Sunday, July 15, 2007
Fuel Cell Stocks are Charging Ahead
There are several categories of alternative energy stocks, including solar energy stocks, wind energy stocks, ethanol stocks, flywheel stocks, carbon emissions trading stocks and geothermal stocks. However, fuel cell companies have their own unique characteristics and potentials.
A fuel cell is an electrochemical energy conversion device which produces electricity from external supplies of fuel and an oxidant. They can operate continuously, as long as the flow continues between the fuel and the oxidant. A fuel cell's electrodes are relatively stable, unlike a battery. The most common type of fuel cell is the hydrogen fuel cell, which uses hydrogen as fuel and oxygen as oxidant. There are also alcohol fuel cells, hydrocarbon fuel cells, and several other types.
Fuel cells are considered to have more benefits than other types of fuel due to the fact that fuel cells are more energy efficient and cleaner. There are a large number of pure plays and semi-pure plays that are publicly traded. The majority of them have negative earnings, and many aren’t even generating any sales, so most of these should be considered very speculative. The following is the list of most of the major fuel cell players:
Air Products and Chemicals (APD) They market various types of gasses worldwide. The company developed and continues to operate a hydrogen production facility, a fuel cell power plant and a fueling station which dispenses hydrogen and hydrogen blended fuels to a fleet of light duty vehicles in Las Vegas. They also supply Honda Motor Company with high pressure gas and two hydrogen fuelers for their Fuel Cell Vehicle Program with the city of Los Angeles. The stock has a P/E of 24.5, and is one of the few fuel cell related stocks that pays a dividend, generating a yield of 1.8%.
Alternate Energy Corporation (ARGY.OB) This company is involved in bulk production of hydrogen and saleable chemical by-products. The company has no revenues and negative earnings.
American Security Resources (ARSC.OB) This Houston based company develops advanced hydrogen fuel cells. Earnings have been negative.
Arotech Corporation (ARTX) This company develops, manufacture, and sells defense and security products. This company also develops primary and refuelable zinc-air fuel cell technology. Earnings have been negative but quarterly revenues 29.6% year over year. The stock has a P/S of .82.
Astris Energi. (ASRNF.OB) – The company develops fuel cells in the Czech Republic. The company generated a loss of $0.05 for 2006 versus a loss of $0.16 in 2005. The company reported in June that it is in the process of selling all of its assets to MKU Canada Inc.
Avista Corporation (AVA) This Spokane, Washington company was founded in 1889. They generate and distribute energy throughout the United States and Canada. The company also sells its patented fuel cells. Their patent covers any type of fuel cell system that utilizes multiple fuel cell modules. It has a P/E of 20.3, a P/S of .8, a PEG of 3.85, and generates a relatively high yield of 2.7%.
Axion Power Intl Inc (AXPW.PK) The company produces lead-acid-carbon energy storage technologies and is developing prototype e3 Supercells, which are low cost battery-supercapacitor hybrids that use the same cases, materials, components and manufacturing equipment as conventional lead-acid batteries. In June, the company filed a Non-Reliance on Previous Financials, Audits or Interim Review form with the SEC.
Ballard Power Systems (BLDP) The company designs, manufactures, and markets proton exchange membrane [PEM] fuel cells for power generation, automotive, and material products. The stock has negative earnings and a price sales ratio of 11.14.
Cabot Corporation (CBT) This is a is a specialty chemicals and performance materials company. They also develop and manufacture advanced fuel cell electrocatalysts for PEM and DMFC fuel cells. This is another fuel cell dividend generator traded on the New York Stock Exchange that yields 1.5%. The P/E is 23.5, the PEG is 1.37, and the P/S is 1.16.
Distributed Energy (DESC) This company is involved in the production of products for the energy market. They make and sell Proton Exchange Membrane (PEM) industrial hydrogen generators [electrolyzers] and fuel cell products. Negative earnings, P/S of 1.14.
Ecotality, Inc. (ETLY.OB) This Scottsdale, Arizona company develops an electric power cell technology for various types of transportation vehicles including cars, buses, trucks, and trains. The company has been generating negative earnings.
Ener1 Inc. (ENEI.OB) The company develops and sells batteries, fuel cells, and nanotechnology-related manufacturing products. Negative earnings and a P/S of over 623.
Energy Conversion Devices (ENER) This Michigan company, which trades on NASDAQ, develops and sells products, and production processes for the alternative energy generation and energy storage markets. The company is working on a fuel system for powering vehicles powered solely by fuel cells. The stock has a forward P/E of 65.7 and a P/S of 12.1.
Enova Systems (ENA) This American Stock Exchange company based in Torrance, California develops and sells components for electric, hybrid-electric, fuel cell, and microturbine-powered vehicles. Negative earnings, P/S of 33.5.
Entegris (ENTG) This materials company, which trades on NASDAQ, provides advanced fuel cell materials, components, subassemblies and other services to fuel cell developers. The stock has a P/E of 26, P/S of 2.4 and a PEG of 1.33.
Fuel Cell Energy (FCEL) This Connecticut company, founded in 1969 and trades on NASDAQ, develops, manufactures, and markets fuel cell power plants for electric power generation. Negative earnings, P/S is 15.4.
