EXHIBIT 4.3

         AW-
         SERIES B WARRANTS
         CUSIP 462211129
         VOID AFTER      July 28, 1999

         SERIES B REDEEMABLE  COMMON STOCK WARRANT  CERTIFICATE  FOR PURCHASE OF
         COMMON STOCK OF IONIC FUEL TECHNOLOGY, INC.

                  This certifies that FOR VALUE RECEIVED
                  or registered  assigns (the "Registered  Holder") is the owner
         of the number of Series B  Redeemable  Common Stock  Purchase  Warrants
         (the "Warrants")  specified above. Two Warrants  initially entitles the
         Registered Holder to purchase,  subject to the terms and conditions set
         forth in this  Certificate  and the Warrant  Agreement (as  hereinafter
         defined), one fully paid and nonassessable share of Common Stock, $0.01
         par value, of Ionic Fuel Technology,  Inc., a Delaware corporation (the
         "Company")  at any time  commencing 6 days from the date of the Warrant
         Agreement or such earlier time as First  Hanover  Securiites,  Inc., in
         its  sole  discretion,  may  determine,  and the  Expiration  Date  (as
         hereinafter  defined),  upon the  presentation  and  surrender  of this
         Warrant  Certificate with the  Subscription  Form on the reverse hereof
         duly executed,  at the corporate office of Continental Stock Transfer &
         Trust Company as Warrant Agent, or its successor (the "Warrant Agent"),
         accompanied by payment of $7.50 (the "Purchase  Price") in lawful money
         of the  United  States  of  America  in  cash  or by  official  bank or
         certified check made payable to the Warrant Agent.
                  This Warrant  Certificate and each Warrant  represented hereby
         are issued pursuant to and are subject in all respects to the terms and
         conditions   set  forth  in  the  Warrant   agreement   (the   "Warrant
         Agreement"),  dated as of July 28, 1994, by and among the Company,  the
         Warrant Agent and First Hanover Securities, Inc.

                  In the  event of  certain  contingencies  provided  for in the
         Warrant Agreement, the Purchase Price or the number of shares of Common
         Stock subject to purchase upon the exercise of each Warrant represented
         hereby are subject to modification or adjustment.

                  Each Warrant  represented  hereby is exercisable at the option
         of the Registered Holder, but no fractional shares of Common Stock will
         be issued.  In the case of the  exercise of less than all the  Warrants
         represented  hereby, the Company shall cancel this Warrant  Certificate
         upon the  surrender  hereof and shall execute and deliver a new Warrant
         Certificate or Warrant  Certificates  of like tenor,  which the Warrant
         Agent shall countersign, for the balance of such Warrants.

                  The term "Expiration Date" shall mean 5:00 p.m. (New York City
         time) on July 28, 1999,  or such earlier date asthe  Warrants  shall be
         redeemed. If such date shall in the State of New York be a holiday or a
         day on which the banks are  authorized  to close,  then the  Expiration
         Date shall be 5:00 p.m.  (New York City time) the next day which in the
         State  of  New  York  is not a  holiday  or a day in  which  banks  are
         authorized to close.

                  The Company  shall not be obligated to deliver any  securities
         pursuant  to  the  exercise  of  this  Warrant  unless  a  registration
         statement under the Securities Act of 1933, as amended, with respect to
         such  securities is effective.  The Company has  covenanted  and agreed
         that it will file a

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         registration  statement and will use its best efforts to cause the same
         to become  effective and to keep such  registration  statement  current
         while any of the Warrants are  outstanding.  This Warrant  shall not be
         exercisable  by a  Registered  Holder in any state where such  exercise
         would be unlawful.

                  This Warrant  Certificate is exchangeable,  upon the surrender
         hereof by the Registered  Holder at the corporate office of the Warrant
         Agent,  for a new Warrant  Certificate or Warrant  Certificates of like
         tenor representing an equal aggregate number of Warrants,  each of such
         new Warrant  Certificates to represent such number of Warrants as shall
         be designated by such Registered  Holder at the time of such surrender.
         Upon due presentment together with any tax or other governmental charge
         imposed in connection  therewith,  for registration of transfer of this
         Warrant  Certificate  at such  office,  a new  Warrant  Certificate  or
         Warrant Certificates representing an equal aggregate number of Warrants
         will be issued to the transferee in exchange  therefor,  subject to the
         limitations provided in the Warrant Agreement.

