A two-phase model of an intermediate temperature (120–200 °C) proton exchange membrane (PEM) fuel cell is presented. This model accounts for two phase effects due to gas solubility in the phosphoric acid/PBI electrolyte, and considers aqueous phase electrochemical reactions. It accounts for all polarization and transport phenomena, and shows a good fit with experimental data in the temperature range (150–190 °C). This paper investigates catalyst utilization in intermediate temperature PEM fuel cells with phosphoric acid doped membranes. Simulations show that, under normal operation, 1–2% of the catalyst is utilized at both electrodes. Strategies are suggested to help reduce the cost of producing power from such systems.

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