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European hydrogen research gets €1 billion boost

By SmartPlanet on 15 October 2008, 10:54am

Green Tech

The EU has injected €1 billion of funding to speed the development of hydrogen and fuel cell technology. It hopes the plan, announced yesterday, will position Europe as a world leader in hydrogen cars and energy.

The Joint Technology Initiative plan aims to "enable their [hydrogen and fuel cells] commercialisation between 2010 and 2020," a statement from the EU Commission says.

Further details are scarce right now, but Brussels has posted a Q&A in its trademark arcane language.

The EU's hydrogen funding annoucement follows recent news of dedicated hydrogen research centre in Wales.

A study by HSBC today also suggests clean tech companies -- such as hydrogen tech firms like ITM Power, pictured -- are now worth more than the entire economy of Greece, BusinessGreen reports.

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