Pursuant to the LOI, both companies will undertake due diligence efforts to determine the viability and the structure of the combination, which can provide additional opportunities for the expansion of respective product lines and global growth.
Neah has already been building fuel cells for Eko’s electric scooter product line, which is currently being sold in Asia and will shortly be available in the US and Europe.
The merger is expected to enable both the companies to establish a strong foothold in the EV market by integrating a fuel cell developer with an EV manufacturer.
Neah Power president and CEO Chris D’Couto said that merger will take the synergistic relationship between Neah and Eko to new levels.
“In addition to the fuel cells for electric two wheelers, we see high demand for Neah’s fuel cells for a variety of military and industrial applications in India and Asia, and this relationship could enable us to meet this demand,” D’Couto said.
