Neah Power Systems Receives $10 Million Funding Commitment From Ebeling Heffernan and First Equity

January 19, 2010 by Jeff Shepard

Neah Power Systems, Inc. announced today that it has reached agreements separately with Ebeling Heffernan (EF), a public markets consultancy company based in Bangkok, Thailand, and First Equity Trust to purchase from the company up to $10 million of Neah Power’s common stock 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. The company also reported that it has received a total of $200,000 from the investors, at a valuation of $1.00 per share in restricted stock.

Dr. Chris D’Couto, Neah CEO, said, "This investment from Ebeling Heffernan and First Equity underscores their confidence in the technology and the management of the company. 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."

Ebeling Heffernan last October sponsored Neah’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. The company’s unique technology and products are partially funded by the U.S. Navy, which with Intel Capital, Novellus Systems, Frazier Technology Ventures, Castile Ventures, have invested more than $40M into the company. Neah’s patent-protected anaerobic fuel cells are especially suited to transportation, being able to operate in airless conditions, such as in space and underwater, and is attractive to other transportation implementations (automobiles, trucks, two wheelers, forklifts, etc.) as hybrid implementations where the fuel cell is used to keep a battery constantly charged, and the battery then drives the motor.