Fuel cell revenues to reach $75 million in 2003

Fuel cell revenues are on track to meet forecast: Sales to reach $75 million in 2003, says Foster Bryan. The nations leading independent market analysis firm releases newest research offering for corporate clients.

ATLANTA GA (PRWEB) October 16, 2003 --- Foster Bryan Ltd., an independent market analysis firm, has calculated fuel cell shipments during the first half of 2003 at approximately $45 million. Second half 2003 shipments will be somewhat lower, according to James Throckmorton, Managing Director of Foster Bryan.

The updated forecast is contained in a new Foster Bryan service offering tailored specifically for corporate executives and corporate staff functions. This new service offering is in addition to Foster Bryans analysis services for institutional investors.

Fulfilling Foster Bryan Ltd.s May 2003 forecast, shipments of production units will not exceed $75 million. Companies shipping production or near-production fuel cell systems include Ballard (Nasdaq:BLDP), Fuel Cell Energy (Nasdaq:FCEL), Plug Power (Nasdaq:PLUG), UTC Fuel Cells (NYSE:UTX) and others. Hydrogenics (Nasdaq:HYGS) is shipping production fuel cell systems in the form of fuel cell test equipment. Revenues from development, engineering and R&D contracts will continue to roughly equal fuel cell systems revenues," continued Throckmorton. Total revenues for the global industry will be approximately $150 million in 2003."

A recent survey described 2002 fuel cell revenues as in excess of $200 million. The oft-quoted, overly optimistic forecast of $1 billion in fuel cell sales in 2006 continues to appear in some news releases. Foster Bryans more thorough reports of revenue are built using detailed analyses of each company in the industry including public and privately held companies. Foster Bryans forecasts are based on facts and interviews with industry and technology experts.

More information is available at www.fosterbryan.com/fuelcells.

Foster Bryan Ltd. has been providing independent, conflict-free analysis of emerging technologies and businesses in the small and large cap sectors, both publicly and privately held, for its clients for more than seven years. As evidence of its independence, Foster Bryan makes no buy or sell recommendations. The firms interactive service gives its clients unique access to the authors, scientists and engineers who developed the analysis. Foster Bryan is the only independent market analysis firm in the U.S. providing authoritative technology analysis through a contractual relationship with a major research institution, the Georgia Tech Research Institute.
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