An Increasing Number of Fuel Cell Companies Will Reach Profitability in 2013, According to Navigant Research

  An Increasing Number of Fuel Cell Companies Will Reach Profitability in
  2013, According to Navigant Research

Business Wire

BOULDER, Colo. -- May 1, 2013

The fuel cell industry has been dogged by high expectations and disappointing
results, leading to claims that profitability in this sector remains a
distant, and possibly unachievable, goal. Nevertheless, one company,
Intelligent Energy, recently posted an overall profit for 2012. According to a
new white paper from Navigant Research, an increasing number of companies will
reach the profitability threshold in 2013, while annual installed capacity in
the stationary fuel cell sector will surpass 200 megawatts (MW). The white
paper, which details ten key trends for the fuel cell market in 2013, is
available for free download on Navigant Research’s website.

“The fuel cell and hydrogen industries had a dynamic year in 2012,” says
Kerry-Ann Adamson, research director for Navigant Research. “The move toward
profitability marks a significant step forward for the industry, and will help
to unlock further investment and foster growth of this high-potential sector.”

In 2012, fewer than five companies were selling a fuel cell system at a
profit. Fewer than four companies were earnings before tax (EBITDA)
profitable, and none were making an overall profit. By contrast, in 2013
Navigant Research expects an increase to almost 15 companies with profit per
system sold, as well as an increase in the number of companies making EBITDA

The ten key trends for 2013, according to the white paper, are:

  *Annual installed capacity from the stationary fuel cell sector will top
    200 MW
  *Funding pace for hydrogen refueling stations will increase in Europe and
    Asia Pacific
  *An increasing number of companies will nudge toward overall profitability
  *Private equity and corporate investments from Russia, South Africa, and
    Asia Pacific will rise
  *Independent power producer and energy service company partnerships with
    utilities will increase (also one of Navigant Research’s top ten trends in
  *Global revenue from the fuel cell sector will exceed $2 billion
  *Platinum and palladium shipments into the fuel cell industry will increase
  *The strongest shipment increase will occur with islanding-capable systems
  *Market penetration for fuel cell vehicles will remain low
  *Progress in the portable fuel cell sector will remain slow

The white paper, “The Fuel Cell and Hydrogen Industries: 10 Trends to Watch in
2013 and Beyond”, presents the ten most notable and important trends for the
next 12 months in the fuel cell and hydrogen industries, focusing on capacity
and revenue generation, business model evolution, and the maturation of the
key companies within the sector. A full copy of the white paper is available
for free download on the Navigant Research website.

About Navigant Research

Navigant Research, the dedicated research arm of Navigant, provides market
research and benchmarking services for rapidly changing and often highly
regulated industries. In the energy sector, Navigant Research focuses on
in-depth analysis and reporting about global clean technology markets. The
team’s research methodology combines supply-side industry analysis, end-user
primary research and demand assessment, and deep examination of technology
trends to provide a comprehensive view of the Smart Energy, Smart Utilities,
Smart Transportation, Smart Industry, and Smart Buildings sectors. Additional
information about Navigant Research can be found at

About Navigant

Navigant (NYSE: NCI) is a specialized, global expert services firm dedicated
to assisting clients in creating and protecting value in the face of critical
business risks and opportunities. Through senior level engagement with
clients, Navigant professionals combine technical expertise in Disputes and
Investigations, Economics, Financial Advisory and Management Consulting, with
business pragmatism in the highly regulated Construction, Energy, Financial
Services and Healthcare industries to support clients in addressing their most
critical business needs. More information about Navigant can be found at

* The information contained in this press release concerning the report, “The
Fuel Cell and Hydrogen Industries: 10 Trends to Watch in 2013 and Beyond,” is
a summary and reflects Navigant Research’s current expectations based on
market data and trend analysis. Market predictions and expectations are
inherently uncertain and actual results may differ materially from those
contained in this press release or the report. Please refer to the full report
for a complete understanding of the assumptions underlying the report’s
conclusions and the methodologies used to create the report. Neither Navigant
Research nor Navigant undertakes any obligation to update any of the
information contained in this press release or the report.


Navigant Research
Richard Martin
Laverne Murach
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