Neah Power Systems Inc (OTCMKTS:NPWZ) issued the company update wherein it stated that they continue with their diligent measures to capitalize the frim to realize the prospect of the different know-hows.
For latest followers of the firm, they intend to highlight their key products. They have the PowerChip® non-air fuel cell, recently accepted by the DRDO of the Government of India. The company also boast the Formira HOD, the energy dense solution for the hydrogen generation from a safe liquid source. Its BuzzBar Suite comes in the group of off-grid charging solution for commercial and consumer applications.
They shipped their BuzzBar Gen2 item, and have a ‘Gen3’ design that will send once they complete the next stage of financing. Finally, they have the PowerChip® Battery which obtained an allowance from the U.S. Department of Energy. It was granted in the Advanced manufacturing segment in association with Argonne National Laboratory. All of their technologies and products are covered by 15 patents and 11 pending patent applications.
Capital Sourcing continues to be a big challenge for Neah Power, and they are pursuing different options to fulfill this critical need. They believe the firm has to be adequately capitalized to source build products and material, and thus allowing the capitalization is a main priority for the firm’s management. Chris D’Couto, the President and CEO, said that he has had numerous visits to the UAE, a market where they continue to look for business and financing opportunities. They will update as these initiatives progresses.
The tasks pertaining to DOE grant has begun, and they have been exchanging different data with Argonne National Laboratory. D’Couto added that they will continue to update as they make progress on these measures.
Neah Power is negotiating with authorities in India to approve the non-battery technologies for specific market rights. This is in early phase, and they continue to maintain dialog. The company is fetching interest from numerous parties from the clients to the defense segment on the battery.