Europe ponies up for fuel cell, hydrogen cars

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Project with industry aims to bring them to market by 2020

BRUSSELS, Belgium – European governments agreed Friday to spend $731 million developing fuel cells and hydrogen technology for cars that could slash oil consumption and carbon dioxide emissions within decades.

Car and energy companies such as Daimler AG and Royal Dutch Shell PLC are expected to match or exceed the EU funding for the six-year research project that should speed up research and make cleaner cars a commercial reality between 2010 and 2020.

The European Commission says hydrogen cars could cut the amount of oil used by road transport by 40 percent by 2040 and halve carbon emissions by 2050.

MSNBC