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Technology Stocks : FCL - FuelCell Energy

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To: WWS who wrote (114)12/19/1997 12:27:00 AM
From: Michael Winkler  Read Replies (1) of 407
 
Bill:
I work on PEM fuel cells at Schatz Energy Research Center at Humboldt State University in northern California. I have stock in both Ballard and ERC. I bleieve that particular types of fuel cells are appropriate for particular applications.

In portable applications, such as vehicles, PEM fuel cells appear to have advantages.
1. They can be easily built in small sizes.
2. They use relatively nontoxic materials
3. They have fast start-up times.
4. They can start up at room temperature.

They also appear to have an advantages in very small sizes such as home cogeneration(1 to 5 kw).

In larger sizes, carbonate fuel cells(i.e. ERC) have advantages:
1. They are inherently higher efficiency than PEM
2. Their high temperature allows them to be used for
combined-cycle operation leading to even higher efficiency
3. Becuase they do internal reforming and are not poisoned by
carbon monoxide, they are simpler when running on a
hydrocarbon fuel such as natural gas. PEM fuel cells need
an external reformer.

The Ballard-GPU-GEC venture is targeting 250kw units. In this
size, they will be competing against combined-cycle gas turbines
which now cost $500-$700(U.S.) per kw and dropping with
with efficiencies eventually reaching about 55%. It's going to
be very hard for them to compete at this price.

In the long run, I believe that carbonate fuel cells will win
out because of their higher efficiency. Carbonate will be
competing against gas turbines. PEM fuel cells won't be
cost effective as power plants.
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