That's almost an ironic statement, given that his whole game-plan with Tesla and SpaceX has been aggressively commercializing extremely efficient implementations of proven, well-understood technologies.
I love Elon Musk, but there's an additional wrinkle here. Fuel cells are much further from commercialization than lithium ion, and needs a lot more basic R&D, and Tesla doesn't have the time or resources to go down that road. Toyota does. This is not to say whose approach is right, but rather that there is a lot more in play than "first principles."