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NEW YORK (CBS.MW) -- Alternative energy companies ended mostly higher Tuesday as U.S. Energy Secretary Spencer Abraham reaffirmed President George Bush's commitment to reduce the United States' dependence on foreign oil imports by promoting other energy technologies.
The President launched a $1.2 billion hydrogen fuel initiative in January 2003 in a bid to boost the commercialization of hydrogen-powered fuel cells to power cars, trucks, homes and businesses.
"In the first year of that program, we've had tremendous success," Abraham said in an interview on CNBC. "We've bought international support to this effort and we're moving as fast as we believe the research can move."
In June 2003, the United States and the European Union agreed to collaborate on the development of hydrogen as a pollutant-free source of energy.
FuelCell (FCEL: news, chart, profile) shares rose as much as 10 percent in early trade before paring gains, to close up 8.3 percent at $9.96. The shares were also lifted by better-than-expected third-quarter earnings.
Ballard Power Systems (BLDP: news, chart, profile) gained almost 6 percent early in the session before ending down 0.8 percent at $6.46.
Beacon Power (BCON: news, chart, profile) shot up 29.4 percent to 44 cents,
Plug Power (PLUG: news, chart, profile) edged up 0.9 percent to $6.39,
Quantum Fuel Systems Technologies (QTWW: news, chart, profile) rose 5.7 percent to $5.39
while Capstone Turbine (CPST: news, chart, profile) rose 3 percent to $1.73.
However, Hydrogenics (HYGS: news, chart, profile) dipped 2.3 percent to $3.91
and Millennium Cell (MCEL: news, chart, profile) fell 3.4 percent to $1.68.
Abraham's comments come on the second day of the Republican