Fuel Systems Solutions (FSYS) This company, which trades on NASDAQ, is involved in designing, manufacturing, marketing and supplying advanced products and systems to enable internal combustion engines to run on clean burning gaseous fuels such as natural gas and propane. I could not find a direct reference to fuel cells on their web site. P/E is 32.75 and P/S is 1.21.
Hoku Scientific (HOKU) This Hawaii based company, which trades on NASDAQ, provides products and services to the residential primary power, commercial back-up, and automotive hydrogen fuel cell markets. The stock has a forward P/E of 13.25 and a price sales ratio is 42.
HydroGen Corporation (HYDG) This company, which trades on NASDAQ, is involved in the design, manufacture, marketing, and distribution of fuel cell modules and energy systems using phosphoric acid fuel cells. Earnings have been negative and the P/S is 66.5.
Hydrogen Engine Center (HYEG.OB) This company is involved in the design, and manufacture of internal combustion engines for the industrial and power generation markets. Its engines are designed to run on alternative fuels, including hydrogen. Their website seems to imply that their business may be in competition to fuel cells. Earnings have been negative and the P/S is 82.
Hydrogen Power (HYDP.OB) This company develops and sells a proprietary hydrogen production process for use in commercial applications. Earnings have been negative and the P/S is 100.
Hydrogenics Corporation (HYGS) This company, which trades on NASDAQ, is involved in the design, development, manufacture, and sale of proton-exchange membrane (PEM), fuel cell automated test stations, fuel cell power products, and hydrogen generation equipment. Negative earnings, P/S is 4.5.
Kemet Corporation (KEM) This company, which trades on the NYSE, manufactures capacitors for electronics original equipment manufacturers, electronics manufacturing services providers, and electronics distributors. Possible connection to fuel cells. P/E 93.75, P/S is .95, and the PEG is 1.3.
Magnetek Inc. (MAG) This New York Stock Exchange company makes and markets digital power electronic product systems and components along with power conditioners for commercial stationary fuel cells. The stock has a forward P/E of 19.1 and a P/S of 1.84.
Manhattan Scientifics Inc. (MHTX.PK) This New York based company is involved in the production of micro fuel cell technology. Earnings have been negative.
Mechanical Technology Incorporated (MKTY) This company is involved in the development of direct methanol fuel cell technology called Mobion, which generates electrical power using methanol as fuel. Earnings have been negative and the PS is 5.6.
Medis Technologies Ltd. (MDTL) This company is involved in the development, production, and selling of direct liquid fuel cell products for consumer and military markets. Negative earnings, P/S is a very high 3,329.
Millennium Cell Inc. (MCEL) This company develops hydrogen batteries comprised of a fuel cell and hydrogen storage technology which is used in portable electronic devices various markets. Negative earnings, P/S of 185.
Neah Power Systems (NPWS.OB) This Bothell, Washington based company develops miniature fuel cells that are used as power sources in laptop computers, cell phones, personal digital assistants, and other portable electronic devices. The stock has had negative earnings.
Pacific Fuel Cell (PFCE.OB) This Tustin, California based nanotechnology company is involved in the development and production of carbon nanomaterial-based membrane electrode assemblies for fuel cells for the portable and micro fuel cell market. The stock has had negative earnings.
Plug Power (PLUG) This company is involved in the production of proton exchange membrane fuel cell and fuel processing technologies. Negative earnings, P/S is 34.3.
Power Air (PWAC.OB) This company develops, makes, and sells fuel cell-based commercial products including the development and commercialization of zinc-air fuel cell [ZAFC] technology. The company has had negative earnings.
Praxair Inc (PX) This NYSE company is involved in the production and distribution of industrial gases around the world. Praxair provides its customers with hydrogen supply for fuel cells. P/E is 24, P/S is 2.85, PEG of 1.75 and the yield is 1.5%.
Quantum Fuel Systems Technologies Worldwide (QTWW) This company produces powertrain engineering, system integration, and manufacturing of packaged fuel systems and specialty equipment for fuel cells, hybrids, alternative fuels, and hydrogen refueling. It also is involved in designing, engineering, and producing hybrid and fuel cell vehicles. Negative earnings, P/S is .68.
Teledyne Tech Systems (TDY) This company, which trades on the NYSE, produces electronic components and instruments, including hydrogen gas generators and thermoelectric and fuel cell-based power sources that are used in power generation plants. P/E is 20.8, P/S is 1.12, and the PEG is 1.4.
United Technologies (UTX) This NYSE company produces technology products and services to the building systems and aerospace industries. They also produce fuel cells for commercial, transportation, and space applications. P/E is 19.8, P/S is 1.5, a PEG of 1.54 and the yield is 1.7%.
UQM Technologies (UQM) This AMEX traded company produces developing electric power systems for battery electric, hybrid electric and fuel cell electric vehicles. The forward P/E of 43.6 and the P/S is 16.6.
ViaSpace (VSPC.OB) This company develops space and defense technologies from NASA and the department of defense, including disposable fuel cartridges for manufacturers of direct methanol fuel cells. Earnings have been negative, P/S is 57.
Zap (ZAAP.OB) This company is involved in development, acquisition, and marketing of electric vehicles and electric vehicle power systems, including a fuel cell vehicle. Earnings have been negative, P/S is 5.42.
Author does not own any of the above at this time.
By Fred Fuld for Stockerblog.com.
Posted by Stockerblog at 1:08 PM