UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): May 29, 2014
Neah Power Systems, Inc.
(Exact Name of Registrant as Specified in Charter)
| | | |
| Nevada | 000-49962 | 88-0418806 |
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
| | | |
| 22118 20th Avenue SE, Suite 142 Bothell, Washington | | 98021 |
| (Address of principal executive offices) | | (Zip Code) |
Registrant’s telephone number, including area code: (425) 424-3324
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Information About Forward-Looking Statements
This Current Report on Form 8-K of contains forward-looking statements. The words or phrases "would be," "will allow," "intends to," "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project," or similar expressions are intended to identify "forward-looking statements." Neah Power Systems, Inc.’s financial and operational results reflected herein should not be construed by any means as representative of the current or future value of its common stock. All information set forth in this Current Report on Form 8-K, except historical and factual information, represents forward-looking statements. This includes all statements about the Company’s plans, beliefs, estimates and expectations. These statements are based on current estimates and projections, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These risks and uncertainties include issues related to: rapidly changing technology and evolving standards in the industries in which the Company and its subsidiaries operate; the ability to obtain sufficient funding to continue operations, maintain adequate cash flow, profitably exploit new business, license and sign new agreements; the unpredictable nature of consumer preferences; and other factors set forth in the Company's most recently filed annual report and registration statement. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof. Readers should carefully review the risks and uncertainties described in other documents that the Company files from time to time with the U.S. Securities and Exchange Commission (the “SEC”).
Item 8.01 Other Events
On May 29, 2014, Neah Power Systems, Inc. issued a press release with regard to its Patent Pending Technology for Automotive and Grid Scale Fuel Cells and associated whitepaper.
The press release is attached as Exhibit 99.1.
The whitepaper is attached as Exhibit 99.2
Item 9.01 Financial Statements and Exhibits
(a) Not applicable.
(b) Not applicable.
(c) Not applicable.
(d) Exhibits.
| | |
| Exhibit No. | Description |
| | |
| 99.1 | Press release of Neah Power Systems, Inc., dated May 29, 2014. |
| 99.2 | Whitepaper on Neah Power’s Fromic Acid Reformer |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| | Neah Power Systems, Inc. |
| | |
| | By: | /s/ David Schmidt |
| | | David Schmidt |
| | | Acting Principal Financial Officer |
Date: May 29, 2014
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Neah Power Systems presents patent pending technology for automotive and grid scale fuel cells
BOTHELL, Wash., May, 29 2014
Neah Power Systems, Inc., (OTCBB:NPWZ), a provider of proprietary power solutions, announced the publication of a white paper on the website (www.neahpower.com) discussing patent pending technology that allows a safe and high energy density, point of use hydrogen generation technology, that is suited for automotive fuel cells and grid scale fuel cells.
Neah Power CEO Chris D'Couto said, “We are in preliminary discussions with a fuel cell company to license the technology for certain grid scale applications, and we are identifying appropriate automotive partners for this technology, opening up new Served Available Markets (SAM) that are very significant.”
Neah Power CEO, Chris D’Couto continued, “This compelling technology allows the use of a safe and easily handled liquid fuel, formic acid, to generate hydrogen on demand for automotive and grid scale applications. This could potentially eliminate various safety, handling, cost, and distribution issues currently seen with compressed hydrogen for automotive applications. For grid scale applications, this technology could eliminate the need for onsite hydrogen generation plants that are commonly co-installed with grid scale fuel cells”
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About Neah Power
Neah Power Systems, Inc., (OTCBB:NPWZ) is an innovator of cutting-edge power solutions for the military, transportation and portable electronics industries. Neah Power’s long-lasting, efficient, and safe solutions include patent-pending micro fuel cells that enable higher power densities in compact form-factors at a lower cost, and that run in aerobic and anaerobic modes. Neah Power was a 2012 ZINO Green Finalist, 2010 WTIA Finalist, and 2010 Best of What’s New Popular Science Award. Contact Neah Power at (425) 424.3324 ext-108 or info@NeahPower.com.
