Ceramic Fuel Cells Introduces Modular Generator Offering          II-71
      NGK and AIST Spark Plug Develop Micro Fuel Cell Module            II-71
      SiEnergy Systems Introduces Innovation in SOFC Technology         II-72
      Protonex to Launch Commercial Product                             II-72
      SFC Smart Fuel Cell Introduces EMILY 2200 Fuel Cell               II-72
      SFC Smart Fuel Cell Introduces JENNY Portable Fuel Cell System    II-73
      Daimler to Launch Mercedes-Benz B Class F-CELL                    II-73
      BlueBird Aero Systems Introduces Unmanned Aerial System           II-74
      Adaptive Materials Unveils 250-watt portable SOFC                 II-74
      Neah Power Systems Introduces Enhanced Direct Methanol Fuel
       Cell Design                                                      II-75
      LMS to Introduce Fuel Cell System Simulation Product              II-75
      Panasonic Develops Methanol Fuel Cell Battery                     II-75
      SFC Smart Fuel Cell Launches Traffic Applications Power Solution  II-75
      Horizon Fuel Cell Technologies Rolls Out Bio Energy Diversity Kit II-76
      Antig Technology Introduces Handheld Fuel Cell Charger            II-76
      Prodrive and Intelligent Energy Develop Hydrogen Fuel Cell
       Controller                                                       II-76
      CFC Solutions Launches Upgraded Version of Carbonate Fuel Cells   II-76
      SFC Smart Fuel Cell to Offer Fuel Cell Kit to Solar StromBau      II-76
      Toto Introduces Home-Use Fuel Cell                                II-77
      HydroGen Introduces Fuel Cell Module                              II-77
      MTI Micro Fuel Cells Introduces Universal Charger with
       Removable Cartridge                                              II-77
      KIA Motors Introduces Next-Generation Borrego Fuel Cell
       Electric Vehicle                                                 II-77
      Chevrolet Launches Equinox Fuel Cell Car                          II-77
      Proterra Launches HFC35 Hydrogen Fuel Cell Hybrid Electric Bus    II-78
      Toyota Introduces New Green Car                                   II-78
      Nissan Introduces Next-Generation X-Trail                         II-78
      Honda Introduces Japanese Model of FCX Clarity Fuel Cell          II-78
      Pininfarnia Launches Sintesi                                      II-78
      General Motors to Introduce Cadillac Concept Vehicle              II-78
      Suzuki Motor and General Motors Develops SX4-FCV                  II-79
      Nissan Motor and Renault Develop New Fuel Cell Vehicle            II-79

