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FUEL CELL CATALYSTS EXECUTIVE SUMMARY ES-1 Most Cited Catalyst Scientific Research ES-1 Mostafa A. El-Sayed Is The Undisputed Leader In Catalyst Scientific Research ES-1 Susie Eustis Describes The Electromagnetic Effect Of Surface Oscillation On Nanoparticles ES-2 Characteristics Of Nanoparticles Do Not Scale Linearly With Size And Are A Function OF Electron Behavior ES-3 Fuel Cell Catalysts Market Driving Forces ES-4 Worldwide Fuel Cell Catalysts Market Shares ES-6 Johnson Matthey ES-7 QuantumSphere ES-8 QuantumSphere Consistent, Narrow Particle Size Distribution ES-9 Cabot’s Dynalyst Spray-Based Powder Processing Catalyst Formation Technique ES-10 Cabot Proprietary Technology Attaches Organic Groups To The Surface Of Carbon Black Particles ES-10 Fuel Cell Catalyst Market Forecasts ES-11 Proper Catalysts, The Water-Shift Reaction ES-14 1. FUEL CELL CATALYST MARKET DESCRIPTION AND MARKET DYNAMICS 1-1 1.1 Mostafa A. El-Sayed Most Cited Catalyst Scientific Research 1-1 1.1.1 Mostafa A. El-Sayed “Cubic” Colloidal Platinum Nanoparticles -- 1986 1-1 1.1.2 Mostafa A. El-Sayed Is The Undisputed Leader In Catalyst Scientific Research 1-2 1.1.3 Susie Eustis Describes Electromagnetic Effect Of Surface Oscillation Of Nanoparticles 1-3 1.1.4 Influence Of The Surface Morphology On The Kinetics Of A Cathodic Fuel Cell Reaction 1-5 1.2 Catalysts Overcome Fuel Cell Technical Obstacles And Operational Disadvantages 1-6 1.3 Types Of Fuel Cell Technologies 1-6 1.3.1 Comparison of Fuel Cell Technologies 1-9 1.3.2 PEM Platinum / Ruthenium Catalysts 1-10 1.3.3 Direct Methanol Fuel Cells 1-10 1.3.4 Alkaline Fuel Cells 1-11 1.3.5 Phosphoric Acid Fuel Cells 1-12 1.3.6 Molten Carbonate Fuel Cells 1-13 1.3.7 Solid Oxide Fuel Cells 1-14 1.3.8 Regenerative Fuel Cells 1-15 1.4 Nanoscopic Bits Of Platinum For Fuel Cell Catalyst Technology 1-16 1.4.1 Improving The Performance Of Platinum Catalysts 1-16 1.4.2 Shape Transformation and Surface Melting of Cubic and Tetrahedral Platinum Nanocrystals 1-18 1.4.3 Catalytic Activity Dependent On The Size And Shape Of Nanocrystals 1-18 1.4.4 Why Gold Nanoparticles Are More Precious Than Pretty Gold: Susie Eustis and Mostafa A. El-Sayed 1-19 1.4.5 Effect of Catalysis on the Stability of Metallic Nanoparticles: Suzuki Reaction Catalyzed by PVP-Palladium Nanoparticles Radha Narayanan and Mostafa A. El-Sayed 1-20 1.5 Palladium Catalysts Prepared By Glow Discharge Plasma For The Selective Hydrogenation Of Acetylene 1-20 1.5.1 Shape-Controlled Synthesis of Colloidal Platinum Nanoparticles 1-21 1.5.2 Platinum Nanocrystals Daniel.Feldheim@Colorado.edu 1-21 1.5.3 Testing of the Palladium Membrane Reactor and Potential Applications for Hydrogen Production 1-22 1.6 Platinum Dissolution And Deposition In A Membrane 1-22 1.6.1 TEM Platinum Deposition Image Of The Cathode 1-25 2. FUEL CELL CATALYST MARKET SHARES AND MARKET FORECASTS 2 1 2.1 Platinum Fuel Cell Catalyst 2-1 2.2 Fuel Cell Catalysts Market Driving Forces 2-1 2.2.1 Fuel Cell Catalysts Market Dynamics 2-2 2.3 Worldwide Fuel Cell