To further lower the PGM content in the HEMFC, we replaced the Pt/C cathode catalyst by a commercial PGM-free Fe-N-C catalyst from Pajarito Powder . With this combination of catalysts and using H2/O2 as feeding gases, a peak power density (PPD) of 1.46 W/cm 2 was obtained with a PGM loading of 0.16 mg/cm 2 (Fig. ). The mass-transport-limited current density was over 5.5 A/cm 2 . The operating current of the cell at 0.65 V was 1.5 A/cm 2 , exceeding the DOE 2022 initial cell performance target (1 A/cm 2 at P ≤ 150 kPa and total PGM loading ≤ 0.2 mg/cm 2 ) by 50 % even under more stringent conditions (0.16 mgPGM/cm 2 and 0 back pressure) . Further lower the PGM loading by 1/3 in the anode to 0.11 mg/cm 2 can deliver a PPD of 1.19 W/cm 2 . The current density at 0.65 V was 1.2 A/cm 2 , still surpassed the DOE 2022 target. The PGM utilization of this HEMFC is 10.82 W/mgPGM (or 27.64 W/mgPt), the highest among reported MEAs (Fig. and Supplementary Table ). This PGM utilization rate also approaches those of state-of-the-art PEMFCs . We attribute this outstanding cell performance to the superior HOR activity of Pt0.25Ru0.75/pN-C as described above, as well as the uniform distribution of the catalyst particles in the porous carbon framework, which gives better water management and less mass transfer resistance . We also measured the performance of this HEMFC using CO2-free air as the cathodic feed gas (Supplementary Figure ). The peak power density and mass transport limited current density were 0.75 W/cm 2 and 2.6 A/cm 2 , respectively. The PGM utilization of the cell with H2-air feed gas is the highest reported to date (Supplementary Figure and Supplementary Table ).