  5. RECENT INDUSTRY ACTIVITY                                           II-80
      Dantherm Announces Partnership with Leap Power to
       Commercialize Fuel Cells in North America                        II-80
      Ceramic Fuel Cells Joins Forces with Mitsui and Osaka Gas         II-80
      Wartsila and Hitachi Zosen Sign Business Agreement for
       Marketing Fuel Cell based Power Solutions                        II-81
      Solvay Announces Plans for Setting-up 1 Megawatt Fuel Cell Plant  II-81
      Solvay and NedStack Sign Contract for Huge Emission Free Power
       Plant                                                            II-82
      Ballard Secures Order for Fuel Cell Power Modules from APTS       II-82
      GM to Develop Hydrogen Fuel Cell System for Launch in 2015        II-82
      Samsung Plans to Develop Methanol Fuel Cell Battery               II-83
      Neah Power Plans to Acquire CyVolt Assets and power technology    II-83
      Adaptive Chemicals Bags Fuel Cell Contract                        II-83
      IHI Collaborates with Boeing for Aircraft Fuel Cell Development   II-83
      BMX Development Signs Agreement with Apollo Energy Systems        II-84
      Ballard Power and Partners Acquire Controlling Stake in Dantherm  II-84
      Optomec Bags Air Force Fuel Cell Contract                         II-84
      IdaTech Fuel Cell System Offers Power to Floating Olympic Rings   II-85
      Alter NRG Signs Up Waste2Tricity as UK Sales Representative
       for Plasma Gasification System                                   II-85
      Nuvera Sells Hydrogen Station and Fuel Cell Units to H-E-B        II-86
      Proton Motor Enters into a Contract Manufacturing Agreement
       with Deutsche Mechatronics                                       II-87
      AGNI Takes Over GenCell to form AGNI GenCell                      II-87
      IRD Fuel Cell Technology Takes Over Cabot’s MEA Production Line   II-88
      IdaTech plc and ACME Group Sign Distribution Agreement            II-88
      FuelCell Energy Bags Contract from U.S. Department of Energy      II-89
      National Wind Acquires New Fuel Cell Technology Purchase Rights   II-89
      Ballard Power Systems and Daimler Sign Supply Agreement           II-89
      ASCC and Comentum to Establish Fuel Cell JV                       II-89
      Protonex Bags Fuel Cell Deal from US Army                         II-90
      FuelCell and Posco Sign Licensing Agreement                       II-90
      Nippon Oil Signs Small Fuel Cell Agreement with Kyocera           II-90
      Protonex Bags SOFC Power Systems Contract                         II-90
      Protonex Bags Fuel Cell Contract from US Naval Research
       Laboratory                                                       II-91
      Morphic Technologies and GE Energy Sign Selling Agreement         II-91
      Nuvera and Airgas Sign Marketing Agreement                        II-92
      Protonex and UltraCell Sign Fuel Cell Partnership Agreement       II-92
      General Motors Company Acquires Stake in Hydrogenics              II-93
      Kaori Bags Supply Contract from Bloom Energy                      II-93
      SymPowerco to Acquire Majority Stake in Highline Hydrogen Hybrids II-93
      Ford Divests Fuel-Cell JV Stake to Daimler                        II-94
      FuelCell Signs Agreement with POSCO                               II-94
      Toyota Signs Collaboration Agreement on Residential Fuel Cell
       Development                                                      II-94
      AFC Energy Signs Fuel-Cell Agreement with Waste2Tricity           II-94
      Ceramic Fuel Cells and GDF SUEZ Extend Agreement                  II-95
      IdaTech Bags an Order from b+w Electronic Systems                 II-95
      MTU Onsite Energy Bags an Order from Reich                        II-96
      Ballard Power Systems and FirstEnergy Ink an Agreement            II-96
      Connecticut DPUC Issues an Approval for Projects of FuelCell
       Energy                                                           II-97
      Hydrogenics Bags Additional Order from National Fuel Cell Bus
       Program of FTA                                                   II-97
      SFO Technologies and Plug Power Energy India Ink an Agreement     II-97
      Hindustan Petroleum Corporation and Plug Power Energy India
       Enter into an Agreement                                          II-98
      Jayco Enters into Alliance with SFC Smart Fuel Cell               II-99
      EFOY fuel cell Substitutes Max Power Marine Fuel Cell             II-99
      SFC Smart Fuel Cell and DuPont Receives an Order from the US Army II-99
      Hydrogenics Signs Receives Contract from Vision Industries        II-100
      Morphic Technologies Receives Order from Polish Navy              II-100
      Nuvera Fuel Cells Signs Agreement with Universal Precision
       Products and Airgas                                              II-100
      Genco Supply Chain Solutions Receives Order from Wegmans          II-101
      Nissan Deploys Methanol Fuel Cells for Powering Material
       Handling Equipment                                               II-101
      ACAL Energy Commences Operations at Fuel Cell System              II-101
      Ceres Power Commences Manufacturing Operations at Fuel Cell
       Plant in Horsham                                                 II-102
      MICROM Electronic Installs Fuel Cell Products in Mexican
       Cellular Network                                                 II-102
      b+w Electronic Systems Provides IdaTech Fuel Cell Systems to
       the US Army                                                      II-103
      Ballard Power Systems Powers BC Transit Fuel Cell Bus             II-103
      Hydrogenics Delivers an Additional Midibus Powered with Fuel Cell II-104
      Nestle Waters Deploys 32 GenDriveTM Hydrogen Fuel cell            II-104
      Buerstner Selects EFOY Fuel Cells for Power Supply                II-105
      UTC Power Offers Fuel Cell Technology to Coca-Cola Enterprises    II-105
      New Whole Foods Market® to Generate On-Site Power Utilizing
       UTC Power Fuel Cell Technology                                   II-105
      Küsters Zima Partners with Nuvera Fuel Cells                      II-106
      Plug Power Signs Agreement with Rittal                            II-106
      European Union to Invest in New Energy Technology                 II-106
      Modine Manufacturing Enters into Agreement with Bloom Energy      II-107
      Matsushita Electric to Market Home-Use Fuel Cells                 II-107
      HydroGen Corporation Opens Phosphoric Acid Fuel Cell Power Plant  II-107
      HydroGen Corporation to Sign Agreement with Samsung               II-107
      New Flyer Industries Inks Agreement with Ballard Power Systems    II-107
      Ceramic Fuel Cells Signs Agreement with CeramTec                  II-107
      NextTech Materials Inks Agreement with Haiku Tech                 II-108
      Ceramic Fuel Cells Enters into an Agreement with Paloma
       Industries                                                       II-108
      Ballard Power Systems Signs Service Contract with Daimler         II-108
      Ballard Power Systems Partners with Dantherm Power                II-108
      Raymond Corporation Inks Agreement with Ballard Power Systems     II-109
      Ballard Power Systems Enters into Agreement with Heliocentris
       Fuel Cells                                                       II-109
      Hydrogenics Corporation to Deliver Fuel Cell Power Modules.       II-109
      Motorola Chooses IdaTech for Operating Telecommunications
       Equipment                                                        II-109
      MTI MicroFuel Cells and NeoSolar Enter into an Agreement          II-110
      Tognum Group Forms MTU Onsite Energy                              II-110
      Central Grocers Buys Fuel Cell Units                              II-110
      Plug Power Receives Contract from NYSERDA                         II-110
      F9 Investments Acquires Proton Energy Systems                     II-110
      Emerson Network Power Signs Agreement with ReliOn                 II-110
      Rapido to Use EFOY Fuel Cell in its Motor Homes                   II-111
      Samsung Everland Purchases Fuel Cell Systems from UTC Power       II-111
      UTC Power Takes Over Architectural Energy                         II-111
      UTC Power Receives Order for Advanced Fuel Cell System from
       St. Helena Hospital                                              II-111
      UTC Power Bags Fuel Cell Systems Order                            II-111
      UltraCell Receives Follow-On Contract from US Military            II-112
      Portable Fuel Cell System Developed by DuPont and SFC Smart
       Fuel Cell                                                        II-112
      Scottish & Southern Energy Buys Minority Stake in Logan Energy    II-112
      Tokyo Gas to Commence Fuel Cell System Sales                      II-112
      UltraCell Receives Grant from the U.S. Department of Energy       II-112
      Neah Power Systems Purchases SolCool One                          II-113
      Ceramic Fuel Cells to Establish Fuel Cell Plant                   II-113
      FuelCell Energy, Enbridge and Enbridge Gas Distribution Set Up
       Fuel Cell Power Plant                                            II-113
      VIASPACE and SciTech Sign Distribution Agreement                  II-114
      Terminus Energy Signs Agreement with Missouri University of
       Science and Technology                                           II-114
      General Automotive Company and SenCer Enter into Joint Venture    II-114
      SymPowerco Buys Methanol Concentration Sensing Technology         II-114
      U.S. Department of Energy Selects Delphi for Fuel Cell
       Development                                                      II-115
      Acumentrics Receives Grant from U.S. Department of Energy         II-115
      FuelCell Energy Bags Order from POSCO Power                       II-116
      FuelCell Energy Signs Agreement with POSCO Power                  II-116
      Ballard Power Systems Signs Agreement with IdaTech                II-116
      Intelligent Energy Enters into Joint Venture with Scottish and
       Southern Energy                                                  II-116
      Acta Signs Agreement with CMR Fuel Cells                          II-117
      Ansaldo Fuel to Sign Agreement with Enel                          II-117
      HC Starck and Ceramic Fuel Cells Sign Deal                        II-117
      Ballard Power Systems to Divest Business to Ford Motor and
       Daimler                                                          II-117
      Centrica to Acquire Stake in Ceres Power                          II-118
      Mississippi State University Partners with Ultralife              II-118
      American Security Resources Signs Agreement with Meigs County
       Community Improvement                                            II-118
      BioGold Fuels Enters into Joint Venture with Jack Allen Holdings  II-118
      Corgi International and Horizon Fuel Cell Technologies Sign
       Agreement                                                        II-119
      Hydra Fuel Cell Secures Fuel Cell Purchase Order                  II-119
      Nippon Oil to Merge with Nippon Mining Holdings                   II-119
      QuantumSphere Purchases Energetics                                II-120
      Morphic Takes Over AccaGen                                        II-120
      POSCO Sets Up Fuel Cell Plant                                     II-120
      University of Delaware Establishes Center for Fuel Cell Research  II-120
      Wartsila to Set Up Fuel Cell Plant                                II-120
      Hydrogenics Wins Contract for Two Hydrogen Powered Fuel Cell
       Buses                                                            II-121
      Renewable Hydrogen Research and Demonstration Center Selects
       Hydrogenics to Supply Fuel Cell and Electrolyzer                 II-121
      UTC Power to Supply Fuel Cells to World Trade Center Site         II-121
      Direct Methanol Fuel Cell Enters into Collaboration with
       Institute of Nuclear Energy Research                             II-122
      UTC Power Purchases Dome-Tech Group                               II-122
      UTC Power Receives Contract from Navantia                         II-122
      Capitol Connections Receives Order from US Air Force              II-122
      FuelCon Receives Purchase Order from INASMET-Tecnalia             II-122
      Tognum Receives Order for Supplying Test Version of HotModule
       High-Temperature Fuel Cell                                       II-123
      IdaTech Completes Installation and Operation of Tactical Fuel
       Cell Generator                                                   II-123
      LOGANEnergy Purchases Direct Fuel Cell 300 Power Plant from
       FuelCell Energy                                                  II-123
      Toshiba, Matsushita Electric Industrial and Ebara to Commence
       Production of Residential-use Fuel Cells                         II-123

