A noble metal-free catalyst based on N-doped carbon nanofibers supported on graphite (N-CNF 1 ) was employed for the oxygen reduction at the cathode of a Nafion PEMFC with a commercial Pt/C anode. Obtained performance in pure H2 and O2 indicated the presence of significant mass-transport limitations when utilizing catalyst loadings between 1 and 10 mg cm -2 . Strategies to reduce the limitations were explored by optimization of the cathode ionomer content, catalyst loading and application technique. Pore-formers (Li2CO3, (NH4)2CO3 and polystyrene microspheres) were utilized to improve the mass-transport within the layer. A maximum of 72 mW cm -2 and 1400 A g -1 or 300 W g -1 at peak power was demonstrated. The catalyst was then applied to the cathode of a 10-cell fuel cell stack, and a 400-hour durability test was conducted. The average cell voltage decay amounted to 162 µV h -1 . Finally, a market application analysis was conducted by comparing the capital and operating costs of FC systems based on Pt/C and on N-CNF cathodes. While the cheap (3,32 € g -1 ) N-CNF catalyst reduces the single MEA cost by almost a third, the total cost of ownership of an N-CNF based PEMFC system is still higher due to lower cell performance.