# Fuel cells: Value chain

From platinum and membranes to trucks and data centres

Source page: https://www.materialinsights.org/energy/e_fuel_cells/valuechain/

What this tab covers Who does what, from equipment makers to builders, owners, operators, traders and users, with the leading companies at each step.

The chain runs from platinum, ceramics and polymer membranes, to makers of membrane-electrode assemblies and stacks, to system integrators and vehicle makers. Systems are sold or leased to fleets, utilities and data-centre owners, and long service contracts keep them running.

#### The chain
 Catalysts and membranes PEM stacks and modules for vehicles and backup power Stationary high-temperature systems Manufacturing, owners and service

| Stage | What happens | Leading companies |
|---|---|---|
| **Catalysts and membranes** | Platinum is refined and made into nanoparticle catalysts on carbon; perfluorosulfonic acid (PFSA) membranes and gas diffusion layers are made separately and combined into membrane-electrode assemblies. | Umicore (Belgium) Tanaka (Japan) Chemours (United States) W. L. Gore (United States)^[5](https://www.energy.gov/sites/default/files/2022-02/Fuel%20Cells%20%26%20Electrolyzers%20Supply%20Chain%20Report%20-%20Final.pdf) |
| **PEM stacks and modules for vehicles and backup power** | Stacks and packaged modules for buses, trucks, cars, forklifts, rail and ships. Ballard's annual filing names Toyota, Hyundai, Plug Power, SinoHytec and Refire among its main rivals; Refire says it led China's heavy-truck fuel-cell market in 2022 and 2023. | Toyota (Japan) Hyundai Motor (South Korea) Ballard Power Systems (Canada) Plug Power (United States) Refire (China) SinoHytec (China)^[11](https://www.sec.gov/Archives/edgar/data/1453015/000162828026017045/ballard993123125annualinfo.htm)^[12](https://www.omm.com/news/press-releases/o-melveny-represents-leading-hydrogen-technology-company-refire-in-approximately-us-91-million-hong-kong-ipo/)^[13](https://global.toyota/en/newsroom/corporate/42218558.html)^[14](https://www.electrive.com/2025/10/30/hyundai-lays-foundation-stone-for-new-fuel-cell-factory) |
| **Stationary high-temperature systems** | Solid-oxide, molten carbonate and phosphoric acid power plants, mostly on natural gas today, with hydrogen versions. FuelCell Energy has stopped developing solid-oxide power units and sells carbonate plants; Doosan sells phosphoric acid units in Korea and, through HyAxiom, in the US. | Bloom Energy (United States, solid oxide) FuelCell Energy (United States, molten carbonate) Doosan Fuel Cell (South Korea, phosphoric acid) Mitsubishi Power (Japan, solid oxide) Ceres Power (United Kingdom, solid-oxide licensor)^[3](https://www.sec.gov/Archives/edgar/data/1664703/000162828026006516/be-20251231.htm)^[5](https://www.energy.gov/sites/default/files/2022-02/Fuel%20Cells%20%26%20Electrolyzers%20Supply%20Chain%20Report%20-%20Final.pdf)^[8](https://www.sec.gov/Archives/edgar/data/886128/000110465925122302/fcel-20251031x10k.htm)^[9](https://www.doosan.com/images/media-center/ces2024/(Data%20Sheet)%20HyAxiom%20PureCell%20Model%20400%20Hydrogen.pdf) |
| **Manufacturing, owners and service** | Bloom prints cells in California, assembles in Delaware and in Korea through a joint venture with SK ecoplant, and reports units at about 1,100 sites in 9 countries, including about 682 MW in South Korea. South Korea is also FuelCell Energy's largest market (plants of 20 MW and 58.8 MW). | Bloom Energy (United States) SK ecoplant (South Korea) FuelCell Energy (United States)^[3](https://www.sec.gov/Archives/edgar/data/1664703/000162828026006516/be-20251231.htm)^[8](https://www.sec.gov/Archives/edgar/data/886128/000110465925122302/fcel-20251031x10k.htm) |

#### Sources

1. [Bloom Energy Corp Form 10-K for fiscal year 2025](https://www.sec.gov/Archives/edgar/data/1664703/000162828026006516/be-20251231.htm) Bloom Energy / US SEC, 2026
2. [Water Electrolyzers and Fuel Cells Supply Chain: Supply Chain Deep Dive Assessment](https://www.energy.gov/sites/default/files/2022-02/Fuel%20Cells%20%26%20Electrolyzers%20Supply%20Chain%20Report%20-%20Final.pdf) US Department of Energy, 2022
3. [FuelCell Energy Form 10-K for fiscal year 2025](https://www.sec.gov/Archives/edgar/data/886128/000110465925122302/fcel-20251031x10k.htm) FuelCell Energy / US SEC, 2025
4. [PureCell Model 400 Hydrogen data sheet (HyAxiom, a Doosan Fuel Cell company)](https://www.doosan.com/images/media-center/ces2024/(Data%20Sheet)%20HyAxiom%20PureCell%20Model%20400%20Hydrogen.pdf) Doosan (company data), 2024
5. [Ballard Power Systems Annual Information Form 2025 (Form 40-F exhibit)](https://www.sec.gov/Archives/edgar/data/1453015/000162828026017045/ballard993123125annualinfo.htm) Ballard Power Systems / US SEC, 2026
6. [O'Melveny represents Refire in Hong Kong IPO (cites Frost and Sullivan ranking; company claim)](https://www.omm.com/news/press-releases/o-melveny-represents-leading-hydrogen-technology-company-refire-in-approximately-us-91-million-hong-kong-ipo/) O'Melveny and Myers, 2024
7. [Toyota develops new (third-generation) fuel cell system](https://global.toyota/en/newsroom/corporate/42218558.html) Toyota Motor Corporation, 2025
8. [Hyundai lays foundation stone for new fuel cell factory](https://www.electrive.com/2025/10/30/hyundai-lays-foundation-stone-for-new-fuel-cell-factory) electrive, 2025

## Other sections

- [Summary](https://www.materialinsights.org/energy/e_fuel_cells/index.md)
- [Overview](https://www.materialinsights.org/energy/e_fuel_cells/overview/index.md)
- [Correlation](https://www.materialinsights.org/energy/e_fuel_cells/correlation/index.md)
- [Science and limits](https://www.materialinsights.org/energy/e_fuel_cells/science/index.md)
- [Unit economics](https://www.materialinsights.org/energy/e_fuel_cells/economics/index.md)
- [Engineering methods](https://www.materialinsights.org/energy/e_fuel_cells/methods/index.md)
- [Equipment and suppliers](https://www.materialinsights.org/energy/e_fuel_cells/equipment/index.md)
- [Relationships](https://www.materialinsights.org/energy/e_fuel_cells/links/index.md)