                  Prior to the exercise of any Warrant  represented  hereby, the
         Registered  Holder shall not be entitled to any rights of a stockholder
         of the Company, including,  without limitation, the right to vote or to
         receive  dividends or other  distributions and shall not be entitled to
         receive  any  notice  of any  proceedings  of the  Company,  except  as
         provided in the Warrant Agreement.

                  Commencing  days after the date of the  Warrant  Agreement  or
         such  earlier  date as  First  Hanover  Securities,  Inc.,  in its sole
         discretion,  may determine,  this Warrant may be redeemed at the option
         of the Company,  at  redemption  price of $0.01 per two  Warrants,  (i)
         provided  the  closing  bid  price  of the  Company's  Common  Stock as
         reported on the automated quotation system of the National  Association
         of  Securities  Dealers,  Inc.  ("NASDAQ")  averages,  for at  least 20
         consecutive  trading  days  ending  within a period  of 30  consecutive
         trading  days  ending  within 5 days prior to the date of the notice of
         redemption,  in excess of $10.50 per share or (ii) with  First  Hanover
         Securities,  Inc. prior written consent.  Notice of redemption shall be
         given not later than the thirtieth (30th) day before the date fixed for
         redemption,  all as provided in the Warrant Agreement. On and after the
         date fixed for redemption,  the Registered  Holder shall have no rights
         with  respect  to this  Warrant  except  to  receive  the $0.01 per two
         Warrants upon surrender of this Certificate.

                  Prior to due presentment for  registration of transfer hereof,
         the  Company and the  Warrant  Agent may deem and treat the  Registered
         Holder as the absolute  owner  hereof and of each  Warrant  represented
         hereby  (notwithstanding  any notations of ownership or writing  hereon
         made by anyone other than a duly  authorized  officer of the Company or
         the Warrant  Agent) for all  purposes  and shall not be affected by any
         notice to the contrary.

                  The  Company  has agreed to pay a fee of five (5%)  percent of
         the Purchase Price upon certain  conditions as specified in the Warrant
         Agreement upon the exercise of this Warrant.

    This Warrant Certificate shall be governed by and construed in accordance
    with the laws of the State of Delaware.  This Warrant Certificate is not
    valid unless countersigned by the Warrant Agent.


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                  IN  WITNESS  WHEREOF,  the  Company  has caused  this  Warrant
         Certificate to be duly executed, manually or in facsimile by two (2) of
         its officers thereunto duly authorized and a facsimile of its corporate
         seal to be imprinted hereon.

         Countersigned and Registered:
         CONTINENTAL STOCK TRANSFER
         & TRUST COMPANY

                                                                        By


         AUTHORIZED OFFICER

         Dated:
                                                                        By
         SECRETARY

         IONIC FUEL TECHNOLOGY, INC.
                                                                        By
         PRESIDENT




         IONIC FUEL TECHNOLOGY, INC.


         SUBSCRIPTION FORM
         To Be Executed by the Registered Holder
         in Order to Exercise Warrants

  The undersigned Registered Holder hereby irrevocably elects to exercise
                                  Warrant

represented by this Warrant Certificate, and to purchase the securities issuable
upon the exercise of such  Warrants,  and requests  that  certificates  for such
securities shall be issued in the name of

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING  NUMBER (please print or type
name and address) and be delivered to (please print or type name and address)

and if such number of Warrants  shall not be all the Warrants  evidenced by this
Warrant  Certificate,  that a new  Warrant  Certificate  for the balance of such
Warrants be registered in the name of, and delivered to, the  Registered  Holder
at the address stated below.

The undersigned represents that the exercise of the within Warrant was solicited
by a member of the National  Association of Securities Dealers,  Inc., ("NASD").
If not  solicited by an NASD member,  please  write  "unsolicited"  in the space
below.  Unless  otherwise  indicated  by listing the name of another NASD member
firm,  it will be assumed  that the  exercise  was  solicited  by First  Hanover
Securities, Inc.


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Name of NASD Member if other than Biltmore Securities, Inc.

Dated:
Signature


Street Address

City, State and Zip Code

Taxpayer ID Number

Signature Guaranteed


ASSIGNMENT
To Be Executed by the Registered Holder
in Order to Assign Warrants

FOR VALUE RECEIVED,                                                hereby
sells, assigns and transfers unto

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER


(please print or type name and address)
      ) of the Warrants
represented by this Warrant Certificate, and hereby irrevocably constitutes
and appoints

Attorney
to transfer  this Warrant  Certificate  on the books of the  Company,  with full
power of substitution in the premises.

Dated:
Signature Guaranteed

THIS SIGNATURE SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION
PURSUANT TO S.E.C.
RULE 17 AD 15.


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