H-Prize Act of 2006

The H-Prize Act of 2006 (H.R. 5143) establishes a series of competitive cash prizes to incentivize the development of hydrogen energy technologies. Managed by the Department of Energy in partnership with a private nonprofit, the program offers financial rewards to individuals, universities, and businesses that successfully create breakthroughs in hydrogen production, storage, and vehicle prototypes.

For the average citizen, this bill aims to accelerate the transition to cleaner energy by encouraging private-sector innovation in hydrogen-powered transportation and infrastructure. By offering prizes for "transformational" changes, the legislation seeks to lower the cost of alternative fuels and reduce carbon emissions without the federal government claiming ownership of the resulting inventions. While the bill authorizes significant funding for these awards, it specifies that these prizes are intended to supplement, rather than replace, existing federal research and development programs.