Aggregate revenues for publicly traded companies in the worldwide fuel cell sector rose 59% in 2006 over 2005 to a record high of US$416 million, according to the PricewaterhouseCoopers 2007 Fuel Cell Industry Survey. Continuing a trend begun in 2003, the PwC survey found sales revenues exceeded spending on research and development (R&D). As in previous surveys, none of the companies included in this year’s survey were profitable. Despite the significant increase in revenue, the industry as a whole reported a 74% year-over-year increase in net loss from negative $371 million in 2005 to negative $644 million in 2006.
The PwC 2007 Fuel Cell Industry Survey examines the 2006 year-over-year financial results of the world’s 26 publicly traded companies whose primary business involves one or more of fuel cell production, systems integration, and/or related fuelling infrastructure. The PwC survey, now in its fifth year of publication, included six new companies: Heliocentris Fuel Cells AG (Germany); Oxford Catalysts Group plc (UK); Proton Power Systems plc (UK); Protonex Technology Corporation (US); SFC Smart Fuel Cell AG (Germany); and Zongshen PEM Power Systems Inc. (Canada).
Since our last survey, the industry has continued to improve fuel cell technologies, reduce operational costs, identify near-term revenue opportunities, and secure strategic alliances in key markets around the world.
¹ All figures are expressed in U.S. dollars.
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