I love new technology. As someone who was both science- and business-trained, there is nothing more exciting to me than seeing new technology entering the market, finding its initial niche and driving costs down, then flowing into new applications. When it happens, it is thrilling to watch, and can make investors a lot of money.
But I have also been watching the fuel cell market since 2000, as a sell-side analyst, and it has been an industry that has promised much and delivered very little. Examined objectively, this is still a space requiring large government subsidies to gain any traction at all. The promise continues to be that with a little more work, costs can be driven down to the...
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