LEGISLATION PROMOTES GOVERNMENT, BUSINESS, AND EDUCATION SECTORS TO COOPERATE IN DEVELOPING HYDROGEN ENERGY

Washington, May 10, 2006 - "America's dependence on fossil fuels results in massive oil imports, which undermines our national and economic security," stated Rep. Cliff Stearns (R-Ocala). "As a member of the Renewable Energy and Energy Efficiency Caucus, I want to diversify our energy technologies and sources, and this measure encourages applying American ingenuity to developing hydrogen energy as a cleaner alternative to fossil fuels."

Today, the House approved H.R. 5143, the H-Prize Act, which will establish a prize competition to develop hydrogen energy as a practical alternative to fossil fuel. H.R. 4153 authorizes up to four $1 million prizes biennially for the most significant breakthroughs in hydrogen storage, production, utilization, and distribution; and a biennial $4 million prize would be awarded for the most successful prototype use of hydrogen. The H-Prize Act also provides for a grand prize for transformational technologies capped at $10 million in federal money and establishes a private fundraising goal of $40 million. The privately-raised money would match any venture capital raised by the grand prizewinner and could be used for commercialization of the winning technology.

Explained Stearns, "The H-Prize can do for hydrogen research what the X Prize did for commercial space flight by generating many times the prize award in private research. In fact, the X Prize led to the first privately funded suborbital space flight in 2004."