The European Union said on Friday it will invest $731 million into a six-year development project for automotive fuel cells and hydrogen technology, according to an Associated Press report.
Private sector investments from companies like Daimler AG (NYSE: DAI) and Royal Dutch Shell PLC (NYSE: RDS-B) are expected to match or exceed the government funding, which aims to accelerate the commercial development of clean, fuel efficient vehicles.
Hydrogen vehicles could cut carbon emissions in half by 2050 and decrease by 40% the amount of oil used for transportation, according to the European Commission.
The commission said that with this stimulation the European fuel cell industry could reach the "break-even point" between 2025 and 2035.
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