TECHNOLOGY FOCUS - INORGANIC CHEMISTRY - Preferred Components: The first catalyst alloy comprises 2-13 wt.% of cobalt and 0.2-1.5 wt.% of phosphorus, based on the total weight of the first catalyst alloy. The second catalyst alloy comprises 0.2-1.5 wt.% of phosphorus based on the total weight of the second catalyst alloy. The second catalyst alloy is present at 20-80 wt.% based on the total weight of the catalytic particles. The catalytic particles are present at 20-70 wt.% based on the total weight of the electrode catalyst. The carbon based support comprises at least one of Ketjenblack (RTM: Nanoscale carbon material), carbon black, graphite, carbon nanotubes or carbon fiber. At least one of the first and second catalyst alloys (preferred) further comprises at least one of iridium and copper. Preferred method: The method further comprises adjusting the pH of the first and third mixtures to 10-12. In the method, reducing of the second and fourth mixtures is performed using microwaves, at 60-300 degrees C and a pressure of 0-200 psi. The carbon-based support loaded with the first catalyst alloy is prepared by: adding phosphorus precursor to a third mixture containing the carbon-based support, palladium precursor and cobalt precursor to produce a fourth mixture; and reducing the fourth mixture to produce the carbon-based support loaded with the first catalyst alloy. EXAMPLE - Ketjenblack (RTM: Nanoscale carbon material) (0.5 g) was dispersed in ethylene glycol (200 g). Tetraamminepalladium(II) chloride (1.0194 g) and cobalt chloride (0.3218 g) dissolved in ethylene glycol (40 g) were added to the dispersion, and the resultant mixture was stirred for 30 minutes. The pH of the stirred mixture was adjusted to 11, using 1 M of sodium hydroxide dissolved in ethylene glycol. Then 5 wt.% sodium hypophosphite (2.2483 g) was added to the mixture, and stirred for 30 minutes, followed by addition of hydrazine (1.2 g), and the resultant mixture was put in a microwave reactor where a reduction reaction was performed. A temperature sensor and a pressure sensor were attached to the microwave reactor. The temperature was increased to 90 degrees C for 35 minutes, and then maintained for 1 hour. The temperature was increased to 250 degrees C for 35 minutes and then, maintained for 1 hour, where the pressure was 100 psi. The reduced resultant was washed 3 or 4 times and then dried using a freeze dryer, to obtain 30 wt.% palladium-cobalt-phosphorus on carbon catalyst. The palladium-cobalt-phosphorus on carbon catalyst (0.308 g) was dispersed in ethylene glycol (75 g). Tetraamine palladium(III) chloride (0.278 g) dissolved in ethylene glycol (15 g) was added to the dispersion and stirred for 30 minutes. The pH of the stirred mixture was adjusted, 5 wt.% sodium hypophosphite (0.31 g) was added to the stirred mixture and mixed for 30 minutes, followed by addition of hydrazine (0.45 g) and the mixture was put in a microwave reactor. The reduced resultant was washed for 3-4 times and the dried using a freeze dryer, to obtain 50 wt.% (palladium-cobalt-phosphorus)-(palladium-phosphorus) on carbon catalyst.