White House: Hydrogen Research Has $720 Million In New Money

WASHINGTON January 28, 2003; Dow Jones reported that the Bush administration said Tuesday that President George W. Bush's proposal to devote $1.2 billion toward research into hydrogen powered cars includes $720 million in new funding.

The White House said in a written statement the money will be spent over five years and while it will be aimed at making a commercial hydrogen powered car available, it would also look at technologies that can help power homes and offices.

The program will also tackle the difficult problem of developing the infrastructure needed to service hydrogen powered cars.

The goal of the program is to make it possible for mass production hydrogen powered cars available by 2020, the White House said.

"These initiatives will dramatically improve America's energy security by significantly reducing the need for imported oil. At the same time, these initiatives are key components of the president's clean air and climate change strategies," the White House said.