Catalysts Market Shares 2-6 2.3.1 Johnson Matthey 2-8 2.3.2 QuantumSphere QSI-Nano Palladium 2-10 2.3.3 QuantumSphere Fuel Cell Catalysts 2-11 2.3.4 Acta Breakthrough Electrolyser Catalyst 2-11 2.3.5 Acta Platinum Free Catalysts 2-13 2.4 Fuel Cell Catalyst Market Forecasts 2-14 2.4.1 Fuel Cell Catalyst Regional Market Analysis 2-16 2.5 Platinum Market Analysis 2-18 2.5.1 Fuel Cell Catalysts 2-22 2.5.2 Platinum Fuel Cell Catalysts 2-23 2.5.3 Platinum Supply By Region 2-24 2.5.4 Reduction Of The Amount Of Platinum-Loading 2-29 2.6 Stationary Fuel Cell Catalysts 2-30 2.6.1 Stationary Fuel Cells Market 2-32 2.6.2 Fuel Cells Portable Market 2-32 2.6.3 Fuel Cells Transportation Market 2-32 2.6.4 Worldwide Stationary Fuel Cell Market Growth Drivers 2-33 2.7 Fuel Cells Strengths and Weaknesses 2-37 2.8 Fuel Cell Market Regional Analysis 2-39 2.8.1 Fuel Cells California 2-39 2.8.2 Fuel Cells U.S. 2-41 2.8.3 U.S. Solid-State Energy Conversion Alliance SECA 2-41 2.8.4 U.S. Boston Area Acumentrics, Cell Tech Power, Protonex Technology of Southborough, Ztek in Woburn, and Cambridge sister companies TIAX and Nuvera Fuel Cells 2-41 2.8.5 Fuel Cells Canada 2-42 2.8.6 Fuel Cells in Canada 2-42 2.8.7 Fuel Cells Japan 2-44 2.8.8 New Energy Foundation Project (NEF) And The Japan Gas Association Matsushita Electric 2-49 2.8.9 Sales Prospects Japan 2-49 2.8.10 New Sunshine Project (Japan) 2-51 2.8.11 Fuel Cell Development in Japan 2-53 2.8.12 Fuel Cell Cogeneration in Japan 2-54 2.8.13 Tokyo-Based JGA Millennium Program, 2-55 2.8.14 Japanese Government Subsidies in 2006 2-56 2.8.15 Fuel Cell Cogeneration In Japan 2-56 2.8.16 Establishing Codes And Standards Are Very Important For Advancing Fuel Cell Systems In Japan 2-57 2.8.17 Fuel Cells Germany 2-57 2.8.18 EPRI Strategic Planning 2-58 2.8.19 Electric Power Research Institute (EPRI) Scenarios: Fuel Prices And Environmental Mitigation Costs High 2-59 2.8.20 Electric Power Research Institute (EPRI) Scenarios: Evolution Of Fuel Prices And CO2 Costs 2-59 3. FUEL CELL CATALYST PRODUCT DESCRIPTION 3-1 3.1 Johnson Matthey Fuel Cell Catalysts 3-1 3.1.1 Johnson Matthey Fuel Cells 3-2 3.1.2 Johnson Matthey HiSPEC® Catalyst 3-3 3.1.3 Johnson Matthey Addresses Catalytic Components 3-3 3.1.4 Johnson Matthey Catalysts For Hydrogen Production 3-8 3.2 ACTA 3-9 3.2.1 Acta Catalyst For Direct Alcohol Fuel Cells 3-11 3.2.2 Acta Platinum Free Catalysts 3-12 3.3 QuantumSphere 3-15 3.3.1 QSI Methanol Fuel Cell / Hydrogen Fuel Cell 3-17 3.3.2 QSI Methanol Fuel Cell 3-18 3.3.3 QuantumSphere Funds University Research 3-22 3.3.4 QuantumSphere QSI-Nano® Palladium 3-26 3.3.5 QuantumSphere Efficiencies in Hydrogen Generation 3-27 3.3.6 QuantumSphere 45% Increase in Power Incorporating QSI-Nano® Cobalt in Direct Methanol Fuel Cells Membrane Electrode Assembly 3-32 3.3.7 QuantumSphere QSI-Nano® Catalysts For Large Batteries Has 320% Increase In Power For Zinc-Air Battery Cathodes 3-34 3.3.8 QuantumSphere Ultra-Pure, Highly Uniform Nanometals And Alloys Under 100 Nanometers 3-35 3.4 DoppStein Enterprises DSE 3-38 3.4.1 DoppStein Enterprises