Neah Power Systems, Inc. (OTC PINK: NPWZ), an innovator and
supplier of cutting-edge power solutions for the military, transportation and
portable electronics industries, this morning provided an update on its efforts
to commercialize, license and sell its industry-leading technologies and
products. The company’s recent efforts to secure additional funding and pursue
strategic opportunities have been largely successful, as it has executed term
sheets with a collection of investors currently continuing their due diligence.
When finalized, the flexibility provided by these agreements is expected to be
vital to Neah Power Systems’ future market growth, particularly as it relates
to mergers and acquisitions that could vastly expand its market reach.
One example of the importance of this flexibility is
highlighted by the company’s impending acquisition of Shorai, Inc., a leading
producer of prismatic cell lithium iron phosphate power sports batteries.
Despite delays, both parties remain interested in the merger, which will give
Neah Power Systems access to broader markets and new product offerings. After
reporting approximately $4 million in total revenues during 2014, Shorai is
expected to be immediately accretive, adding significant value to Neah Power
Systems while benefiting from anticipated supply chain and operational synergies.
The current deadline to complete the acquisition is September 15, 2015.
Much of Neah Power Systems’ recent progress has come in
regard to its proprietary Formira HOD™ direct on-site hydrogen gas generation
technology. The company recently filed for $3.5 million in European Union grant
funding focused on increasing the scale of its best-in-class system. In
addition to beginning preliminary design for larger and smaller units to meet
specific off-grid power needs, Neah Power Systems is in ongoing discussions
with parties in China related to the licensing and manufacture of its
innovative technology. The company is also leveraging established teaming
agreements in order to present its products to the Australian Army and other
customers in various regions around the globe.
This significant progress in expanding upon its presence in
the global stored energy market is a promising indication of Neah Power
Systems’ market potential moving forward. Look for the company to continue
leveraging the marketability of its intellectual property portfolio, which
includes 27 issued or pending patents, as it continues to search for suitable
licensing and manufacturing partners ahead of full-scale commercialization of
its award-winning stored energy solutions in the future.
For more information, visit www.neahpower.com
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