Intelligent Energy to push commercialization with $30m investment

• Publisher: Elsevier Science
• Year: 2009
• Tongue: English
• Weight: 76 KB
• Volume: 2009
• Category: Article
• ISSN: 1464-2859
• DOI: 10.1016/s1464-2859(09)70297-4

✦ Synopsis

purchase up to $10 million of Neah Power stock. In addition, Wearology Ltd, a division of the Indian-based Poddar Group, and associated entities, have committed to invest up to $0.5m in Neah Power.

'The confidence shown by the financial community in Neah's patent-protected technology and our commercial engagements is truly gratifying,' says Dr Chris D'Couto, the firm's president/CEO, of the Optimus deal. 'This major commitment to the company should enable us to quickly complete manifold renewable energy solutions for our customers, and meet our corporate goals including listing on the AMEX.' He sees the investment as an endorsement of the untapped market opportunity ahead of the company.

D'Couto and Rohitashwa Poddar, managing director of The Poddar Group in Mumbai, India, announced the covenant jointly, saying the two companies' business plans support their joint philosophy of environmentally friendly, pollution-free businesses. 'This capital infu-sion… facilitates funding for production of prototypes for various companies, such as Hobie Boats, EKO Vehicles of India, and others which we have joint venture deals with,' says D'Couto.

'This is an exciting opportunity for the Poddar Group to participate in what will be a tectonic shift in global energy production,' adds Rohit Poddar. 'All of the Poddar Group's many businesses will benefit as a result.' Neah Power Systems is developing a unique, silicon-based design for its micro direct methanol 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.