August 2, 2007 – The market is starting to reward the non-hydrogen powered fuel cell companies with increased valuations. Of the top ten public fuel cell companies hydrogen companies now represent less than 1/2 the market cap:
| Fuel | Market Cap (million USD) | % |
|---|---|---|
| gas/liquid | 1,790.74 | 56 |
| hydrogen | 1,430.07 | 44 |
| total | 3,220.81 | 100 |
Note that we have excluded Hoku from this analysis since Hoku’s push into solar PV takes them out of the pure play fuel cell segment.  Â
The top ten fuel cell companies can be located by searching the company database for firms where “product = fuel cells” and setting “size = large or medium or small or micro”.