Neah Power Announces Micro Energy Station Project In India; Receives $10 Million Funding Commitment From Optimus
Neah Power Systems, Inc. announced that it will develop methanol fuel cell battery chargers to enable the building, by EKOVEHICLES Pvt. Ltd. of India, of Hybrid Electric Renewable Micro Energy Stations (HERMES), bringing renewable, green energy to thousands of villages in India. This technology will use a combination of clean solar and wind power, fuel cells and batteries to replace the very polluting diesel generators that currently provide electricity for the more than 50,000 Indian villages located 200 miles or more off the grid.
Neah has signed a Letter of Intent (LOI) with EKOVEHICLES, India’s number one producer of two-wheeled electric vehicles, to supply methanol fuel cell battery chargers, for renewable distributed energy stations, in addition to developing and providing on-board methanol fuel cell battery chargers for their line of battery-powered electric scooters, based on Neah’s novel direct methanol fuel cell.
"Being able to bring clean, renewable, non-polluting power to thousands of Indian villages is a great privilege, and quite in alignment with Neah’s business plan. We have always been focused on improving the quality of life through the creative use of our advanced technology," Dr. Chris D’Couto, Neah’s CEO, said. "This distributed energy offering is an attractive solution where power is needed for off-the-grid applications."
Anil Ananthakrishna, Chairman and Chief Executive Officer of EKOVEHICLES Pvt. Ltd., said, "EKOVEHICLES, India’s pioneering manufacturer of Electric Vehicles, is introducing various alternatives to the existing petrol powered two wheelers, as well as introducing clean energy based power generation solutions. EKO’s mission is to improve the lives of our customers in India and throughout the world with our pollution-free products. This is indeed a breakthrough for India, and eventually all countries that desire clean, renewable energy in rural areas."."
NEAH Power also announced that it has reached agreement with Optimus Energy Capital Partners, LLC, an investment fund, under which Optimus may purchase up to $10 million of Neah Power’s Series B Preferred Stock between now and July 27, 2010 at Neah Power’s sole discretion.
Dr. D’Couto, commented, "The confidence shown by the financial community in Neah’s patent-protected technology and our commercial engagements is truly gratifying. This major commitment to the company should enable us to quickly complete manifold renewable energy solutions for our customers and meet our corporate goals including listing on the AMEX. We are enthused by this further endorsement of Neah’s IP-protected, differentiated product, management team, and, we believe, the untapped market opportunity ahead of the company."
