Battelle Memorial Institute, under a 5-year cooperative agreement with the U.S. Department of Energy’s (DOE’s) Fuel Cell Technologies Office, is conducting manufacturing cost assessments of fuel cells for stationary and non-automotive applications to identify the primary cost drivers impacting successful product commercialization. This report provides cost estimates for the manufacture of 10 kW and 25 kW polymer electrolyte membrane (PEM) fuel cells designed for material handling applications. The report identifies the manufacturing costs of fuel cells using high-volume manufacturing processes at annual production volumes of 100, 1000, and 100,000 units.