The German government has the incentive at least that German...

The German government has the incentive at least that German orders result in German jobs. A good move from mngmt.

I tend to put a higher value on CFCL than the current market cap, for all the reasons you've mentioned.

A recent report from JX Nippon Oil and Energy Corporation in Japan 'The Future of Energy, Resources and Materials' is an interesting read. A goal of 300,000 fuel cell units p/a being manufactured by 2020. If sales get to that level, the big manufacturing companies will want to be in it and they won't have what CFCL has. A takeover in the future could be a possibility. The 'technology value' as you say, is being far underestimated and undervalued.

The use of a portfolio of technologies is also highlighted in the report. But an all in one Eco-Friendly Multi-Energy System that incorporates the fuel cell, solar panels, and storage batteries.

What is also interesting is their cost reduction targets. From 2.5M yen or thereabouts to 500,000 yen by 2015. They talk of the Ene Farm unit which Panasonic/Tokyo Gas have released??

http://www.hd.jx-group.co.jp/english/csr/report/

then click on the pdf 'JX Report for a Sustainable Future 2010' Pgs 10,11.