Independent Scientific Data To Validate QuantumSphere 3-38 3.5 Argonne US National Laboratory 3-40 3.6 BASF Fuel Cell 3-41 3.6.1 PEMEAS (BASF) 3-43 3.6.2 E-TEK™ Division Of BASF / PEMEAS 3-43 3.7 Fuel Cell Markets Ltd 3-46 3.8 Cabot Fuel Cell Electrocatalysts 3-46 3.8.1 Cabot’s Dynalyst® Electrocatalysts Manufacturing Process 3-49 3.8.2 Cabot Advanced Fuel Cell Development 3-50 3.8.3 Cabot Modified Carbon Electrocatalyst Technology 3-51 3.8.4 Cabot Modified Carbon Black Technology 3-52 3.8.5 Cabot Low Relative Humidity Fuel Cell Catalysts 3-53 3.8.6 Cabot Advanced Fuel Cell Development 3-57 3.9 NEC Carbon Nanohorns Fuel Cell Catalysts 3-57 3.9.1 Fuel Cell Catalyst Nanotechnology At NEC 3-58 3.9.2 NEC Bottom-Up Self-Assembly Nanotechnology For Creation Of Materials With New Properties Such As Fullerene And The Carbon Nanotube 3-58 3.9.3 Top-Down Type Of Nanofabrication Technology 3-58 3.9.4 NEC Calixarene 3-59 3.9.5 NEC Nanofabrication/Nano-Characterization – Calixarene and CNT Control Technology – 3-60 3.9.6 CNT Cylindrically Shaped Carbon Material 3-60 3.9.7 NEC CNH Nanometric Carbon Tubes 3-61 3.9.8 NEC Synthesis of CNT and CNH 3-62 3.9.9 NEC Nanotechnology Lets Platinum Works As The Catalyst Efficiently 3-62 3.9.10 NEC Increases Surface Area Of Platinum Particles 3-62 3.10 PolyFuel Key Polymer Portable Fuel Cell Technology 3-63 3.10.1 PolyFuel Engineers The Nano-Architectures And The Chemical Characteristics Of A Membrane 3-65 3.10.2 Fluorocarbon Membranes State Of The Art 3-65 3.11 Oxford Catalysts 3-69 3.11.1 Oxford Catalysts Platform Is For A Novel Class Of Catalysts Incorporating Metal Carbides 3-70 3.12 Grace Davison 3-72 3.13 Voller Energy Group 3-72 3.14 Zhong Lin Wang Catalyst For Hydrogen Production 3-73 3.15 Oxford University Enzyme-Based Hydrogen Fuel Cell 3-74 3.15.1 Trulite Fuel Cell Technology 3-75 3.16 Hydra Fuel Cell 3-76 3.17 Brookhaven National Laboratory 3-76 3.17.1 Metal Nanoparticles Do Catalysis When Put On Ceria 3-77 3.17.2 GSI Creos Carbon Nanotubes (CNTs) For Fuel Cells 3-78 3.17.3 Topsoe Fuel Cell Solid Oxide Fuel Cell 3-79 3.17.4 Umicore elyst Electrocatalysts 3-80 3.17.5 Advent Technologies SA 3-81 3.18 Altair Nanomaterials 3-81 3.19 Best Water Technology ALTI BWT 3-81 3.20 Dupont Fuel Cells Nafion® Membranes and Dispersions 3-81 3.21 Hoku Scientific 3-82 3.22 Ion Power Membranes For Direct Methanol Fuel Cells 3-82 3.23 ITM Power Ltd 3-82 3.24 Solvay Solexis 3-82 3.25 Entegris Cell Stack Subassembly 3-83 3.26 Argonne National Laboratory Catalyst Breakthrough Boosts Hydrogen Fuel Cells 3-83 3.26.1 Thermal Stability in Air of Pt/C Catalysts and PEM Fuel Cell Catalyst Layers 3-85 3.26.2 Department of Chemistry, Brookhaven National Laboratory Stabilization of Platinum Oxygen-Reduction Electrocatalysts Using Gold Clusters 3-86 3.27 Süd-Chemie Incorporated 3-86 3.27.1 Süd-Chemie Feedstock Purification Catalysts: 3-86 3.27.2 Süd-Chemie Feedstock Reforming Catalysts: 3-87 3.27.3 Süd-Chemie Water-Gas Shift Catalysts 3-88 3.27.4 Süd-Chemie Carbon Monoxide Purification Catalysts: 3-88 3.27.5 Süd-Chemie Off-Gas