Thursday, June 07, 2007

House Votes for the 'H' Prize

Congressional Quarterly reports that the House did something sensible yesterday, passing legislation to create the hydrogen energy version of the 'X Prize:'

The government would offer a series of cash prizes for innovations in hydrogen energy under a bill the House passed Wednesday.

The bill (HR 632), by Daniel Lipinski, D-Ill., would be intended to bring clean-burning hydrogen-powered vehicles closer to reality. It passed by a 408-8 vote. “The future possibilities of this energy source are enormous,” Lipinski said...

Every two years, H-Prizes worth $1 million would be given in four categories: production, storage, distribution and utilization. One $4 million prize would be awarded for hydrogen vehicles. At the end of 10 years, a $10 million grand prize would be given for a “transformational advance in hydrogen energy technology.”

FuturePundit offered thoughts on the value of prizes a little while ago.

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