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Neah Power receives $10m funding commitment from Ebeling Heffernan and First Equity

Neah Power Systems, which is developing fuel cells and fuel cell based renewable energy solutions, has reached agreements separately with Ebeling Heffernan (EF), a public markets consultancy in Thailand, and with First Equity Trust to purchase up to $10 million of Neah Power’s common stock.

The Neah Power stock purchases in the agreements with Ebeling Heffernan and First Equity must be made between January 26, 2010 and January 25, 2011, with a firm commitment of a minimum of $500 000 at a $1.00 per share (restricted stock) by January 26, 2010. Neah Power has also received a total of $200 000 from the investors, at a valuation of $1.00 per share in restricted stock.

Neah Power is looking towards an AMEX listing in New York as it begins to take fuel cell orders. Last week the company announced that it is taking orders for its Infinity eL™ series of fuel cells, which are now available as stand-alone products and as integrated solutions.

‘This investment from Ebeling Heffernan and First Equity underscores their confidence in the technology and the management of the company,’ says Dr Chris D’Couto, CEO of Neah Power. ‘Tremendous progress has been made by the company, and we are now taking orders for our fuel cell and renewable energy solutions, which includes our Solcool line of products.'

In October Ebeling Heffernan sponsored Neah Power’s introduction to the Asian market, with a presentation to energy producers and government agencies from Southeast Asia, including Thailand, Vietnam, Singapore, China, and Japan.

Neah Power’s unique silicon-based technology and products are partially funded by the US Navy, which with Intel Capital, Novellus Systems, Frazier Technology Ventures, and Castile Ventures have invested more than $40 million in the company.

The Neah Power anaerobic fuel cell is especially suited to transportation, as it can operate in airless conditions, such as in space and underwater. The fuel cell technology is also attractive to other transportation applications (e.g. automobiles, trucks, two-wheelers, forklifts) as hybrid implementations, where the fuel cell is used to keep a battery constantly charged, and the battery then drives the motor.

Neah Power is developing long-lasting, efficient and safe power solutions for the military and for portable electronic devices. Neah uses a unique, patented, silicon-based design for its micro fuel cells that enables higher power densities, lower cost, and compact form-factors. The company’s micro fuel cell system can run in aerobic and anaerobic modes.

 

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