I've been interested in this for years. I run a science fiction magazine, abyssapexzine.com, and I keep current with trends: when I go to conventions we have experts from places like MIT, Fermi Lab, Lawrence Livermore, etc giving lectures on what's new in Physics. I read a lot, too. I also have friends who are physicists. According to them, yes cold fusion works and the main reason it was sidelined for the last 20 years was university politics. That being said,don't get your hopes up. It is is not "fusion" like nuclear fusion (which is a huge power source but very VERY dangerous compared to fission, for technical reasons). Here's what I have discovered.
1. Cold fusion is not much of a power source. It might make nice batteries.
2. It requires Paladium, whihc is a rare, precious metal
3. It has been remarked that it should be called "pressure fusion" rather than "cold" fusion. ANd it takes energy to make that pressure.
There was a very thorough "Science Fact" article about cold fusion in a recent edition of ANALOG. Yes cold fusion works. No, it's not a good alternative energy source.
The founders of Ampenergo are Karl Norwood, Richard Noceti, Robert Gentile and Craig Cassarino.

Italian scientists claim to have demonstrated cold fusion
http://www.physorg.com/news/2011-01-italian-scientists-cold-fusion-video...
Despite the intense skepticism, a small community of scientists is still investigating near-room-temperature fusion reactions. The latest news occurred last week, when Italian scientists Andrea Rossi and Sergio Focardi of the University of Bologna announced that they developed a cold fusion device capable of producing 12,400 W of heat power with an input of just 400 W. Last Friday, the scientists held a private invitation press conference in Bologna, attended by about 50 people, where they demonstrated what they claim is a nickel-hydrogen fusion reactor. Further, the scientists say that the reactor is well beyond the research phase; they plan to start shipping commercial devices within the next three months and start mass production by the end of 2011.
Anybody with relevant scientific knowledge care to comment? Chris?