11

Neah Power Systems, IncNPWZ

22

Forward Looking Statements

Except for statements of historical fact, the matters discussed in this presentation 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 asdiscussed in the reports filed by the company with the Securities

and Exchange Commission, which are available on its website at http://www.sec.gov.

3

Provide the most competitive portable power solution by leveraging our differentiated product, manufacturing

model and business model.

Illustrative Example

Neah Power Mission Statement

Fuel cells vs. batteries

� What are fuel cells

• Direct conversion of fuel into electricity

• Electrochemical catalyzed reactions

� Fuel + oxidant electricity

• Fuel once consumed, needs to be replaced

� What are batteries

• Two types – primary and secondary

• Primary – single use then discard

• Secondary – rechargeable

� Recharging – electric current to convert spent chemicals

Battery Technology Challenges

� Demand for longer runtime

� Lithium-ion batteries

• Heavy

• Safety concerns

• Inefficient performance

� Power gap, demand vs. available energy

• Power hungry features

• Increased use in mobile environments

• Limited battery technology

66

Reduces Weight 70% on 72-Hour Mission

Fuel Cell for a72-hour Mission

•1 fuel cell

•9 fuel cartridges

Total weight

= 8 lbs

BA-5590 72-hour Mission

• 12 BA-5590 military standard batteries

Total weight

= 27 lbs

Shedding The Pounds

Fuel Cell Technology Benefits

� Benefits of methanol

� Converting fuel into electricity

� Mobile life via fuel replenishment

� Access to power “Off-the-Grid”

� Benefits over battery technology

� Clean, renewable & environmentally safe

Direct Methanol Fuel Cell (DMFC) Challenges

� Proton Exchange Membrane (PEM) Technology

� Operating issues

� Water management

� Reliability

� Low power density and efficiency

� Manufacturability and commercialization

NEAH Fuel Cell Technology Solution

� Silicon-based, DMFC

• Porous silicon electrode structure

• Circulating liquid streams of fuels

� Stable, long-lasting materials

� Increased power density

� Leverage silicon manufacturing infrastructure

� Easily customizable Lego design

� Healthy GM – fuel cell, recurring revenue from cartridges

1010

Innovation Well Recognized

Red HerringTop 100 Innovators

Dec. 2004

NIST/ATP $2M AwardSept. 2003

“Startup of the Year”Seattle Alliance of

AngelsMay 2004

Leroy OhlsenTop 100 Young

InnovatorsSept. 2004

Venture All-StarsTop 25 Company

June 2005

ONR AwardJuly 2007 & Sept 2008

11

Technology & Strategic Advisory Boards

Technology Advisory Board� John Drewery, Ph.D., Former EVP Neah Power, Novellus Systems

• Technology Director at Novellus Systems� Steve Meyer, Ph.D., Novellus Systems

• Director and Principal Engineer, Novellus� Wilbert Van Den Hoek, Ph.D., Novellus Systems

• Former CTO Novellus

11

Strategic Advisory Board� Reza Abhari Ph.D.

• Professor, Entrepreneur, Alternative energy expert� Joseph R. Bronson

• CEO - SVTC, Member BOD - Sanmina-SCI Corp� Carol Mutter M.S., M.A., Ph.D. (Hon)

• Ret Lt Gen USMC; R&D, Systems Integration, Logistics and Procurement

� James Mutter, MBA • Ret Col USMC; Field T&E, Systems Integration and C3 Ops

Experienced Management & Directors

� Chris D’Couto, Ph.D., MBA – President & CEO

� Steve Wilson, CPA, CMA - CFO

� Tsali Cross, Ph.D. – VP of Engineering

� Kenth B Pedersen – Chief Business Development Officer

� Chris D’Couto Ph.D., MBA – CEO Neah Power Systems

� Jon Garfield – CEO Clearant, Inc, VP, Acquisitions, Coach Inc.

� Ed Cabrera, MBA – Executive Managing Director Jesup & Lamont

� Paul Sidlo – Founder and CEO, REZN8

Board Of Directors

Management Team

Neah Power Systems - Overview

� Differentiated & competitive solution for portable power

� Disruptive and unique fuel cell technology

� Successful prototype positioned for commercialization

� Office of Naval Research (ONR) funds major development

� Large addressable markets

• Defense

• Homeland Security

• Industrial users

• Consumer Products

1414

PEM DMFC vs. Neah DMFC

Electrolyte(PEM)

Catalyst

Fuel

Air

Fuel & Electrolyte

Oxidant & Electrolyte

Technology Proton Exchange Membrane FC Porous Silicon FC

Power Density 60 – 80 mW/cm2 200 mW/cm2

Challenges Air breathing, drying, flooding Balance of Plant

Operating Environment Air only Air and No – air

Manufacturability Custom infrastructure Si and EMS outsourcing

IP & Patents Diffuse, overlapping Clear, unique*

* - 11 US, 12 non-US, 6 pending US

Industry leading power density

High Surface Area ~ High Power density

Targeted Markets

� Portable Power (< 1kW)

