Three automakers to research hydrogen cars in joint venture

Hydrogen fuel cell vehicles generate electricity after a chemical reaction between hydrogen and oxygen. Hydrogen is stored in special high-pressure tanks, and the only emissions are water vapor and heat.

Under the alliance, each company will invest equally in the technology. They plan to develop a common fuel cell system that the companies will use to power their own vehicles. The companies also plan to take advantage of their combined size to reduce costs.

Many automakers have been testing the hydrogen fuel cell vehicles for years, but so far haven't been able to bring costs down enough to sell the vehicles in mass markets. The zero-emissions cars have great potential to cut pollution and reduce the world's reliance on oil for transportation.

“Working together will significantly help speed this technology to market at a more affordable cost to our customers,” Raj Nair, Ford's group vice president for global product development, said in a statement issued Monday. “We will all benefit from this relationship, as the resulting solution will be better than any one company working alone.”