Shares of fuel-cell manufacturers jumped sharply in May as investors worried about the government ending tax breaks for cleaner cars.
…but fuel cells are nowhere near ready for the mainstream.
Some might be convinced otherwise after CSIQ reported a surprise profit. But it was a result from 20 per cent non-cash tax benefit, and this will never happen again.
Honda and Hyundai, another of the companies that was seen as having electric technology ahead of the pack, have both said in recent weeks that their pure electric efforts will stay on track.
For example, Hyundai recently announced its GA-GRD220, a fully electric five-seater. It won’t sell in the US until 2020.
All of this failure should send people running for the hills. But they’re not, because something much worse is on the horizon: over-optimism.
A huge gap
The purported inroads of hydrogen fuel cells are due to poor research, cost overruns, out-of-control hiring, an inability to scale, a lack of partnerships, and the controversial belief that hydrogen is a unique technology – something that could easily be duplicated.
The science has been around for decades. Companies made efforts to produce fuels for years. But nobody could get a fuel cell to operate reliably outside a laboratory.