Global Hydrogen Fuel Cell Market Could Exceed $49 Billion By 2027

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Dec 16, 2020, 08:15 ET

PALM BEACH, Fla., Dec. 16, 2020 /PRNewswire/ -- The hydrogen fuel cell market has been growing over the last few years and is expected to continue to see substantial growth over the next few years. A Hydrogen fuel cell is a device that generates electrical power by a chemical reaction via conversion of fuel (hydrogen) into electricity. Although batteries and fuel cells are both considered electrochemical cells and consist of similar structures, fuel cells require a continuous source of oxygen and fuel to run, similar to how an internal combustion engine needs a constant flow of gasoline or diesel. A fuel cell is a device that converts chemical potential energy (energy stored in molecular bonds) into electrical energy. The products of the reaction in the cell are water, electricity, and heat. This is a big improvement over internal combustion engines, coal burning power plants, and nuclear power plants, all of which produce harmful by-products. The energy.gov website said hydrogen can be used in fuel cells to generate power using a chemical reaction rather than combustion, producing only water and heat as byproducts. It can be used in cars, in houses, for portable power, and in many more applications. Find educational resources about hydrogen (H2) and fuel cell technologies. A report from ReportsAndData said that the global Hydrogen Fuel Cell market was valued at USD 10.49 billion in 2019 and is expected to attain a USD 49.52 billion value by the year 2027, at a CAGR of 21.4% Active companies in the markets this week include Vuzix® Corporation (NASDAQ: VUZI), Plug Power Inc. (NASDAQ: PLUG), Workhourse Group Inc. (NASDAQ: WKHS), NIO Inc. (NYSE: NIO), Nikola Corporation (NASDAQ: NKLA).

The report added that: "Hydrogen fuel cells can be used in a broad range of applications such as cars, buildings, electronic devices, trucks, and backup power systems. As these cells can be grid-independent, they are an attractive option for critical load functions such as telecommunication towers, data centers, emergency response systems, hospitals, and even military applications for national defense. Growing adoption of the hydrogen fuel cell refueling stations all over the world is increasing the practicability of the hydrogen fuel cell for alternative automotive propulsion. Germany houses the highest amount of hydrogen fuel stations. High-growing companies like FuelCell Energy, Inc., Bloom Energy, Ballard Power Systems Inc., and Plug Power, among others invest handful amount in the designing, manufacturing, undertaking fuelcell projects, installing, operating and managing high-scale fuel cell systems, servicing, and manual power control to create a strong strategic business model that would increase the applicability of the futuristic hydrogen fuel cell and capable of replacing the conventional source of energies.

Vuzix® Corporation (NASDAQ: VUZI) BREAKING NEWS: Vuzix Showcases Next chnologies - Vuzix®, a leading supplier of Smart Glasses and Augmented Reality (AR) technology and products, this week announced that Plug Power (NASDAQ: PLUG ), a leading provider of hydrogen engines and fueling solutions for enabling e-mobility, has developed and successfully deployed an AR smart glasses-based remote training and onboarding program utilizing Vuzix M400 Smart Glasses powered by Ubimax Frontline, a fully integrated productivity solution platform.

The arrival of COVID-19 presented new challenges for Plug Power operations to train and support their field technicians and their growing customer footprint. In a matter of weeks, Plug Power was able to adapt their in-person training and onboarding programs into AR virtual smart glasses-based training programs. The AR support program provides Plug Power technicians with a kit consisting of Vuzix Smart Glasses preloaded with Ubimax Frontline software, which not only enabled technicians to capture and review on-the-job processes hands-free with a trainer remotely, but also replaced the need for more expensive in-person training events and gatherings.

"We turned to Vuzix and Ubimax soon after the COVID-19 pandemic arrived to help solve operational challenges related to onboarding and training our technicians," commented Chris Suriano , Plug Power Vice President of Service. "We look forward to expanding the use of AR smart glasses for the long-term to support more extensive use cases."

"Plug Power is another great example of how companies are turning to Vuzix Smart Glasses to deliver cost- effective solutions and alternatives to in-person gatherings to deliver ongoing training and remote support for field technicians," said Paul Travers, President and Chief Executive Officer at Vuzix.

VUZIX also announced late yesterday that the Company has completed the development and delivery of a customized waveguide solution to fulfill the terms of the first phase of the multi-stage agreement previously announced on September 3, 2020. This delivery is now being reviewed by the customer and it is expected that subsequent project phases will commence in the near future which will generate additional non-recurring engineering (NRE) revenues and if successful ultimately result in an accepted final product design that can lead to a volume production order. Read the first entire release and more news for Vuzix® at: https://www.financialnewsmedia.com/news-vuzi/

Additional recent developments include:

NIO Inc. (NYSE: NIO) recently announced the pricing of the offering of 68,000,000 American depositary shares (the "ADSs"), each representing one Class A ordinary share of the Company (the "ADS Offering"), at a price of US$39.00 per ADS. The Company has granted the underwriters in the ADS Offering a 30-day option to purchase up to an additional 10,200,000 ADSs.

Morgan Stanley & Co. LLC and China International Capital Corporation Hong Kong Securities Limited are acting as representatives for the underwriters for the ADS Offering. The ADSs are offered under the Company's shelf registration statement on Form F-3 (the "Form F-3") which was filed with the Securities and Exchange Commission (the "SEC") and automatically became effective on June 9, 2020. The ADS Offering is being made only by means of a prospectus supplement and an accompanying prospectus

Workhourse Group Inc. (NASDAQ: WKHS) an American technology company focused on providing sustainable and cost-effective drone-integrated electric vehicles to the last-mile delivery sector, recently reported financial results for the third quarter ended September 30, 2020.

"Our strategic partnership approach to engaging with dealerships has paid off very quickly as evidenced by our recent 500 truck order from Pritchard Auto Company that will be financed by HCA," said Workhorse CEO Duane Hughes. "We believe this initial sale is just the start of this channel's growth. We were also encouraged by the results of a positive dealer survey administered by HCA that looked favorably on the long-term prospects for the EV delivery truck market and, in particular, Workhorse within that ecosystem."

Plug Power Inc. (NASDAQ: PLUG), a leading provider of hydrogen engines and fueling solutions enabling e-mobility, recently announced it is supplying Walmart, its first multi-site GenKey hydrogen and fuel cell customer, with sustainable solutions for use in its eCommerce network. Plug Power has provided GenKey hydrogen and fuel cell solutions to Walmart, a leader in deploying hydrogen fuel cell technology in electric vehicles, since 2010 for its material handling fleet.

Plug Power products consistently operate in Walmart's material handling fleet at 99% uptime with constant power performance. During the pandemic, Plug Power's products have enabled leading retailers like Walmart to fulfill increased demand from customers at a rapid pace.

Nikola Corporation (NASDAQ: NKLA) recently announced the signing of a non-binding Memorandum of Understanding ("MOU") with General Motors for a global supply agreement related to the integration of GM's Hydrotec fuel-cell system into Nikola's commercial semi-trucks. This supersedes and replaces the transaction announced on September 8, 2020.

Under the terms of the MOU, Nikola and GM will work together to integrate GM's Hydrotec fuel-cell technology into Nikola's Class 7 and Class 8 zero-emission semi-trucks for the medium- and long-haul trucking sectors. As previously announced, Nikola expects to begin testing production-engineered prototypes of its hydrogen fuel-cell powered trucks by the end of 2021, with testing for the beta prototypes expected to begin in the first half of 2022. In addition, Nikola and GM will discuss the potential for the utilization of GM's versatile Ultium battery system in Nikola's Class 7 and Class 8 vehicles.

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