President Bush has called on the Department of Energy to pursue the promise of hydrogen technologies, as embodied by Florida-based Hydrogain, which develops hydrogen generation and storage technologies for generators, reactors, power plants, fuel cells, and hydrogen vehicle refueling systems. Part of the President's objective in issuing this call is to decrease America's dependence on foreign oil.

Carl Anderson, Hydrogain's Vice President of Corporate Development, stated, "Beside the benefits to the economy and the environment, this hydrogen-based energy initiative is also a matter of national security. We cannot continue to put our economic future in the hands of foreign oil conglomerates."

If Hydrogain successfully secures funding from the new grant pool, the company could immediately create 15 to 25 new high-tech jobs, noted Anderson. "We would be proud to establish new taxpaying jobs in support of the hydrogen- based energy development initiative and the U.S. economy," he added.

Billions of dollars are currently being poured into hydrogen technologies, which are deemed by many in the energy industry as the wave of the future. Even big oil companies such as Exxon, ChevronTexaco, Shell and British Petroleum (BP) are investing heavily in hydrogen technologies, according to Anderson.

"The hydrogen research projects that the new funds will support - and in which Hydrogain would like to play a significant role - will represent an important development in the President's Hydrogen Fuel Initiative," said Anderson. "The new projects should complement recent proposals announced in fuel cell, hydrogen storage, hydrogen-based energy production and hydrogen education."

U.S. Secretary of Energy Spencer Abraham recently reaffirmed President Bush's commitment to reduce the United States' dependence on foreign oil imports by promoting alternative energy technologies. Abraham's comments came on the second day of the Republican National Convention, at which the investment community had been expecting policymakers to reiterate support for alternative energy sources.