Abstract

In recent years, fuel cell shares have seen the kind of meteoric rise previously reserved for biotech and Internet stocks. Yet most fuel cell companies do not yet have a commercial product to offer and have never turned a profit. The buzz and well-meaning halo surrounding this clean, green technology can be infectious. But investing in fuel cells is nothing if not speculative.

Fortunately, fuel cells are not rocket science. In this report we explain very briefly how they work. We discuss the main types, compare their relative merits for different applications, introduce you to the leading companies, and show how the competition among them is shaping up. Throughout, we cut through the hype and jargon and warn of the major uncertainties facing this new industry.

Finally, we take a look at the much-heralded "hydrogen economy" of the future and provide links and recommended reading that should expedite your future digging. 30 Pages.