Forward Looking Statements
Certain of the statements contained herein may be, within the meaning of the federal securities laws, "forward-looking statements," which are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, and the Company does not undertake any responsibility to update any of these statements in the future. Please read Neah Power System’s Form 10-K for the fiscal year ended September 30, 2013 and its Quarterly Reports on Form 10-Q filed with the SEC during fiscal 2014 for a discussion of such risks, uncertainties and other factors.
Media Contact:
Neah Power Systems, Inc 425-424-3324 ext 108
info@neahpower.com
www.neahpower.com
Formic Acid Reformer
Enabling automotive and grid scale fuel cells
Background and problem statement
Fuel cells are considered one of the cleanest methods of converting fuel into electricity, with minimal to no global warming byproducts. Their potential to generate ultra clean electricity is driving increased adoption of automotive and grid scale fuel cells. Cars with fuel cells will enable the vision of true zero-emission vehicles, since all–electric vehicles merely move the source of greenhouse gas emissions to the point of electricity generation. Similarly grid scale fuel cells provide near zero greenhouse gas emission for electricity generation. One additional, key advantage of fuel cells are their “instantly rechargeable” nature, as opposed to traditional batteries. One of the main limiters with the adoption of automotive fuel cells and grid scale fuel cells is the use of hydrogen as a fuel. Compressed hydrogen as a fuel source, when used in automobiles, has associated safety issues, and there is only limited, and cost-prohibitive to expand, infrastructure in place to for the purchase and distribution of compressed hydrogen on a consumer basis. Similarly, grid scale storage typical fuel cell installations require an onsite hydrogen generation plant or a natural gas pipeline, both of which can add significant cost.
Neah’s solution
Neah Power Systems, through its recent asset acquisition from Clean Tech Investors (Nov 2013), has demonstrated a reformer that allows onsite (point of use) generation of hydrogen using formic acid (HCOOH). This technology is covered by two pending patent applications. Many portable energy sources have distinct differences in energy density, safety, cost and availability as shown in the table below. Formic acid, which is a liquid, is an attractive energy option without the associated safety and handling challenges of compressed hydrogen.
Neah’s technology enables the use of a liquid, safe fuel (formic acid) for grid scale and automotive applications without the associated costs of a dedicated hydrogen generation plant or the safety and handling issues associated with the use of compressed hydrogen, especially for automotive applications. Furthermore, formic acid could leverage the existing gasoline distribution infrastructure for enabling zero emission transportation.
www.neahpower.com
Neah Power Systems, Inc. • 22118 20th Ave. SE, Suite 142 • Bothell, WA 98021 • (425) 424-3324
www.neahpower.com
Formic acid as a fuel
| | | |
| Power Source | Theoretical Energy Density(W-hr/kg) | Theoretical Energy Density (W-hr/L) |
| Lithium-ion1 | 125 | 440 |
| Lead-acid1 | 30-40 | 60-75 |
| Formic Acid2 | 1,700 | 2,086 |
| Hydrogen3 (5,000psi compressed) | 33,333 | 833 |
Formic acid is a safe, energy dense storage medium for hydrogen. It is a common preservative and antibacterial agent and is produced naturally in ants and bees. Formic acid is a commodity chemical, a raw material for a variety of products, and is available at low cost in bulk quantities from a variety of suppliers. Formic acid is also considered a carbon neutral, renewable energy source, and can also be obtained by aqueous catalytic partial oxidation of wet biomass (OxFA process4,5). When formic acid is heated it produces carbon dioxide and water, and upon exposure to catalysts formic acid decomposes to hydrogen and carbon monoxide. Although it must be handled safely, unlike more traditional fuels, such as gasoline, formic acid is not flammable in 85% concentration. The principal danger from formic acid is from skin or eye contact with concentrated liquid or vapors.
![[exhibit99_2004.gif]](exhibit99_2004.gif)
Neah system offerings
Neah presently offers four standard sizes of reformers for hydrogen fuel cells in 5W, 10W, 50W, and 100W configurations for demonstration purposes. The fuel tank is adjustable to the energy, or run-time required. Other power ranges and form factors can be made available in customized configurations as well.