• Consumer, military, industrial applications

� Semi – portable and stationary power (>1kW)

• Unmanned underwater vehicles, standby/backup power

• Automotive applications

� Power storage/load leveling for renewable energy

• Renewable power storage / leveling

• Wind

100W

1W

Fuel Cell MarketsP

ow

er

Power System Volume

10kW

10MW

0.1L 1L 10L 100L

Portable ~$9B

Transportation ~ $20B

Stationary~ $2B

Market sizeProjected for 2010Source: Frost & Sullivan

Primary market

Secondary market

18

Large Addressable Markets

Military First Responders Consumers

Mobile LifeIndustrial / Distributed

Projected units - 2010

Source: Frost & Sullivan

23.6 Million 22.0 Million 79.6 Million

Recent Achievements & Milestones

� Issued Manufacturing Technology White Paper (August 5, 2009)� Issued Energy Storage White Paper (August 4, 2009)� Received $10 million funding commitment from Optimus Energy

Capital Partners (July 30, 2009)� Completed acquisition of SolCool One, LLC (July 28, 2009)� Podder Family makes large investment in company (July 22, 2009)� Named Emmy-award winning, creative director Paul Sidlo to Board of

Directors (July 19, 2009)� Presented fuel cell prototype at 11th Electrochemical Power Sources

R&D Symposium (July 13, 2009)� Demonstrated first hybrid electrolyte aerobic direct methanol fuel

cell (July 8, 2009)� Signed LOI with EKO Vehicles awarding Neah Power master

distribution rights to EKO Vehicles’ battery and fuel cell electric scooters in the United States (June 30, 2009)

Recent Achievements & Milestones

� Signed LOI with EKO Vehicles to supply all batteries and fuel cells used in EKO Vehicles electric scooters sold in the United States (June 30, 2009)

� Signed LOI with EKO Vehicles to develop and supply direct methanol fuel cell battery chargers for all battery fuel cell hybrid electric scooters sold in India and the United States (June 30, 2009)

� Signed LOI with EKO Vehicles to develop and supply direct methanol fuel cell battery chargers for EKO Vehicles’ distributed renewable energy stations (June 30, 2009)

� Demonstrated anaerobic direct methanol fuel cell prototype

(June 25, 2009)

� Signed LOI with Hobie Cat to supply direct methanol fuel cell battery chargers for Hobie’s battery electric line of recreational water vehicles (June 17, 2009)

� Named Jesup & Lamont executive, Ed Cabrera to Board of Directors

(June 17, 2009)

� Signed a technology license agreement with Hobie Cat Company (April 21, 2009)

Key Advancements for Initial Production

� Larger electrodes- increase power output by 2.5X

� Injection molded packaging -

higher reliability and more compact cells

� Wire-bond interconnects –Reduces losses

� Miniaturized pumps-size reduction

� Simplified electronics- increase reliability

� Compact thermal management solution - size reduction

30x30 mm2 electrodes

Wire-bond interconnects & PVDF packaging

43x43 mm2 electrodes

Neah Power DMFC Manufacturing Model

Cell / Stack Assembly

(Aspen Technologies)

OEM

Si Substrate Production

(IceMOS)

Si Electrode Production

(Neah)

Assembly & Test

(Sanmina-SCI)

Neah Power works with the whole supply chain to ensure quality, cost and timeliness

Combined in 6 – 9 mos

Strategic Relationships & Affiliation

� Intel Capital

• Laptop & consumer markets

• Supplier connections

� Novellus Systems Inc.

• Semiconductor processing and

equipment

• Technical expertise for Silicon

processing

� American Electronics Assoc.

• Govt. agencies & procurement

• Foreign markets

• Business network

� Sanmina-SCI, Inc.

• Electronics design

• Thermal components

• System integration

• Device packaging

� Aspen Technologies

• Wire-bond

• Cell and stack assembly

� IceMOS Technology

• Si Foundry Partner

• Si electrodes

General Dynamics’ EDGE™ Partnership

A world-class, collaborative innovation & technology center dedicated

to accelerating & integrating technology for the war fighter.

The following companies are EDGE™ Members:

The companies referenced on this slideare members of The EDGE™. They arenot affiliated with Neah Power. Their reference here is not an endorsement

of Neah Power.

2525

Neah Power: The Opportunity

� Experienced management team & board

� Strong Technical & Strategic Advisory Board

� Huge, untapped markets

� Healthy business model

� Unique and disruptive proven technology

� Low burn rate structure

� Early engagements with product integrators