  6. FOCUS ON SELECT PLAYERS                                            II-125
      Acumentrics Corp. (US)                                            II-125
      Ansaldo Fuel Cells SpA (Italy)                                    II-125
      Apollo Energy Systems Inc. (US)                                   II-125
      Areva Group (France)                                              II-125
       HELION (France)                                                  II-126
      Arotech Corp. (US)                                                II-126
       Electric Fuel Battery Corporation (USA)                          II-126
      Axane Fuel Cell Systems (France)                                  II-127
      Ballard Power Systems Inc. (Canada)                               II-127
      BCS Fuel Cells (US)                                               II-127
      Ceramic Fuel Cells Ltd. (Australia)                               II-127
      Ceres Power Holdings Plc (UK)                                     II-128
      Fuel Cell Energy Inc. (US)                                        II-128
       Fuel Cell Technologies (USA)                                     II-128
      Hydrogenics Corporation (Canada)                                  II-128
      IdaTech LLC (US)                                                  II-129
      Jadoo Power (USA)                                                 II-129
      Mitsubishi Heavy Industries Ltd. (Japan)                          II-129
      MKU Canada Inc. (Canada)                                          II-130
      MTI MicroFuel Cells Inc. (US)                                     II-130
      MTU Onsite Energy GmbH (Germany)                                  II-130
      Nuvera Fuel Cells Inc. (US)                                       II-130
      Plug Power Inc. (US)                                              II-131
      Proton Energy Systems, Inc. (USA)                                 II-131
      Palcan Energy Corporation (Canada)                                II-131
      Quantum Fuel Systems Technologies Worldwide, Inc. (US)            II-132
      ReliOn Inc. (US)                                                  II-132
      RWE Fuel Cells GmbH (Germany)                                     II-132
      SFC Smart Fuel Cell AG (Germany)                                  II-133
      Siemens Power Generation, Inc. (US)                               II-133
      Teledyne Energy Systems Inc. (US)                                 II-134
      UTC Power (US)                                                    II-134
      ZAO Independent Power Technologies (Russia)                       II-134

