Aqueous polyoxometalate (H3PMo12O40) solution reduced by CO with liquid water using gold nanoparticle catalysts at room temperature, which contains protons in liquid water and electrons associated with the reduced polyoxometalate, can produce gaseous H2 or can hydrogenate benzene over an electrochemical cell consisting of a simple carbon anode, a proton-exchange membrane, and a Pt- or Rh-based cathode. In the present cell, H2 can be produced from the reduced H3PMo12O40 solution at voltages that are lower by about 1.15 V compared to water electrolysis.