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Office of Naval Research Finalizes 2006 Appropriation of $1.4 Million to Neah Power System

July 17, 2007

BOTHELL, Wash.—Neah Power Systems, Inc. (NPWS) , a leading developer of fuel cells for military applications, notebook computers and portable electronic devices, announced it has received a contract award from the Office of Naval Research entitled “Design of High Power Density Direct Methanol Fuel Cell Stack Utilizing Porous Silicon Electrodes” in the amount of approximately $1.4 million. Based on the 2006 Department of Defense budget appropriation, the contract has a 12-month period of performance and revenue will be collected based on cost reimbursements.

“Our unique approach to fuel cell technology for portable devices was instrumental in our securing this appropriation,” stated Paul Abramowitz, CEO of Neah Power. “Through the objectives of this agreement, we will utilize our porous silicon electrode structure to develop the next generation of electrode structures that will increase overall power density produced by our fuel cell stacks. It is our belief these higher power density stacks will result in higher power, smaller fuel cell units that will have application in various military uses as well as potential commercial and consumer applications.”

About Neah Power Systems

Neah Power Systems is a micro fuel cell development company using a patented, silicon-based design to provide long-lasting, efficient and safe power solutions for portable electronic devices, including notebook PCs and other power-hungry computer, entertainment, and communications products. As an emerging leader in fuel cell technology and design, Neah Power Systems believes that its products will allow users to extend the operating time of their devices multiple times beyond that of conventional batteries. Key investors include Alta Partners, Frazier Technology Ventures, Castile Ventures, WestAM and Intel Capital. Neah Power Systems is headquartered just outside of Seattle in Bothell, Washington. Further company information can be found at our Website www.neahpower.com and in the reports that we file with the Securities and Exchange Commission, which are accessible at www.sec.gov.

Statements in this press release that are not statements of historical or current fact constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties, and other unknown factors that could cause the actual results of the Company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms “believes,” “belief,” “expects”, “intends”, “anticipates”, “will”, or “plans” to be uncertain and forward-looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company’’s reports and registration statements filed with the Securities and Exchange Commission.

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Lippert Heilshorn & Associates
Moriah Shilton
415-433-3777