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Neah Power Announces Successful Completion of Phase 2 of Its Development Program with Danfoss A/S Regarding Balance-of-Plant for Porous Silicon Fuel Cells

December 15, 2006

SEATTLE—(BUSINESS WIRE)—Neah Power Systems, Inc. (Pink Sheets:NPWS – News), 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, is pleased to announce the substantial completion of phase 2 of its contract with Danfoss A/S (Nordborg, Denmark) regarding the development of balance of plant and cartridge components for fuel cells.

In this phase, Danfoss successfully demonstrated miniaturized pump and valve components suitable for the conditions of operation of Neah’s forthcoming fuel cell systems, and also a cartridge disconnect system allowing fuel cartridges to be conveniently attached to and detached from the fuel cell power unit. This development advances the company significantly towards its goal of commercializing its fuel cell technology.

“We are very happy with the ingenuity and engineering skill that Danfoss have brought to this program and believe it will lead to considerable competitive advantages as our technology is introduced to the marketplace,” stated John Drewery, Ph.D., executive VP of engineering at Neah Power.

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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