  7. GLOBAL MARKET PERSPECTIVE                                          II-135
      Table 19: World Recent Past, Current & Future Analysis for
      Fuel Cells by Geographic Region - US, Canada, Japan, Europe
      and Rest of World Markets Independently Analyzed with Annual
      Sales in US$ Million for Years 2007 through 2015 (includes
      corresponding Graph/Chart)                                        II-135

      Table 20: World 9-Year Perspective for Fuel Cells by
      Geographic Region - Percentage Breakdown of Dollar Sales for
      US, Canada, Japan, Europe and Rest of World Markets for 2007,
      2009 & 2015 (includes corresponding Graph/Chart)                  II-136
      World Market for Fuel Cells - Regional Market Analysis by Cell
       Type                                                             II-137
      Table 21: World Recent Past, Current & Future Analysis for
      Phosphoric Acid Fuel Cells by Geographic Region - US, Canada,
      Japan, Europe and Rest of World Markets Independently Analyzed
      with Annual Sales in US$ Million for Years 2007 through 2015
      (includes corresponding Graph/Chart)                              II-137

      Table 22: World 9-Year Perspective for Phosphoric Acid Fuel
      Cells by Geographic Region - Percentage Breakdown of Dollar
      Sales for US, Canada, Japan, Europe, and Rest of World Markets
      for 2007, 2009 & 2015 (includes corresponding Graph/Chart)        II-138

      Table 23: World Recent Past, Current & Future Analysis for
      Molten Carbonate Fuel Cells by Geographic Region - US, Canada,
      Japan, Europe and Rest of World Markets Independently Analyzed
      with Annual Sales in US$ Million for Years 2007 through 2015
      (includes corresponding Graph/Chart)                              II-139

      Table 24: World 9-Year Perspective for Molten Carbonate Fuel
      Cells by Geographic Region - Percentage Breakdown of Dollar
      Sales for US, Canada, Japan, Europe and Rest of World Markets
      for 2007, 2009 & 2015 (includes corresponding Graph/Chart)        II-140

      Table 25: World Recent Past, Current & Future Analysis for
      Alkaline Fuel Cells by Geographic Region - US, Canada, Japan,
      Europe and Rest of World Markets Independently Analyzed with
      Annual Sales in US$ Million for Years 2007 through 2015
      (includes corresponding Graph/Chart)                              II-141

      Table 26: World 9-Year Perspective for Alkaline Fuel Cells by
      Geographic Region - Percentage Breakdown of Dollar Sales for
      US, Canada, Japan, Europe and Rest of World Markets for 2007,
      2009 & 2015 (includes corresponding Graph/Chart)                  II-142

      Table 27: World Recent Past, Current & Future Analysis for
      Solid Oxide Fuel Cells by Geographic Region - US, Canada,
      Japan, Europe and Rest of World Markets Independently Analyzed
      with Annual Sales in US$ Million for Years 2007 through 2015
      (includes corresponding Graph/Chart)                              II-143

