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Neah Power Systems Appoints Internationally Renowned Futurist Peter Schwartz to Strategic Advisory Board

Noted Strategist and Author to Help Guide Neah Power

August 28, 2007

BOTHELL, Wash. – September 5, 2007 (BUSINESS WIRE)—Neah Power Systems, Inc. (OTCBB:NPWS – News), a leading developer of fuel cells for military applications, notebook computers and portable electronic devices, announced the appointment of Peter Schwartz as chairman of its Strategic Advisory Board.

Schwartz, 61, joins Dr. Buzz Aldrin, a current director of the company who is also on the Strategic Advisory Board. The Strategic Advisory Board is responsible for counseling the board and management on a wide range of strategic and market place issues, including strategic direction, business development and growth.

“We are delighted to have someone of Peter’s caliber and reputation join our Strategic Advisory Board,” said Dan Rosen, executive chairman of Neah Power. “The combination of Peter’s knowledge of fuel cells, his intellect, his broad range of contacts, and his many years of experience advising energy companies and the military will add enormous value to our efforts.”

“Having followed the development of Neah Power’s unique porous silicon electrode technology for over five years, I am particularly excited about the company’s successful June test of its 16-cell silicon-based fuel-cell stack that produced 7 Watts at room temperature,” stated Schwartz. “As an engineer, I understand the significance of that achievement and believe it was a pivotal point toward commercialization of Neah Power’s proprietary system. The military has been expressing immediate needs for better portable energy sources. And like many frequent travelers, I look forward to having a Neah Power fuel cell in my laptop computer.”

Schwartz is cofounder and chairman of Global Business Network, a Monitor Group company, and a partner of the Monitor Group, a family of professional services firms devoted to enhancing client competitiveness. An internationally renowned futurist and business strategist, he specializes in scenario planning, working with corporations, governments, and institutions to create alternative perspectives of the future and develop robust strategies for a changing and uncertain world. His current research and scenario work encompasses energy resources and the environment, technology, telecommunications, media and entertainment, aerospace, and national security. Schwartz is also a member of the Council on Foreign Relations, and a member of the board of trustees of the Santa Fe Institute, the Long Now Foundation, and the World Affairs Council.

From 1982 to 1986, Schwartz headed scenario planning for the Royal Dutch/Shell Group of Companies in London. His team conducted comprehensive analyses of the global business and political environment and worked with senior management to create successful strategies. Before joining Royal Dutch/Shell, he directed the Strategic Environment Center at SRI International. The Center researched the business milieu, lifestyles, and consumer values, and conducted scenario planning for corporate and government clients.

Schwartz is the author of Inevitable Surprises (Gotham, 2003), a provocative look at the dynamic forces at play in the world today and their implications for business and society. His first book, The Art of the Long View (Doubleday Currency, 1991; audio tape, 1995; paperback, 1996), is considered a seminal publication on scenario planning and has been translated into multiple languages. He is also the co-author of The Long Boom (Perseus, 1999), a vision for the world characterized by global openness, prosperity, and discovery; When Good Companies Do Bad Things (Wiley, 1999), an examination of, and argument for, corporate social responsibility; and China’s Futures (Jossey-Bass, 2001), which describes very different scenarios for China and their international implications. He publishes and lectures widely and served as a script consultant on the films “The Minority Report,” “Deep Impact,” “Sneakers,” and “War Games.” Schwartz received a B.S. in aeronautical engineering and astronautics from Rensselaer Polytechnic Institute.

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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