Fuel Cells at the Crossroads examines financial community and fuel cell industry views on the investment climate for the fuel cell industry. It also explores the investment history of the US fuel cell industry and projects potential future job creation. The scope of the study included the transportation, stationary power generation and portable sectors. Interviews were conducted with industry and financial experts. The results of the interviews provide a snapshot of industry perspective just prior to President Bush's endorsement of a hydrogen economy in his 2003 State of the Union address. In April 2003, we conducted a spot check to test whether the State of the Union address had changed opinions. We found little change among the financial and investment communities, but some guarded new optimism among industry leaders. The general outlook of our sample was cautiously hopeful. There is no question, however, that the current climate is one of great uncertainty, particularly when compared with the enthusiasm that existed just a few years ago. Among other things: (1) Respondents generally believed that the energy industry will undergo profound change over the next few decades, resulting in some form of hydrogen economy. They acknowledged, however, that huge technology and cost …

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