      Table 28: World 9-Year Perspective for Solid Oxide Fuel Cells
      by Geographic Region - Percentage Breakdown of Dollar Sales
      for US, Canada, Japan, Europe and Rest of World Markets for
      2007, 2009 & 2015 (includes corresponding Graph/Chart)            II-144

      Table 29: World Recent Past, Current & Future Analysis for
      Proton Exchange Membrane Fuel Cells by Geographic Region - US,
      Canada, Japan, Europe and Rest of World Markets Independently
      Analyzed with Annual Sales in US$ Million for Years 2007
      through 2015 (includes corresponding Graph/Chart)                 II-145

      Table 30: World 9-Year Perspective for Proton Exchange
      Membrane Fuel Cells by Geographic Region - Percentage
      Breakdown of Dollar Sales for US, Canada, Japan, Europe and
      Rest of World Markets for 2007, 2009 & 2015 (includes
      corresponding Graph/Chart)                                        II-146

      Table 31: World Recent Past, Current & Future Analysis for
      Other Fuel Cells by Geographic Region - US, Canada, Japan,
      Europe and Rest of World Markets Independently Analyzed with
      Annual Sales in US$ Million for Years 2007 through 2015
      (includes corresponding Graph/Chart)                              II-147

      Table 32: World 9-Year Perspective for Other Fuel Cells by
      Geographic Region - Percentage Breakdown of Dollar Sales for
      US, Canada, Japan, Europe and Rest of World Markets for 2007,
      2009 & 2015 (includes corresponding Graph/Chart)                  II-148

 III. MARKET

  1. THE UNITED STATES                                                  III-1
      A.Market Analysis                                                 III-1
        Outlook                                                         III-1
        Trends and Issues                                               III-2
         Small Fuel Cell Sector Solidifies Presence in Market           III-2
         Fuel Cells: The American Advantage                             III-3
          Table 33: US Fuel Cell Market by Application (2008 & 2012)
          - Power Generation, Military/Space, Transportation,
          Portable Electronics and Others (includes corresponding
          Graph/Chart)                                                  III-3

          Table 34: Fuel Cell Forecasts by Application in the US:
          2015P (includes corresponding Graph/Chart)                    III-4
         Automotive Applications: Still Far Away                        III-4
         Innovation in Mobile Technology Fuels Micro Cell Advancement   III-4
         Distributed Power and Cogeneration Promise Opportunities       III-5
         Alternate Energy Sources Gain Attention                        III-5
        Market Participants                                             III-5
        Growth Factors                                                  III-6
        Market Constraints                                              III-6
        Research Scenario                                               III-6
        Government Initiatives                                          III-7
         Overview                                                       III-7
         Role in Promoting a Hydrogen Economy                           III-7
          Energy Policy Act                                             III-7
          Renewable Portfolio Standards                                 III-7
          FreedomCAR Program                                            III-7
          FreedomFuel Program                                           III-8
          Solid State Energy Conversion Alliance                        III-8
         Programs at State Level                                        III-8
          Initiatives in Select US States                               III-8
        Strategic Corporate Developments                                III-9
        Focus on Select Players                                         III-31
      B.Market Analytics                                                III-37
        Table 35: US Recent Past, Current & Future Analysis for Fuel
        Cells by Cell Type - Phosphoric Acid Fuel Cells, Molten
        Carbonate Fuel Cells, Alkaline Fuel Cells,Solid Oxide Fuel
        Cells and Proton Exchange Membrane Fuel Cells, and Others
        Markets Independently Analyzed with Annual Sales in US$
        Million for Years 2007 through 2015 (includes corresponding
        Graph/Chart)                                                    III-37

        Table 36: US 9-Year Perspective for Fuel Cells by Cell Type-
        Percentage Breakdown of Dollar Sales for Phosphoric Acid
        Fuel Cells, Molten Carbonate Fuel Cells, Alkaline Fuel
        Cells, Solid Oxide Fuel Cells and Proton Exchange Membrane
        Fuel Cells, and Others Markets for 2007, 2009 & 2015
        (includes corresponding Graph/Chart)                            III-38

  2. CANADA                                                             III-39
      A.Market Analysis                                                 III-39
        Outlook                                                         III-39
        Overview                                                        III-39
         Future Potential for Canadian Fuel Cell Technologies           III-40
        Market Activity                                                 III-40
        Fuel Cell Programs                                              III-40
         Government Programs                                            III-41
        Market Snapshots                                                III-41
        Strategic Corporate Developments                                III-42
        Focus on Select Players                                         III-45
      B.Market Analytics                                                III-47
        Table 37: Canadian Recent Past, Current & Future Analysis
        for Fuel Cells by Cell Type - Phosphoric Acid Fuel Cells,
        Molten Carbonate Fuel Cells, Alkaline Fuel Cells, Solid
        Oxide Fuel Cells and Proton Exchange Membrane Fuel Cells
        Markets Independently Analyzed with Annual Sales in US$
        Million for Years 2007 through 2015 (includes corresponding
        Graph/Chart)                                                    III-47

