Proton exchange membrane fuel cells (PEMFCs) experienced a dramatic renaissance in the 1980s following their initial growth to everyday prominence in the 1960s through the activities of General Electric. However, it is the potential of PEMFC products to ultimately replace the internal combustion engine that has captured the greatest attention and provided the strongest impetus for technological expansion. Given that, it is quite clear that the impact of fuel cell technology will stretch much further than automotive applications and will offer innovative and practical products to meet the needs of stationary and portable electricity generation, as well as battery replacement. A brief history of the development of fuel cell technology up to the early 1960s is provided, with a more detailed review of key events that culminated in the exponential growth of PEMFC technology, thereafter. The proliferation of demonstration programs is discussed, along with the development of businesses dedicated to the commercialization of this important technology. The beneficial far-reaching impact of this technology in addressing the insatiable needs of the consumer for reliable, low-cost, portable electricity supply, without sacrifice to environmental needs, is also explored. The proliferation of alliances, both end-user and supplier-based is discussed to emphasize its importance in accelerating PEMFC products into commercial production. The achievements of the technology development in increased performance, power density, reliability and lowered costs are outlined. As well, a clear description is given of the remaining areas where further advancements must be made to achieve successful commercialization. Finally, the factors that will define the rate of growth of PEMFC products into the marketplace and the required profitability, for the companies that produce them are given as comment in the closing section.