Hydrogen prize

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The Hydrogen Prize is a financial award to encourage research into hydrogen as an alternative fuel. Legislation for the prize was passed in the U.S. House of Representatives on May 10, 2006 and a companion bill is to be introduced in the Senate. Proponents of the hydrogen prize cite benefits of reduced dependence on foreign oil, cleaner air from burning pollution-free hydrogen and new jobs.

The prize is modeled after the privately funded Ansari X Prize that resulted in the first privately developed manned rocket to reach space twice.

Monetary awards will be given out in three categories:

Technological Advancements – Four prizes of up to $1 million awarded every other year in the categories of hydrogen production, storage, distribution and utilization;
Prototypes – One prize of up to $4 million awarded every other year that forces working hydrogen vehicle prototypes to meet ambitious performance goals; and
Transformational Technologies - One grand prize consisting of a $10 million cash award, funded in whole or in part by federal contribution. Additional matching funds could be awarded for development of wells-to-wheels breakthrough technologies.[1]