        Table 38: Canadian 9-Year Perspective for Fuel Cells by Cell
        Type - Percentage Breakdown of Dollar Sales for Phosphoric
        Acid Fuel Cells, Molten Carbonate Fuel Cells, Alkaline Fuel
        Cells, Solid Oxide Fuel Cells and Proton Exchange Membrane
        Fuel Cells Markets for 2007, 2009 & 2015 (includes
        corresponding Graph/Chart)                                      III-48

  3. JAPAN                                                              III-49
      A.Market Analysis                                                 III-49
        Outlook                                                         III-49
         Fuel Cells: A Promising Market                                 III-49
          Table 39: Japanese Supply of Fuel cells, during 2008 to
          2011 (includes corresponding Graph/Chart)                     III-50
         Japanese Households Offer Huge Growth for Fuel Cells           III-50
         Oil and Gas Companies in the Cogeneration Fray                 III-51
         Increased Lifetime at Reduced Costs to Be the Goals            III-51
         Fuel Cells Ideal for Advanced Military Applications            III-51
         Mobile Applications to Fuel Growth                             III-52
         Challenges Ahead for the Developers to Deliver Quality
          Products                                                      III-52
        Government and Industry Initiatives                             III-52
        Future Potential                                                III-53
         Fuel Cell Vehicles                                             III-53
         Stationary Cogeneration                                        III-53
        Cost Constraints                                                III-53
        Strategic Corporate Developments                                III-54
      B.Market Analytics                                                III-59
        Table 40: Japanese Recent Past, Current & Future Analysis
        for Fuel Cells by Cell Type - Phosphoric Acid Fuel Cells,
        Molten Carbonate Fuel Cells, Alkaline Fuel Cells, Solid
        Oxide Fuel Cells and Proton Exchange Membrane Fuel Cells
        Markets Independently Analyzed with Annual Sales in US$
        Million for Years 2007 through 2015 (includes corresponding
        Graph/Chart)                                                    III-59

        Table 41: Japanese 9-Year Perspective for Fuel Cells by Cell
        Type - Percentage Breakdown of Dollar Sales for Phosphoric
        Acid Fuel Cells, Molten Carbonate Fuel Cells, Alkaline Fuel
        Cells, Solid Oxide Fuel Cells and Proton Exchange Membrane
        Fuel Cells Markets for 2007, 2009 & 2015 (includes
        corresponding Graph/Chart)                                      III-60

  4. EUROPE                                                             III-61
      A.Market Analysis                                                 III-61
        Outlook                                                         III-61
        Overview                                                        III-61
        The European Fuel Cell Market Scenario                          III-62
        The Future prospects of Fuel Cells                              III-63
        Renewable Energy Sector                                         III-63
        Research Programs                                               III-63
        Focus on Select Players                                         III-64
      B.Market Analytics                                                III-67
        Table 42: European Recent Past, Current and Future Analysis
        for Fuel Cells by Geographic Region - France, Germany,
        Italy, UK and Rest of Europe Markets Independently Analyzed
        with Annual Sales in US$ Million Years 2007 through 2015
        (includes corresponding Graph/Chart)                            III-67

        Table 43: European Recent Past, Current & Future Analysis
        for Fuel Cells by Cell Type - Phosphoric Acid Fuel Cells,
        Molten Carbonate Fuel Cells, Alkaline Fuel Cells, Solid
        Oxide Fuel Cells, Proton Exchange Membrane Fuel Cells, and
        Other Markets Independently Analyzed with Annual Sales in
        US$ Million for Years 2007 through 2015 (includes
        corresponding Graph/Chart)                                      III-68

        Table 44: European 9-Year Perspective for Fuel Cells by
        Geographic Region - Percentage Breakdown of Dollar Sales for
        France, Germany, Italy. UK, and Rest of Europe Markets for
        2007, 2009 & 2015 (includes corresponding Graph/Chart)          III-69

        Table 45: European 9-Year Perspective for Fuel Cells by Cell
        Type - Percentage Breakdown of Dollar Sales for Phosphoric
        Acid Fuel Cells, Molten Carbonate Fuel Cells, Alkaline Fuel
        Cells, Solid Oxide Fuel Cells, Proton Exchange Membrane Fuel
        Cells, and Others Markets for 2007, 2009 & 2015 (includes
        corresponding Graph/Chart)                                      III-70

