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Neah Power Systems Retains Jesup & Lamont as Investment Banker

Jesup & Lamont to Advise Neah Power Systems on Growth and Investment Strategies

July 2, 2008

Neah Power Systems, Inc., (OTCBB: NPWS), a leading developer of fuel cells for military applications and portable electronic devices, announced today that it engaged Jesup & Lamont Securities Corporation ('Jesup & Lamont') as its investment banker.

Established in 1877, Jesup & Lamont has an extensive history on Wall Street, with its origins encompassing such successes as providing brokerage services to Standard Oil and raising capital for the construction of Rockefeller Center. Jesup & Lamont, through its two wholly owned brokerage subsidiaries, offers full service broker-dealer services through its approximately 300 retail brokers in over 30 offices nationwide and institutional sales offices in New York, San Francisco, Boston, Boca Raton and Orlando. The Company's Jesup & Lamont Securities Corporation subsidiary also publishes proprietary research on several industries including Aerospace/Defense, Alternative Energy and Life Sciences/Healthcare and offers comprehensive investment banking services.

Ed Cabrera, head of Investment Banking at Jesup & Lamont said, "We are pleased that Neah Power has engaged Jesup & Lamont. We look forward to working with the management and the Board of Directors. We are impressed by the tremendous progress that the company has achieved, from demonstrating the prototype in September 2007, the various technical milestones and achievements they have accomplished, to adding diverse and experienced talent to the Strategic Advisory Board, and further building up its board with very capable industry veterans. We look forward to a very productive relationship and at helping Neah Power Systems make the transition into commercialization."

Dr. Chris D'Couto, President and CEO of Neah Power said, "The Board of Directors and I are enthusiastic about our engagement of Jesup & Lamont to assist in developing our investment strategy. Their proven track record and their ability to work with companies with a similar profile make this a good fit. Neah Power Systems is at an important transition from prototype to commercialization, and Jesup & Lamont will help us achieve the goals and the vision for the company."

About Neah Power Systems

Neah Power Systems, Inc. (NPWS) is developing long-lasting, efficient and safe power solutions for portable electronic devices, including notebook PCs, military radios and other power-hungry products. The market size for portable power is estimated in the multi-billion dollar range by the research group Frost and Sullivan. Neah Power uses a unique, patented, silicon-based design for its micro fuel cells that enable higher power densities. This enables lighter-weight, smaller form-factors and lower cost products, as well as an outsourced manufacturing model. The company�s working micro fuel cell prototype, which was demonstrated on September 28, 2007, runs as a closed-loop system without requiring air as an oxidant. Further company information can be found at our website: www.neahpower.com.

Forward Looking Statements

Except for statements of historical fact, the matters discussed in this press release are forward looking and made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond the company's control that may cause actual results to differ materially from stated expectations. These risk factors include, among others, limited operating history, research and prototype delays, difficulties in developing and commercializing new technologies, and additional risk factors as discussed in the reports filed by the company with the Securities and Exchange Commission, which are available on its website at: http://www.sec.gov.

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