As we stated in our 2011 Industry Review, the fuel cell industry began its road to commercialisation in 2007. This process has not been an easy one, with the problems associated with introducing a new technology to the general public (and even to industrial customers) comprising legislative, manufacturing and cost barriers. Slow-but-steady progress has meant that, historically, announcements purporting signifi cant product shipments have tended to disappoint, often experiencing delays or even being cancelled. This has frustrated investors and customers alike and our historical assumptions for growth were tempered to refl ect expected delays. We believe, however, that a change in.
