Thursday, January 17, 2008

Neah Power Cuts Staff

Bothell-based Neah Power, a publicly held developer of fuel cells for the military market, said Thursday that it is "streamlining operations." The firm did not disclose the extent of its job cuts, but said that the move would allow it to focus on development of prototypes for the Office of Naval Research. Neah Power has previously received venture capital funding from Alta Partners, Castile Ventures, Frazier Technology Ventures, Intel Capital, and WestAM. According to Neah Power's public filings, the firm had revenues of $49,057--all from ONR contracts--in 2007 and expenses of $5.6M.