Combustion Catalysts: 3-89 3.27.6 Süd-Chemie Syngas Catalysts 3-90 3.28 Catalysts for Butane Reforming in Zirconia Fuel Cells 3-90 3.29 IdaTech and RWE 3-91 4. FUEL CELL CATALYST TECHNOLOGY 4-1 4.1 Catalyst Allows Chemical Conversions 4-1 4.2 Cabot Proprietary Technology Attaches Organic Groups To The Surface Of Carbon Black Particles 4-1 4.2.1 Surface Of Carbon Black Particles Ewplaxes Organic Groups Oxidation And Surfactant Adsorption 4-2 4.3 Johnson Matley Noble Metal Hydrodechlorination Catalyst 4-2 4.3.1 Johnson Matley Tungsten-Containing Fuel Cell Catalyst 4-3 4.4 Carbon Nanotechnologies 4-3 4.5 NEC Nanoparticle Fabrication 4-4 4.5.1 Calixarene 4-4 4.5.2 NEC Iron Nanoparticle LANS Process 4-5 4.5.3 Key Nanotechnologies 4-6 4.6 QuantumSphere Positions Nano-palladium To Replace Platinum 4-9 4.7 Membrane PEM Fuel Cell 4-10 4.7.1 QuantumSphere High-Quality Nanocatalysts 4-11 4.8 Coal Gasification 4-12 4.9 Hydrogen 4-12 4.9.1 Metalloporphyrin Catalysts 4-17 4.10 Gold Catalyst For Fuel Cells 4-17 5. FUEL CELL CATALYST COMPANY PROFILES 5-1 5.1 ACTA 5-1 5.1.1 Acta Technology 5-3 5.1.2 ACTA Revenue 5-4 5.1.3 ACTA Fuel Cell Technology Distribution Contract With Sumitomo / Summit Medichem 5-4 5.1.4 Acta Proprietary Nanotechnology 5-5 5.2 Argonne National Laboratory 5-6 5.3 BASF Fuel Cell GmbH Targets Fuel Cell Industry 5-7 5.3.1 BASF / PEMEAS 5-7 5.3.2 BASF Fuel Cell 5-7 5.3.3 BASF / PEMEAS / E-TEK 5-9 5.4 Cabot Corporation 5-10 5.4.1 Cabot Fuel Cells Group 5-11 5.5 DoppStein Enterprises 5-12 5.6 Engelhard 5-13 5.7 Fuel Cell Energy 5-13 5.8 Johnson Matthey 5-15 5.8.1 Johnson Matthey Catalysts Division 5-16 5.8.2 Johnson Matthey Builds Autocatalyst Facility In Korea 5-16 5.8.3 Johnson Matthey Autocatalyst Facility In Russia 5-17 5.8.4 Johnson Matthey Speciality Chemicals 5-18 5.9 National Hydrogen Association 5-19 5.10 Oxford Catalysts 5-19 5.10.1 Oxford Catalysts Revenue 5-22 5.10.2 Oxford Catalysts Licences 5-23 5.10.3 Oxford Catalysts Patents 5-23 5.11 PolyFuel 5-24 5.2 QuantumSphere 5-27 5.11.1 QuantumSphere Advanced Materials Leveraging Nano Catalysts for Clean-Energy Applications 5-29 5.11.2 QuantumSphere Nanoscale Catalyst Materials 5-30 5.11.3 QuantumSphere Highly Efficient Hydrogen Generation via Water Electrolysis Using Nanometal Electrodes 5-31 5.12 SGL Group: 5-32 5.12.1 SGL Group – The Carbon Company 5-33 5.3 Süd-Chemie Incorporated 5-44 5.12.2 Süd-Chemie in Quebec in Lithium Iron Phosphate production 5-44 5.13 Superprotonic 5-46 List of Tables and Figures FUEL CELL CATALYSTS EXECUTIVE SUMMARY Table ES-1 ES-5 Fuel Cell Catalysts Market Driving Forces Figure ES-2 ES-6 Worldwide Fuel Cell Catalysts Market Shares, Dollars, First Half 2007 Figure ES-3 ES-13 Worldwide Fuel Cell Catalysts Market Forecasts, Dollars, 2007-2013 FUEL CELL CATALYSTS MARKET DESCRIPTION AND MARKET DYNAMICS Table 1-1 1-5 Influence Of The Surface Morphology On The Kinetics Of A Cathodic Fuel Cell Reaction Table 1-2 1-7 Types Of Fuel Cell Technologies Table 1-3 1-8 Comparison of Fuel Cell Technologies Figure 1-4 1-24 Schematic Drawing Of Platinum Deposition In A Polymer