Neah Power Systems, an emerging company in fuel cell-based power solutions and rechargeable lithium battery storage solutions for defense, commercial, and consumer applications, proudly announced that they have signed a memorandum of understanding (MOU) with a large South
Chris D’Couto, President and CEO of NEAH POWER said, “We are pleased to announce this MOU with a well-established, significantSouth Africa entity (SAE). As we continue to innovate and develop products, this relationship will enable cost effective manufacturing in one of the fastest growing markets for these products, as well as the ability to get high volume supply from this factory to meet our worldwide needs.”
Neah Power Systems and the entity are working diligently to finalize certain financial details including upfront license payments, equipment purchase and installation support payments, and royalty payments on a go-forward basis. The company and the SAE expect to create a joint venture where they would have partial ownership. Neah Power Systems is expected to release more details about this strategic venture, and expects to formalize the various agreements, in first quarter of 2016.
ST Staff Writers
This post was prepared by Solar Thermal Magazine staff.