As you know, in fuel cells and metal-air batteries platinum catalysts are used because it is the most effective one. However, platinum catalysts come out to be too expensive when large-scale commercialization is considered. According to scientists at Stanford University,  multi-walled carbon nanotubes riddled with defects and impurities on the outside could replace some of the expensive platinum catalysts, which would be much cheaper and as effective as platinum.

You can find the details in the following link:

http://www.sciencedaily.com/releases/2012/05/120527153818.htm

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