Neah Power Systems, Inc., a developer of fuel cell-based renewable energy solutions for the military, industrial and consumer applications, recently announced that the company has secured an agreement with CyVolt Energy Systems to acquire all of its technology and assets. The cost of the acquisition will be included in the company’s recently announced financing, which allocates funds for Neah Power Systems to acquire businesses that are expected to provide positive cash flows in the near term.
Neah Power Systems intends to introduce a hybrid fuel cell technology that recharges lithium ion batteries to the retail market within four to six months. As the most common form of battery used in portable electronics, Neah Power Systems’ lithium ion batteries will produce ongoing power by “hot-swapping” additional fuel via cartridges or refills.
Dr. Chris D’Couto, president and chief executive officer of Neah Power Systems, stated, “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 six months. CyVolt meets these high standards.”