They've received funding from ARPA-E. MIT professor Dan Nocera says his system allows water from a puddle to be used to be split using a trickle of electricity from a photovoltaic panel with the help of a catalyst. The hydrogen obtained from the water would be stored and burned. The hope is that the energy your house needs could be produced at your own home.
Sun Catalytix of Cambridge Massachusetts is in the early stages of developing the process for commercial use.
Read more about the process on their website and in these articles:
With Artificial Photosynthesis, A Bottle of Water Could Produce Enough Energy To Power A House (Popular Science) and Shift happens: Will artificial photosynthesis power the world? (Scientific American)