Neah Power Systems, Inc. (NPWZ) Highlights Considerable Progress toward Commercialization in August Shareholder Update
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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