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Power Chips plc Press Release 1 December 2003

Refers to PWCHF, BOREF


Gibraltar, December 1st: A hybrid electric automobile using thermionic devices to drive electric motors could provide an efficient and low cost alternative to current designs for hybrid electric vehicles.

Power Chips plc (PWCHF), a majority-owned subsidiary of Borealis Exploration Limited (BOREF), announces that a patent, titled “Thermionic Automobile”, No. 6,651,760, was issued by the US Patent Office on November 25th 2003.

Power Chips are small wafer-like devices that use quantum mechanical tunnelling to convert heat to electrical current.   In a thermionic automobile, fuel is burned in a combustion chamber and the energy converters are placed against the walls of the chamber where they generate electricity from the heat.   That electricity is then fed to electric motors which drive the wheels of the car.   Power Chips are projected to achieve 80% of Carnot efficiency, whereas a conventional internal combustion engine typically wastes more than two-thirds of the available energy from burning gasoline.

Almost any form of fuel could be used to generate the heat, from gasoline to vegetable oils, and even solar energy can be brought into play to add to the available power or increase the efficiency of the heat conversion.   While Power Chips plc has its own proprietary technology for converting heat to electricity, the patent itself covers all technologies in which electricity is generated from heat, such as conventional thermionic and thermoelectric generators.

Isaiah Cox, CEO of Power Chips plc, said: “Whatever fuel the car of the future uses, it needs an efficient way of converting the energy released by the fuel into making the car move.   With this patent, we are taking a strategic position which has the potential to dominate one of the most promising areas in electric hybrid vehicle engine development.”

Power Chips plc (PWCHF) develops proprietary quantum mechanical tunnelling technologies for power generation applications.   Power Chips are projected to produce electric power more efficiently and less expensively than existing or emerging technologies.   A business plan can be obtained at http://www.powerchips.gi/BusinessPlan.shtml

Borealis Exploration Limited (BOREF) is a research and development company founded in 1968 and based in Gibraltar in the European Union.   Borealis’ business is reinventing the core technologies used by basic industries, including electric motors, steelmaking, electrical power generation, and cooling and refrigeration.   For more information and forward looking statements please visit its web site at www.borealis.gi.

Chorus is a registered trademark of Borealis Technical Incorporated.

For further information please contact:

Power Chips plc
Chorus Motors plc
Chris Bourne
Head of Public Relations
email: pr@chorusmotors.gi
Tel: +44 (0)20 8571 5216
Fax: +44 (0)20 8455 8701

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Forward-Looking Statement may be found at http://www.powerchips.gi/fwdlook.shtml