  4a. FRANCE                                                            III-71
      A.Market Analysis                                                 III-71
        Outlook                                                         III-71
        An Overview                                                     III-71
        Strategic Corporate Developments                                III-71
      B.Market Analytics                                                III-72
        Table 46: French Recent Past, Current & Future Analysis for
        Fuel Cells by Cell Type - Phosphoric Acid Fuel Cells, Molten
        Carbonate Fuel Cells, Alkaline Fuel Cells, Solid Oxide Fuel
        Cells, Proton Exchange Membrane Fuel Cells, and Others
        Markets Independently Analyzed with Annual Sales in US$
        Million for Years 2007 through 2015 (includes corresponding
        Graph/Chart)                                                    III-72

        Table 47: French 9-Year Perspective for Fuel Cells by Cell
        Type - Percentage Breakdown of Dollar Sales for Phosphoric
        Acid Fuel Cells, Molten Carbonate Fuel Cells, Alkaline Fuel
        Cells, Solid Oxide Fuel Cells, Proton Exchange Membrane Fuel
        Cells, and Others Markets for 2007, 2009 & 2015 (includes
        corresponding Graph/Chart)                                      III-73

  4b. GERMANY                                                           III-74
      A.Market Analysis                                                 III-74
        Outlook                                                         III-74
        German Fuel Cell Industry Overview                              III-74
         The Legal Framework                                            III-74
         Research and Development                                       III-74
         Opportunities                                                  III-74
         Future Potential                                               III-75
          Table 48: Fuel Cell Market in Germany by Application Area
          - Power Generation, Transportation, Portable Electronics,
          Industrial Stationary and Other Applications: 2010 & 2015
          (includes corresponding Graph/Chart)                          III-75
        Primary Fuel Cell Programs                                      III-75
         Fuel Cell Programs in the Public Sector                        III-76
         Fuel Cell Programs of Federal Players                          III-76
        Strategic Corporate Developments                                III-76
      B.Market Analytics                                                III-82
        Table 49: German Recent Past, Current & Future Analysis for
        Fuel Cells by Cell Type - Phosphoric Acid Fuel Cells, Molten
        Carbonate Fuel Cells, Alkaline Fuel Cells, Solid Oxide Fuel
        Cells, Proton Exchange Membrane Fuel Cells, and Others
        Markets Independently Analyzed with Annual Sales in US$
        Million for Years 2007 through 2015 (includes corresponding
        Graph/Chart)                                                    III-82

        Table 50: German 9-Year Perspective for Fuel Cells by Cell
        Type - Percentage Breakdown of Dollar Sales for Phosphoric
        Acid Fuel Cells, Molten Carbonate Fuel Cells, Alkaline Fuel
        Cells, Solid Oxide Fuel Cells, Proton Exchange Membrane Fuel
        Cells, and Others Markets for 2007, 2009 & 2015 (includes
        corresponding Graph/Chart)                                      III-83

  4c. ITALY                                                             III-84
      A.Market Analysis                                                 III-84
        Outlook                                                         III-84
        An Overview                                                     III-84
        Strategic Corporate Developments                                III-84
      B.Market Analytics                                                III-85
        Table 51: Italian Recent Past, Current & Future Analysis for
        Fuel Cells by Cell Type - Phosphoric Acid Fuel Cells, Molten
        Carbonate Fuel Cells, Alkaline Fuel Cells, Solid Oxide Fuel
        Cells, Proton Exchange Membrane Fuel Cells, and Others
        Markets Independently Analyzed with Annual Sales in US$
        Million for Years 2007 through 2015 (includes corresponding
        Graph/Chart)                                                    III-85

        Table 52: Italian 9-Year Perspective for Fuel Cells by Cell
        Type - Percentage Breakdown of Dollar Sales for Phosphoric
        Acid Fuel Cells, Molten Carbonate Fuel Cells, Alkaline Fuel
        Cells, Solid Oxide Fuel Cells, Proton Exchange Membrane Fuel
        Cells, and Others Markets for 2007, 2009 & 2015 (includes
        corresponding Graph/Chart)                                      III-86

  4d. THE UNITED KINGDOM                                                III-87
      A.Market Analysis                                                 III-87
        Outlook                                                         III-87
        Fuel Cell Sector in UK to Witness Significant Growth            III-87
        Government Initiatives                                          III-87
        Strategic Corporate Developments                                III-88
      B.Market Analytics                                                III-92
        Table 53: UK Recent Past, Current & Future Analysis for Fuel
        Cells by Cell Type - Phosphoric Acid Fuel Cells, Molten
        Carbonate Fuel Cells, Alkaline Fuel Cells, Solid Oxide Fuel
        Cells, Proton Exchange Membrane Fuel Cells, and Others
        Markets Independently Analyzed with Annual Sales in US$
        Million for Years 2007 through 2015 (includes corresponding
        Graph/Chart)                                                    III-92

