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Neah Power Systems Announces Funding Update

Neah Power obtains commitments for more than $850,000 from current shareholders, employees and management

August 12, 2008

Neah Power Systems, Inc., (OTCBB: NPWS - News), a leading developer of fuel cells for military, industrial and consumer portable electronic devices, announced today that it has commitments for more than $850,000 through the previously announced investment banking relationship with Jesup & Lamont.

President and CEO of Neah Power Systems, Dr. Chris D'Couto said, "We are pleased with the response that we got from shareholders, employees and management, which reinforces their confidence in the company and the unique technology. These funds will provide working capital for the company, as well as to further along previously announced merger and acquisition discussions that the company is pursuing."

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.

For More Information

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