HHO is a fuel. When it burns it creates heat or power. It is an expensive fuel, mainly because we must consume another fuel or other sources of energy to create it.
There is a lot of embodied energy in all fuels, but much of that energy is "free" to us, so we discount it when comparing to hydrogen and HHO. In most cases, it makes little sense to convert discounted energy into hydrogen or HHO when we can get desired work from the cheaper source directly.
An exception is when hydrogen or HHO can increase (cost effectively) the efficient combustion of discount fuels, and/or decrease (cost effectively) harmful emissions. Most of the mainstream (non-techno-evangelist) research is in those areas.
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