[ASSURAS] The Department of Energy is always on the lookout for new, clean technologies, and gives millions of dollars in stimulus funds to companies with high-risk but potentially high-reward innovations. Those who have scored some green -- and others still hoping to -- recently showcased their innovations in the DOE's second annual Energy Summit. "energyNOW!"'s Lee Patrick Sullivan checked it out.

[SULLIVAN] Here at the ARPA-E Summit outside Washington, D.C., innovative clean energy technologies are showcased. And it's where items like these can be the next big thing in clean energy. Oh, ARPA-E is one of those Washington, D.C., acronyms. It stands for Advanced Research Projects Agency for Energy. It's modeled after the Defense Department's DARPA.

The idea is for the government to help spur innovation on projects that would normally not get funding. Out-of-the-box thinking that could brew up and change the world. Think of it as the ultimate science fair, but instead of winning a blue ribbon, you could actually win millions of dollars in Department of Energy funding. Nearly $400 million has already been given out to fund more than 120 projects, like storing hydrogen on a compact disc.

[PAUL SMITH, PLASMA KINETICS] Instead of a gas tank, that's a high-pressure tank of hydrogen or of gasoline, what we've got is a no-pressure set of CD discs in the back of your car.

[SULLIVAN] The idea here is, instead of plugging in your electric car, these discs can release hydrogen using a laser, the same technology that's in your home CD player. The hydrogen creates electricity and that charges your battery. Thinking of ways to use less energy are also big hits at ARPA-E. Take this thin film being developed by ITN Energy Systems.

[JONATHAN FREY, ITN ENERGY SYSTEMS] When these devices are finished and placed onto windows, if you apply a voltage to them, they can change from being transparent to being opaque.

[SULLIVAN] The idea here is to let in the sun during the winter to heat the building, block it out in the summer to help cool it. I know, I know, drapes do the same thing. But imagine these things in a skyscraper and every window tinting at the same time with the flick of a switch.

[TEXT ON SCREEN] To learn more about the innovative ideas at ARPA-E go to energynow.com.

[SULLIVAN] And a lot of these technologies have been around for a while -- like the thermo-photovoltaic cell.

[DAVID MATHER, MTPV] So, much like a photovoltaic cell or a solar panel will take sunlight and convert it to electricity, we can do that with any source of heat.

[SULLIVAN] Just three chips this size could power a small home. Of course, most homes don't produce enough heat to make it practical, but factories do. And all that wasted heat is free and easily captured. The chip sends the heat to a photovoltaic chip where it is converted into electricity. For all you armchair engineers out there saying that photovoltaics can't handle that type of heat from a factory, that's where the secret sauce is.

[MATHER] So we have a way that not only keeps the cold side cold, but will enable the hot side to get very, very hot.

[SULLIVAN] In total, 37 out of the 128 ideas showcased in there have been given Department of Energy cash. Including the folks that make that window film. At the ARPA-E Summit outside Washington, D.C., Lee Patrick Sullivan, "energyNOW!"

[ASSURAS] Of the 37 winning projects Lee Patrick just mentioned, six have raised $100 million in private capital. That's 4 private dollars for every 1 from the government. It's the government program itself that's in jeopardy. In his 2012 budget, President Obama proposed a budget increase to $550 million for ARPA-E. House Republicans want that slashed to less than 1/10, down to $50 million.