February 16, 2010 (FinancialWire) — Neah Power Systems, Inc., (‘Neah’) (OTCBB: NPWZ) www.neahpower.com, the company developing fuel cell based renewable energy solutions, reported that it has signed documents with CyVolt Energy Systems (‘CyVolt’) to acquire all of its technology and assets.

The cost of the acquisition would be covered by the company’s recently announced financing that management plans to use to acquire businesses that are expected to provide positive cash flows in the near term.

Neah intends to introduce the product, a hybrid fuel cell technology that recharges industry-standard lithium ion batteries, to the retail market within four to six months. Lithium ion batteries are the most common form of battery used in portable electronics. The product will produce ongoing power by “hot-swapping” additional fuel via cartridges or refills, thereby eliminating dependence on access to the electrical grid.

CyVolt Energy Systems is a Cleantech company developing fuel cell based portable power products for the consumer and military electronics market. CyVolt has developed a renewable fuel cell technology with the potential of significantly reducing development and downstream manufacturing costs.

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