TECHNOLOGY FOCUS - INORGANIC CHEMISTRY - Preferred Components: The non-noble metal comprises cobalt, nickel (preferred) and/or copper. The noble metal forming the outer shell comprises platinum, palladium, iridium and/or their alloys. The outer noble metal shell is a continuous layer. The outer layer comprises at least one atomic layer made of noble metal or noble metal alloy. The intermediate layer comprises at least three atomic layers made of (I). The noble metal forming the outer shell is epitaxially grown on the intermediate layer. The catalyst particles exhibit an average particle size of 10-200 nm, preferably 15-150 nm. The non-noble metal precursor compound comprises compounds of cobalt, nickel and/or copper. The noble metal precursor compound comprises platinum(II) compounds, palladium(II) compounds, iridium(III) compounds and/or iridium(IV) compounds. The noble metal precursor compound is a platinum(II) compound which is stable with respect to reduction in the polyol solvent up to a temperature of greater than 150 degrees C. The platinum(II) compound is platinum(II) tetra-ammine bicarbonate, platinum(II) tetra-ethanolamine carbonate, platinum(II) tetra-ethanolamine hydroxide, platinum(II) diethylenediamine carbonate and/or platinum(II)-tetraamine-ethanol oxalate. The non-noble metal precursor compound comprises non-noble metal nitrate, non-noble metal carbonate, non-noble metal bicarbonate, non-noble metal sulfate or non-noble metal acetate. The non-noble metal precursor is nickel(II) carbonate, preferably basic nickel acetate tetrahydrate. Preferred Method: The method further comprises a first heating step in which the reaction solution is heated to the temperature of the step (A) at a heating rate of 0.1-1 degrees C/minute, and a second heating step in which the reaction solution is heated to the temperature of the step (b) at a heating rate of 3-5 degrees C/minute; adding platinum- or iridium seed compounds in the step (A); and adding a dispersing agent comprising triethanolamine, sorbitol, gum arabic and/or pentaerythritol to the reaction solution. The noble metal precursor compound is added in the step (C) with an addition rate of less than 1 mg noble metal precursor compound/minute/100 ml reaction mixture. The catalyst particles are supported on a carrier material.    TECHNOLOGY FOCUS - ORGANIC CHEMISTRY - Preferred Components: The polyol solvent comprises ethylene glycol, diethylene glycol, triethylene glycol, tetraethylene glycol, polyethylene glycol 200, 1,2-propylene glycol, 1,3-propylene glycol and/or dipropylene glycol. The carrier material comprises conductive carbon black, graphitized carbon black, graphite, carbon nanotubes and/or conductive ceramic materials. EXAMPLE - 4.04 g Nickel carbonate tetrahydrate (having nickel content of 45 wt.%) and 0.28 g pentaerythritol were dissolved in 1:1 mixture of 100 ml 1,3-propanediol and 100 ml diethylene glycol. Then the obtained mixture was heated to 80 degrees C to obtain uniform dispersion. Then 1 drop of solution of hexachloro-iridium(IV) acid was added to the dispersion to obtain seed particles. Then nickel core particles were formed at 220 degrees C. Then platinum precursor solution (prepared by diluting 9.94 g aqueous solution of platinum(II) tetra-ethanolamine carbonate with 200 ml diethylene glycol, and continuously mixing the solution) was added at a rate of 0.5 ml/minute. Then the reaction mixture was stirred for 20 hours. Then the mixture was cooled to room temperature to obtain catalyst particles.