Water powered cars - fairytale of the week?

This morning I woke up to read an interesting newsarticle from the ENN about a New eco-friendly car that runs on nothing but water.. Crickey I thought, finally they have cracked the 'holy grail' of transport and days worrying about running out of oil are over?

Unfortunately it's all not that clear. The article didn't articulate how this can be done, it only refers to the comment from the manufacturer's rep who's saying ' that it uses a membrane electrode assembly (MEA), which contains a material that breaks down the water to hydrogen and oxygen'. Obviously they are not going to give away their primary trade secret in a hurry, but in order to provide some substance to this, I was hoping to find more information. Quickly looking at Genepax's english website I didn't get very far. And unfortunately my Japanese isn't up to the level of figuring out the technical details.
Anyone willing to explain to me what on earth this means?

Reading some posts and comments e.g. from reddit it looks like the jury is still out there. A lot of people call it scam, but some people think it's doable, but only with something with which acts as the 'energy generator'. We'll keep on eye on this.

At least ethanol powered cars are already out there. Story from Planet Ark recently brought news about an US company Algenol Biofules which has signed an US$850 million deal with a Mexican company BioFields to grow algae, one of the planet's first life forms, that has been trained to convert water, sunlight, and the greenhouse gas carbon dioxide into motor fuel.
Before you jump up and start gathering green stuff form the sea, let me tell you that,the first commercial batch of this stuff will only be available sometime in 2009,in Mexico.

Hmm, meanwhile we must just try to keep our petrol bills in control and maybe think about if you really need to travel by car, every time?

We'll I think I'll just cycle back from work today.