Fuel cell research stuck in the mud

British Columbia investors have a new disease called FCF, or fuel cell fatigue. The mantra that “commercialization is around the corner” is now a negative for investors who supported the Canadian fuel cell industry based in the province.

Investors are pinching their noses and holding their breath, while the federal government has raised — slightly — the amount of research funds available to the industry through a number of programs. Some of the reasons for the private capital crunch are emotional. It’s natural: There has been a lot of disappointment over the years. The rest involves the short-term focus of financial markets and risk aversion. After pumping so much money into the sector, investors have realized no financial return of late, and determined that the area poses too much risk.

Globe and Mail