Neah Power Systems, Inc. (NPWZ.OB) Announces Acquisition of CyVolt Energy
Neah Power Systems, Inc., a developer of fuel cell-based renewable energy solutions for the military, industrial and consumer applications, recently announced that the company has secured an agreement with CyVolt Energy Systems to acquire all of its technology and assets. The cost of the acquisition will be included in the company’s recently announced financing, which allocates funds for Neah Power Systems to acquire businesses that are expected to provide positive cash flows in the near term. Neah Power Systems intends to introduce a hybrid fuel cell technology that recharges lithium ion batteries to the retail market within four to six…