ECD's Stemple Shows Off Hydrogen Technology to White House
Energy Conversion Devices, Inc. (ECD) (Nasdaq: ENER - News), was one of 22 companies asked to exhibit its unique hydrogen solutions last week for President George W. Bush, Secretary of Energy, Spencer Abraham, Administrator of the Environmental Protection Agency, Christine Todd Whitman, members of the U.S. Congress, and distinguished guests. Further, ECD was one of the few companies selected to directly showcase and explain its solutions to the President.
As part of his domestic agenda outlined in the recent State of the Union Address, President Bush announced a $1.2 billion program called the Freedom Fuel Initiative. This program, designed to speed the development of hydrogen- powered vehicles, received a pledge from the President to invest $720 million in new funding over the next five years to come up with the infrastructure needed to produce, store and distribute hydrogen.
"I'm going to work with the Congress to move this nation forward on hydrogen fuel cell technologies," said President Bush in his keynote at last week's event. He added, "We must increase the capacity of hydrogen storage systems ... [and] put in place the infrastructure to get hydrogen to the consumers ... The new effort that we're undertaking with Congress' help is to develop a system for producing and delivering hydrogen fuel so that when the cars are ready, people can fill them up at their convenience."
ECD has been a major proponent of the Hydrogen Economy vision since the company's founding in 1960 and has pioneered the development of numerous hydrogen-based, environmentally friendly technologies ranging from solid hydride hydrogen storage systems and rechargeable nickel metal hydride batteries to fuel cells and solar panels, all required to turn vision into reality. ECD is the only company that has developed complete systems solutions for the hydrogen economy that enable hydrogen generation, can provide safe, effective storage of hydrogen for transportation, distribution, refueling and on-board use, and can drive hydrogen powered vehicles through its unique regenerative fuel cell.
"We are pleased to see the President put a stake in the ground showing his commitment to the advancement of the technology needed for the hydrogen economy," said ECD's founder, president and CEO, Stanford R. Ovshinsky. "We have already entered the hydrogen economy by virtue of our NiMH batteries which power hybrid electric vehicles available today."
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