Novel proton exchange membrane fuel cells and direct methanol fuel cells with nanostructured components are configured with higher precious metal utilization rate at the electrodes, higher power density, and lower cost. To form a catalyst, platinum or platinum-ruthenium nanoparticles are deposited onto carbon-based materials, for example, single-walled, dual-walled, multi-walled and cup-stacked carbon nanotubes. The deposition process includes an ethylene glycol reduction method. Aligned arrays of these carbon nanomaterials are prepared by filtering the nanomaterials with ethanol. A membrane electrode assembly is formed by sandwiching the catalyst between a proton exchange membrane and a diffusion layer that form a first electrode. The second electrode may be formed using a conventional catalyst. The several layers of the MEA are hot pressed to form an integrated unit. Proton exchange membrane fuel cells and direct methanol fuel cells are developed by stacking the membrane electrode assemblies in a conventional manner.