States that funding sources for such cash prizes shall consist of federal appropriated funds and funds provided by the administering entity.
Terminates the authority to announce the prize competitions on September 30, 2017.
(Sec. 4) Designates prize-eligible categories, including: (1) advancements in certain hydrogen components or systems; (2) prototypes of hydrogen-powered vehicles or other hydrogen-based products that meet or exceed certain performance criteria; and (3) transformational changes in technologies for hydrogen distribution or production that meet or exceed far-reaching criteria, including minimal carbon emissions, and which may include cost criteria designed to facilitate the eventual market success of a winning technology.
Prescribes guidelines for implementation and eligibility.
(Sec. 6) Declares that the federal government shall not, by virtue of offering or awarding a prize under this Act, be entitled to any intellectual property rights derived as a consequence of, or direct relation to, the participation by a registered participant in a competition authorized by this Act.
(Sec. 7) Prescribes guidelines for waiver of liability by registered participants.
(Sec. 8) Authorizes appropriations for FY2007-FY2016. Prescribes award allocation guidelines.
(Sec. 9) States that the programs created under this Act shall not be considered a substitute for federal research and development programs.