FuelCellStocks.Com Now Covering Neah Power Systems; Shares up 567% on First Day of Trading
Neah Power Systems is developing micro fuel cells designed to replace batteries in the next generation of portable electronics.
Chicago, IL (PRWEB) April 18, 2006 -- FuelCellStocks.Com (www.fuelcellstocks.com), a fuel cell and hydrogen economy investment portal, is now covering micro fuel cell pioneer Neah Power Systems.
Micro Fuel Cells are intended to be next generation power supplies for cell phones, PDAs, laptops, and other portable electronics that are out growing the ability of batteries to power them.
Neah Power Systems is developing a micro fuel cell with a patented technology called Porous Silicon Methanol Fuel Cells. This technology replaces the proton exchange membrane used in traditional micro fuel cells with a silicon architecture that greatly expands the fuel cell’s catalytic reaction area, thereby significantly increasing its power output and dramatically increasing the run time of portable electronics. It also eliminates the “methanol crossover” problem inherent in most Direct Methanol Fuel Cells.
Leroy Ohlsen conceived the idea for the silicon based micro fuel cell as a chemistry major at the University of Washington. After graduation, Leroy and his high school friend, Mike Fabian, founded Neah Power Systems in 1999. They submitted a business plan to Seattle's Alliance of Angels in 2000 and received series A venture funding in 2001 that raised $2 million from Frazier Technology Ventures (led by Dan Rosen, chairman of the Alliance of Angels) and several angel investors.
In 2002, Neah hired Dave Dorheim, a 20 year veteran of the electrochemical industry, who licensed the technology of his last company, AER Energy Resources, to Duracel and Rayovac. Mr. Dorheim understands the adoption curve for new battery technologies.
Neah was determined to possess a disruptive technology. Series B funding begun in 2003 raised $6 million from Frazier, Alta Partners and Intel Capital. In 2003, Neah was awarded a two-year $2 million federal grant from the National Institute of Standards in Technology's advanced technology program. Series B funding concluded in 2004 with $12 million from Castile Ventures and WestAM, the global investment management arm of WestLB AG, Germany's fourth-largest bank.
With plans to begin commercializing its micro fuel cells in 2006, Neah Power Systems went public on March 23, 2006. The stock (Pink Sheets: NPWS) rose 567% on the first day of trading.
Micro fuel cells are being developed by most major electronics companies and a number of start-ups. They are in the infant stages of commercialization. Just a couple thousand units are expected to be sold this year. Sales are expected to grow seriously in 2007-2008, and to skyrocket in 2009. Look for about $500 million in sales in 2008, rising to $11 billion in 2013.
FuelCellStocks.Com (www.fuelcellstocks.com) is a portal designed to inform investors in fuel cells and the Hydrogen Economy. It provides an index of 54 publicly traded fuel cell and hydrogen stocks, industry news, info on hydrogen cars, and links to thousands of relevant news stories and articles.
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