BOTHELL, WA -- (Marketwire) -- 10/03/11 -- Neah Power Systems, Inc. (OTCBB: NPWZ) announced today that the Boeing Company is exploring areas of collaboration to deploy our patented, award-winning PowerChip technology to various distributed power sources on Boeing's current and future airplane and ground systems.
The current trend in the aircraft industry is the 'More Electric Aircraft' (MEA), which focuses on replacing mechanical and hydraulic systems with electrical systems to accommodate ever increasing power requirements. In a letter to our company, a representative of Boeing Commercial Airplanes states, 'One of the key technologies that Boeing is evaluating for future airplanes are fuel cell systems used for the generation of airplane electrical power. We believe that Neah's technology will help Boeing achieve the objective of greener airplanes in the future. The development of a fuel cell system meeting Boeing's requirements is a crucial step toward proving the potential for successful deployment of this technology. Boeing would work with Neah on the prototypes for internal validation, developing and engineering the air-worthiness of the system, various certifications needed, and system integration with airplane and ground applications.'
Our PowerChip power stack systems provide higher energy densities and lower weight than current comparable fuel cells. This could translate into substantial fuel and cost savings. With successful implementation, this could give Boeing Commercial Airplanes a competitive edge in the MEA market place.
Dr. Chris D'Couto, CEO, Neah Power Systems, said 'Our fuel cells offer clean and efficient energy generation and we are delighted to work with Boeing, a market leader, in implementing cutting edge solutions into their designs for airplane and ground applications.'
About Neah Power
Neah Power Systems, Inc. is developing long-lasting, efficient and safe power solutions for the military, transportation, and for portable electronics applications. We use a unique, patented, award-winning, silicon-based design for our PowerChip micro fuel cells that enable higher power densities, lower cost and compact form-factors, and that can run in aerobic and anaerobic modes.
Neah Power is headquartered in Bothell, Washington, and its common stock trades on the OTC Bulletin Board under the symbol 'NPWZ.' Further company information can be found at www.neahpower.com.
Certain of the statements contained herein may be, within the meaning of the federal securities laws, 'forward-looking statements,' including as to the effectiveness and cost savings from any system that we may develop with Boeing, and viability and acceptance of our products and technology. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks include, but are not limited to our ability to successfully develop systems to meet Boeing's specifications, market acceptance of our products, competitive factors, changes in the regulatory environment, and other risks and uncertainties set forth in our periodic filings with the U.S. Securities and Exchange Commission (including our Form 10-K for the fiscal year ended September 30, 2010). These forward-looking statements are based on management's expectations as of the date hereof, and we do not undertake any responsibility to update any of these statements in the future
Chief Financial Officer
Neah Power Systems, Inc.