Neah Power to Acquire CyVolt Energy Systems With Proprietary Fuel Cell Technology to Recharge Lithium Batteries
Neah Power Systems, Inc., a company developing fuel cell based renewable energy solutions, reported that it has signed documents with CyVolt Energy Systems to acquire all of its technology and assets. The cost of the acquisition would be covered by the company’s recently announced financing that management plans to use to acquire businesses that are expected to provide positive cash flows in the near term.
Dr. Chris D’Couto, President and CEO of Neah Power Systems, said, "Neah’s goals, as part of the recently announced funding, is to complete strategic acquisitions that complement Neah’s technology and meet our target of having commercially available products within the next 6 months. CyVolt meets these high standards."
Neah intends to introduce the product, a hybrid fuel cell technology that recharges industry-standard lithium ion batteries, to the retail market within four to six months. Lithium ion batteries are the most common form of battery used in portable electronics. The product will produce ongoing power by "hot-swapping" additional fuel via cartridges or refills, thereby eliminating dependence on access to the electrical grid.
CyVolt Energy Systems is a cleantech company developing fuel cell based portable power products for the consumer and military electronics market. CyVolt states that it has developed a renewable fuel cell technology with the potential of significantly reducing development and downstream manufacturing costs.