BOTHELL – Neah Power Systems Inc. has raised $12 million to further its work on fuel cells small enough to fit in laptop computers and other electronic devices.
The 5-year-old company hopes its cells will be on the market in 2006.
“We’re in the process of developing a full working prototype,” said David Dorheim, Neah Power’s president and chief executive officer. “This funding will carry us through that process and into developing a product with manufacturers.”
Frazier Technology Ventures, Alta Partners and Intel Capital, all of which put earlier venture capital into Neah, also participated in the latest round of financing for the privately held company. This time, the investment firms Castile Ventures and WestAM also provided money.
In 2003, the growing company of 35 employees received a $2 million federal research grant from the U.S. Department of Commerce. This year, it was named Startup Company of the Year by the Seattle-based Alliance of Angels.
Neah’s methanol-powered cells use silicon at their core, allowing them to produce more energy in a smaller space. That means the cells can last much longer than rechargeable lithium ion batteries, the standard used in laptop computers and other electronics today.
Neah claims it may be able to make a fuel cell that can power a laptop for eight hours or more, versus about two hours with a lithium battery.
Roger Walton, a partner at Castile, said he was impressed by Neah’s silicon-based design, which could become “the standard” among small fuel cells.
Demand for a long-lasting and easily replaced power source is growing as computer users become more mobile, thanks to wireless Internet access. Small but power-hungry electronic devices, including digital camcorders and advanced smart phones, could also benefit from using fuel cells.
Dorheim said Neah already is working with an unidentified equipment manufacturer that has expressed an interest in the micro fuel cells.
Reporter Eric Fetters: 425-339-3453 or fetters@heraldnet.com.
Michael O’Leary / The Herald
David Dorheim, president and CEO of Neah Power Systems Inc., says his company hopes to have a small fuel cell power source for computers and other electronic devices on the market in 2006.
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