Del: Olaf asked for "serious, fair valued" companies. While both MHTX and DCHT are certainly serious about their fuel cell work, neither of them have ever released audited financial statements. Therefore, we don't know how many shares they have outstanding and cannot possibly judge whether they are fair valued, undervalued, or wildly overvalued, despite their seemingly low stock price.
Also, without a 10-K, we must rely on press releases and website claims for information about their technology, production capabilities, patent position, and other items critical to decide whether they have any potential. Companies tend to be more honest in their SEC filings than they are in their press releases, because the penalty for lying is more severe. I don't think either company can be taken seriously as an investment until they file audited 10-K's.
Some other players as yet unmentioned are Global Thermoelectric (GLE on the Toronto exchange), which is working on solid oxide fuel cells. The generally accepted leader in solid oxide is Siemens, which took over the Westinghouse effort in that area. Another big company is United Technologies, with its ONSI and International Fuel Cells subsidiaries. ONSI is the only commercial fuel cell company at the moment, selling phosphoric acid 250 kW units for stationary power. Other players in PEM include the Italian company DeNora (it may be public in Italy - I don't know) and Avista Labs, a subsidiary of Avista Corp. (AVA on the NYSE), which is the old Washington Water Power. |