Formic acid is pumped from the cartridge with the use of two metering diaphragm pumps; one pump supplies the proper amount of formic acid for hydrogen (H2) production as reformate, while the other supplies fuel to the catalytic burner to provide a continuous heat supply to the reformer, through a heat exchanger. After exiting the heat exchanger, the reformate is mixed with a small amount of air and passed through a preferential oxidation (PrOx) reactor to remove trace carbon monoxide (CO) content to less than 1ppm. The reformate is then passed to a fuel cell stack to produce electric power, with anode off-gases being vented to the atmosphere. The air supply for the catalytic burner is provided by a small blower. The hydrogen produced can then be used by a variety of fuel cell types – solid oxide fuel cells (SOFC), proton exchange membrane (PEM), etc. for either grid scale power or automotive power.
[1] D. L. Anglin, D. R. Sadoway, "Battery", in AccessScience@McGraw-Hill, http://www.accessscience.com, DOI 10.1036/1097-8542.075200
[2]J. Yeom, R.S. Jayashree, C. Rastogi, M.A. Shannon, P.J.A. Kenis, “Passive direct formic acid microfabricated fuel cells”, Journal of Power Sources 160 (2006) 1058–1064.
[3] National Research Council and National Academy of Engineering of the Engineering of the National Academies, The Hydrogen Economy: Opportunities, Costs, Barriers, and R&D Needs, The National Academies Press, Washington, D.C., 2004.
[4] R. Wölfel, N. Taccardi, A. Bösmann, P. Wasserscheid (2011). "Selective catalytic conversion of biobased carbohydrates to formic acid using molecular oxygen". Green Chem. (13): 2759.
[5] J. Albert, R. Wölfel, A. Bösmann, P. Wasserscheid (2012). "Selective oxidation of complex, water-insoluble biomass to formic acid using additives as reaction accelerators". Energy Environ. Sci. (5): 7956.
www.neahpower.com
Neah Power Systems, Inc. • 22118 20th Ave. SE, Suite 142 • Bothell, WA 98021 • (425) 424-3324
www.neahpower.com
Fuel cell usage of H2
The reformer system is designed to provide a sufficient amount of hydrogen to a fuel cell system that uses hydrogen gas as a fuel. For example, considering a 5W electrical power output, the consumption of hydrogen by a fuel cell is described as follows:
where is the hydrogen consumption in mol/min, P is fuel cell power, and V is fuel cell voltage. Assuming a 50% electrical efficiency for a PEM stack gives 0.6V, the hydrogen requirement is calculated to be 0.00259mol/min, or 58.1 sccm (standard cubic centimeters per minute - volumetric flow rate calculated at 1 atmosphere pressure and 0°C). It should be noted, however that this is the exact stoichiometric fuel requirement; that is, fuel utilization is 100 % in this calculation. Under more realistic conditions, a fuel stoichiometry of 1.1 or greater is typically used.
System design guidelines and initial product deployment
Neah is in preliminary discussions with other fuel cell companies to license the reformer technology for certain grid scale applications. Neah is also actively exploring partnerships with automobile manufacturers to implement this technology for point source of hydrogen generation for automotive fuel cells. In parallel, Neah is developing stand-alone systems for back-up power for a variety of applications as well as integrated solutions for a variety of remote monitoring systems. The table below demonstrates the capability of the reformer technology, and can be used as a guideline for design purposes.
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| Power (W) | Size of reformer unit (cc) | Fuel flow rate (mL/min) | Fuel Vol, 20hrs (L) | Energy Density* (Wh/L) | Energy Density* (Wh/kg) |
| 5 | 5 | 0.16 | 0.19 | 508 | 417 |
| 10 | 10 | 0.32 | 0.38 | 508 | 417 |
| 50 | 50 | 1.61 | 1.93 | 505 | 415 |
| 100 | 120 | 3.2 | 3.84 | 505 | 415 |
* Includes reformer size.
For further information and product inquiry please contact Neah Power Systems, at info@neahpower.com or 425 424 3324 ext 108.
www.neahpower.com
Neah Power Systems, Inc. • 22118 20th Ave. SE, Suite 142 • Bothell, WA 98021 • (425) 424-3324