BOTHELL, Wash., July 28, 2009 (GLOBE NEWSWIRE) -- NEAH Power Systems, Inc., ('NEAH') (OTCBB:NPWZ) www.neahpower.com, the Company developing fuel cells for the military and portable electronic devices, announced today that it has completed its acquisition of SolCool, One ("SolCool"), a leader in the solar air conditioning industry.
SolCool specializes in solar powered air conditioning systems, and has an established manufacturing partner in China, along with very extensive distribution and support networks throughout the world. SolCool has shipped multiple systems to date, with many more in production.
The SolCool's Direct Current Solar Air Conditioner will serve as the platform for other renewable energy solutions incorporating fuel cells, which could serve the needs of telecommunications infrastructure, homes and businesses that are remote from grid or wish to reduce grid dependence, and will help developing countries leapfrog traditional fossil-based energy and move directly to sustainable, decentralized power systems. SolCool's existing distribution infrastructure will enable the distribution of the NEAH suite of products.
Dr. Chris D' Couto, President and CEO of NEAH Power, commented, "We are very energized about the acquisition of SolCool, One. They are an established leader in the solar air conditioning market, have a strong management team, and have an established worldwide distribution network. This creates some unique and strong synergies between NEAH's technology and SolCool's technology. We are looking forward to a productive and successful relationship as we provide leading edge renewable energy solutions."
Mark Walsh of SolCool, One LLC added, "We are excited to embark on this venture with NEAH Power Systems, a leader in the fuel cell market with proprietary technology. Our strong market presence and differentiated technology will enable us to bring various products to market to meet the needs of our customers, and position us to become a leading, renewable energy solution provider."
About NEAH Power
NEAH Power Systems, Inc. (NPWZ) is developing long-lasting, efficient and safe power solutions for the military and for portable electronic devices. NEAH uses a unique, patented, silicon-based design for its micro fuel cells that enable higher power densities, lower cost and compact form-factors. The company's micro fuel cell system can run in aerobic and anaerobic modes.
Further company information can be found at www.neahpower.com.
Forward-Looking Statements
This press release contains forward-looking statements and made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Review previous filings for information about other forward-looking statements. These forward-looking statements reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond the company's control that may cause actual results to differ materially from stated expectations. Factors that might cause such material difference include, among others, our limited operating history, potential research and prototype delays, difficulties in developing and commercializing new technologies.