        Table 54: UK 9-Year Perspective for Fuel Cells by Cell Type
        - Percentage Breakdown of Dollar Sales for Phosphoric Acid
        Fuel Cells, Molten Carbonate Fuel Cells, Alkaline Fuel
        Cells, Solid Oxide Fuel Cells, Proton Exchange Membrane Fuel
        Cells, and Others Markets for 2007, 2009 & 2015 (includes
        corresponding Graph/Chart)                                      III-93

  4e. REST OF EUROPE                                                    III-94
      A.Market Analysis                                                 III-94
        Outlook                                                         III-94
        Switzerland                                                     III-94
        Norway                                                          III-94
        Spain                                                           III-94
        Sweden                                                          III-94
        Russia                                                          III-95
        Strategic Corporate Developments                                III-95
      B.Market Analytics                                                III-99
        Table 55: Rest of Europe Recent Past, Current & Future
        Analysis for Fuel Cells by Cell Type- Phosphoric Acid Fuel
        Cells, Molten Carbonate Fuel Cells, Alkaline Fuel Cells,
        Solid Oxide Fuel Cells, Proton Exchange Membrane Fuel Cells,
        and Others Markets Independently Analyzed with Annual Sales
        in US$ Million for Years 2007 through 2015 (includes
        corresponding Graph/Chart)                                      III-99

        Table 56: Rest of Europe 9-Year Perspective for Fuel Cells
        by Cell Type - Percentage Breakdown of Dollar Sales for
        Phosphoric Acid Fuel Cells, Molten Carbonate Fuel Cells,
        Alkaline Fuel Cells, Solid Oxide Fuel Cells, Proton Exchange
        Membrane Fuel Cells, and Others Markets for 2007, 2009 &
        2015 (includes corresponding Graph/Chart)                       III-100

  5. REST OF WORLD                                                      III-101
      A.Market Analysis                                                 III-101
        Outlook                                                         III-101
        Asia-Pacific Fuel Cell Sector to Witness Significant Growth     III-101
        Overview of Regional Markets                                    III-101
         Australia                                                      III-101
         Brazil                                                         III-102
         Pacific Rim                                                    III-102
         New Zealand                                                    III-103
         India                                                          III-103
         China                                                          III-103
          Overview                                                      III-103
           Transportation: The Focus Sector                             III-103
            Factors Influencing the Demand for Fuel-Cell Cars in China  III-104
           Fuel Cell Research in China                                  III-104
           Factors Limiting Growth for Fuel Cells                       III-104
         Southeast Asia                                                 III-104
          Southeast Asia Fuel Cells Market: Limitations in Power
           Generation                                                   III-104
          Biomass Power Generation Poses Direct Competition to Fuel
           Cells Market                                                 III-105
          Concentration on Various Renewable Technologies Hinders
           Fuel Cells Development                                       III-105
          Over-Priced Fuel Cells Technology Restrains Commercialization III-105
          Inconsistent Regulations Curtail Development of Fuel Cells
           Technology                                                   III-106
         Korea                                                          III-106
          Table 57: Fuel Cell Industry Scenario in Korea As of the
          Year 2009                                                     III-106
         Taiwan                                                         III-107
          Developing Fuel Cell Technology in the Taiwanese Market       III-107
          A Potential Market for Fuel Cells                             III-107
          Opportunities for OEMs                                        III-107
          Transportation - Another Segment Offering Huge Potential      III-108
        Strategic Corporate Developments                                III-108
        Ceramic Fuel Cells Ltd. (Australia) - A Key Regional Player     III-115
      B.Market Analytics                                                III-115
        Table 58: Rest of World Recent Past, Current & Future
        Analysis for Fuel Cells by Cell Type- Phosphoric Acid Fuel
        Cells, Molten Carbonate Fuel Cells, Alkaline Fuel Cells,
        Solid Oxide Fuel Cells, Proton Exchange Membrane Fuel Cells,
        and Others Markets Independently Analyzed with Annual Sales
        in US$ Million for Years 2007 through 2015 (includes
        corresponding Graph/Chart)                                      III-115

        Table 59: Rest of World 9-Year Perspective for Fuel Cells by
        Cell Type - Percentage Breakdown of Dollar Sales for
        Phosphoric Acid Fuel Cells, Molten Carbonate Fuel Cells,
        Alkaline Fuel Cells, Solid Oxide Fuel Cells, Proton Exchange
        Membrane Fuel Cells, and Others Markets for 2007, 2009 &
        2015 (includes corresponding Graph/Chart)                       III-116

 IV. COMPETITIVE LANDSCAPE

     Total Companies Profiled: 145 (including Divisions/Subsidiaries - 154)

     ------------------------------------------
     Region/Country                     Players
     ------------------------------------------
     The United States                     66
     Canada                                 6
     Japan                                 28
     Europe                                45
      France                                6
      Germany                              16
      The United Kingdom                   12
      Italy                                 3
      Rest of Europe                        8
     Asia-Pacific (Excluding Japan)         9
     ------------------------------------------