Neah Power Systems, Inc., leading developer of a micro fuel cell system based on a proprietary silicon design which yields extraordinary power output from such a small form factor, announced today that Zacks Investment Research CFA Richard Wolfe has upgraded the Company’s rating to that of Outperform and set a 12-month price target of $1.75.

As a development-stage company, NPWZ looks to use its direct-methanol fuel cell technology, manufacturing capacity, and the expertise of its staff to clear the accumulated deficit of $51M, against which the Company has already started to apply initial bookings from NPWZ’s solar air conditioning subsidiary, which is employing the fuel cells.

Wolfe spoke of the demonstrated ability of the Company to fulfill contractual engagements, citing past successes, and detailed some of the finer points of the new fuel cell technology, pointing out that the “porous, silicon-wafer design and the ability to operate in anaerobic environments” indicated that NPWZ was a potential sleeper hit.

CEO of NPWZ Chris D’Couto noted the status of Zacks as one of the world’s premier firms, and pointed out the billions spent annually by such stock researchers as evidence that “these investment experts know something special that may be indicative of the future direction of stock prices”.

With a patented aerobic/anaerobic cell design ready to meet the demands of a booming solar industry, as well as finding multiple secondary applications, NPWZ is also developing an array of energy storage and generation solutions incorporating the high power density fuel cells.

Founder and CTO of NPWZ Leroy Ohlsen, along with co-founder Michael Fabian, have been hard at work since 1999 to create a more robust and long-lasting fuel cell system design which could eventually see light in such products as notebooks, PC’s and other power-hungry devices, including military radios and the like.

The variety of suitable applications and the clean energy profile of the technology is sure to produce continued buzz and contracts for manufacture, allowing the company to leverage its silicon industry-derived manufacturing technology to create a wonderful energy system that will drive shareholder value to new levels.