Electrolyte Membrane. Figure 1-5 1-26 TEM Images Of A Cross-Section Of MEA Table 2-1 2-4 Fuel Cell Catalysts Market Driving Forces Table 2-2 2-5 Fuel Cell Catalysts Market Functions Figure 2-3 2-7 Worldwide Fuel Cell Catalysts Market Shares, Dollars, First Half 2007 Figure 2-4 2-8 Worldwide Fuel Cell Catalysts Shipment Market Shares, Dollars, 2006 and First Half 2007 Figure 2-5 2-15 Worldwide Fuel Cell Catalysts Market Forecasts, Dollars, 2007-2013 Table 2-6 2-16 Worldwide Fuel Cell Catalysts Market Forecasts, Dollars, 2007-2013 Table 2-7 2-17 Worldwide Fuel Cell Catalysts Market Forecasts, Percent, 2007-2013 Table 2-8 2-29 Platinum Supply and Demand Table 2-9 2-34 Worldwide Stationary Fuel Cell Market Growth Drivers Table 2-10 2-35 Worldwide Stationary Fuel Cell Market Segments Table 2-11 2-36 Fuel cell Technology Positioning Table 2-12 2-37 Stationary Fuel Cells Strengths and Weaknesses Table 2-13 2-48 Japanese Government Schedule for Fuel Cell Introduction Table 2-14 2-50 Japanese Sales Prospects FUEL CELL CATALYSTS PRODUCT DESCRIPTION Table 3-1 3-4 Johnson Matthey Products Table 3-2 3-5 HiSPEC® Product Line Table 3-3 3-6 Johnson Matthey Ongoing Catalyst Development Table 3-4 3-7 Fuel Processing Applications Of The Johnson Matthey Synetix Company Table 3-5 3-9 Fuel Cell Catalysts: Table 3-6 3-13 Acta Catalyst Products Table 3-7 3-21 QSI-Nano® catalyst solution: Table 3-8 3-24 QuantumSphere Central Research Strategies Table 3-9 3-25 QuantumSphere Central Research Directions Meant to Achieve Commercially Viable FuelCell Catalyst Applications Figure 3-10 3-29 QuantumSphere Porous Electrode Figure 3-11 3-30 QuantumSphere Surface of Electrode 10 nm Particles In Electrode (Nanoparticles On A Support) Figure 3-12 3-31 QuantumSphere 10 nm particles in electrode (Width 75 Nanometer) Porous Catalyst Figure 3-13 3-32 Cost per gge As A Function Of Electricity Cost Table 3-14 3-36 Quantumsphere’s catalyst products Table 3-15 3-41 BASF Fuel Cell Features Table 3-16 3-44 E-TEK Catalyst Products Table 3-17 3-44 E-TEK’s Catalyst Technologies Table 3-18 3-47 Cabot’s Dynalyst® Electrocatalysts Table 3-19 3-48 Cabot’s Dynalyst® Electrocatalysts Key Properties Table 3-20 3-49 Cabot’s Dynalyst® Electrocatalysts Key Applications Table 3-21 3-53 Cabot Manipulation Of More Substances Via Expansion Of What Is Possible With Carbon Blacks Table 3-22 3-56 Cabot Advanced Fuel Cell Electrocatalysts Functions Figure 3-23 3-71 Oxford Catalysts FUEL CELL CATALYSTS TECHNOLOGY Table 4-1 4-13 Hydrogen-Air Fuel Cell Performance Figure 4-2 4-15 Metal Chalcogenides Group Of Materials With Potential For Replacing Platinum In The Pefc Cathode FUEL CELL CATALYSTS COMPANY PROFILES Table 5-1 5-2 University ACTA Development Programs Table 5-2 5-8 BASF Fuel Cell Activities Table 5-3 5-20 Oxford Catalysts Group Initiatives

Companies Mentioned

Johnson Matthey ACTA Argonne National Laboratory BASF Cabot Corporation DoppStein Enterprises Engelhard Fuel Cell Energy National Hydrogen Association Oxford Catalysts PolyFuel QuantumSphere SGL Group Sud-Chemie Incorporated Superprotonic