Energy / Climate Change

July 6, 2006


Nippon Oil Sets Up Fund for Basic Research of Hydrogen as Energy

Keywords: Environmental Technology Non-manufacturing industry Renewable Energy 

As part of its efforts to make a social contribution Nippon Oil Corp., a major Japanese oil distributor, has established a charitable trust called the "ENEOS Hydrogen Trust Fund," it was announced on April 4, 2006. The fund will offer grants for basic research on hydrogen, a promising renewable energy source.

Nippon Oil signed a contract with Chuo Mitsui Trust and Banking Co. to establish the charitable fund, capitalized at 1.5 billion yen (U.S.$13 million). Chuo-Mitsui will manage and operate the capital for the fund, and provide grants to researchers. The fund aims to contribute to developing a hydrogen-based society by providing subsidies for basic research on hydrogen energy, seen by many as an environmentally friendly energy source. The total amount of yearly grants is 50 million yen (about U.S.$0.43 million), with 10 million yen (about U.S.$85,000) being the upper limit for a single grant.

Basic research projects to be subsidized by the fund are in such innovative and creative projects as production, transport, storage of hydrogen energy and carbon sequestration, a technology to prevent carbon dioxide from escaping to the atmosphere during the production of hydrogen from fossil fuels.

Eligible candidates for the subsidies are those who work on hydrogen production research projects at universities, public research institutes and non-profit research organizations in Japan. The 12-month grant period for fiscal 2006 starts on September 1, 2006. After applications are accepted (May and June 2006), the fund steering committee will conduct screening and select the projects to be granted.

Posted: 2006/07/06 11:18:00 PM
Japanese version