Released on: July 28, 2008, 12:12 am

Press Release Author: SCP Editor

Industry: Financial

Press Release Summary: - Hydrogen represents an incredible source of energy and a compelling alternative for the transportation sector through the development of hydrogen-powered fuel cells.

Press Release Body: Hydrogen fuel-cells produce water vapors as opposed to conventional cars which are responsible for about 20 percent of total CO2 emissions. But if it is going to become viable, there is going to have to be a substantial ramp in investment. The Bush administration\'s $1.2 billion Hydrogen Fuel Initiative launched in 2003 is falling far short of being taken seriously, in light of the National Resource Council\'s recent findings that the government will need to invest about $55 billion from 2008 to 2023, and private industry will need to invest $145 billion during the same period to get hydrogen fuel cells onto the road.
The NRC report estimates that under best-case scenarios, we may see about 2 million hydrogen fuel cell cars on the road by 2015, but the number could reach nearly 60 million by 2035 and 200 million by 2050. In turn, this could reduce the U.S. transportation sector\'s dependence on oil by up to 70% by 2050.
Progress
· The United States Postal Service (USPS) is testing a hydrogen fuel-cell vehicle starting this week, which could lead to the replacement of 195,000 delivery vehicles. The USPS says that a one-cent increase in fuel costs adds $8 million to annual expenses, with this year\'s increase amounting to about $600 million so far.
· Shell Hydrogen announced last month that it opened the first public hydrogen refueling station in California providing infrastructure for Chevrolet\'s Project Driveway. This is the third Shell Hydrogen vehicle refueling station in the U.S.
· Chevrolet\'s Project Driveway is putting about 100 Equinox fuel cell vehicles on the roads as a test for Chevrolet and GM to better understand the issues to a broader launch.
· Nissan Renault recently presented its newest fuel cell vehicle, the Scenic ZEV H2, which includes a fuel cell, hydrogen storage tank and Li-ion battery; and BMW has its Hydrogen 7, a luxury liner modified to run on hydrogen in addition to gas; while an alliance between Toyota, Nissan, Matsushita and Honda which is favoring hydrogen as well. Honda is beta-testing its FCX Clarity hydrogen fuel cell cars in California.

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