Electrolysis of water seems very much like low energy nuclear reactions, also called cold fusion. You have to get the materials and the conditions just right to increase efficiency to where energy output starts to match and perhaps even exceed energy input.
Scientists develop a water splitter that runs on an ordinary AAA battery
Scientists at Stanford University have developed a low-cost, emissions-free device that uses an ordinary AAA battery to produce hydrogen by water electrolysis.
The battery sends an electric current through two electrodes that split liquid water into hydrogen and oxygen gas. Unlike other water splitters that use precious-metal catalysts, the electrodes in the Stanford device are made of inexpensive and abundant nickel and iron.
“Using nickel and iron, which are cheap materials, we were able to make the electrocatalysts active enough to split water at room temperature with a single 1.5-volt battery,” said Hongjie Dai, a professor of chemistry at Stanford.
“This is the first time anyone has used non-precious metal catalysts to split water at a voltage that low. It's quite remarkable, because normally you need expensive metals, like platinum or iridium, to achieve that voltage.”