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Varmaraf and Power Chips in Geothermal Technology Agreement.



Business Editors

GIBRALTAR & REYKJAVIK, Iceland--(BUSINESS WIRE)--March 3, 2003

Varmaraf ehf and Power Chips plc have signed a memorandum of understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment.  acknowledging a mutual goal of "providing a superior method of power conversion for geothermal applications, including but not limited to geothermal power Geothermal power

Thermal or electrical power produced from the thermal energy contained in the Earth (geothermal energy). Use of geothermal energy is based thermodynamically on the temperature difference between a mass of subsurface rock and water and a mass
 production, power station waste heat recovery, industrial waste heat recovery and marine engine applications".

Varmaraf ehf is an Icelandic company developing thermoelectric ther·mo·e·lec·tric   also ther·mo·e·lec·tri·cal
adj.
Characteristic of, resulting from, or using electrical phenomena occurring in conjunction with a flow of heat.
 applications for harnessing geothermal power, an abundant energy source in Iceland and many other regions of the world. Varmaraf's thermoelectric heat exchangers are substantially more economical than solar generators when a stable excess heat source is available. The marketing effort is focused on off-grid applications until more efficient solid state means of converting thermal energy to electricity replace thermoelectrics.

Arni Geirsson, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board.  of Varmaraf, said "Power Chips will vastly expand the application range of Varmaraf's already existing solid state thermal generators, even into large scale harnessing of low temperature geothermal power. This could significantly increase the proportion of renewable energy potentially carried by hydrogen to non-geothermal locations."

Power Chips plc, based in Gibraltar, is developing solid state thermotunnelling devices which use a combination of thermionic emission thermionic emission (thûrm'īŏn`ĭk), emission of electrons or ions by substances that are highly heated, the charged particles being called thermions.  and quantum mechanical electron tunnelling to increase the rate of electron emission in solid-state converters. In a Power Chip(TM) electrons tunnel from one side of a nanometer scale gap to the other, but because the gap acts as an insulator, are unable to 'leak' back again, thus increasing the efficiency of the device when compared to solid state thermoelectric devices.

Isaiah Cox, President of Power Chips plc, said "Geothermal power may become a major source of clean, renewable energy but it needs careful matching of the right technologies to be competitive. Our strategic understanding with Varmaraf brings two key technologies together and is an important step in developing geothermal power as an affordable mainstream energy source."

Power Chips plc is a majority-owned subsidiary majority-owned subsidiary

A firm in which more than 50% of outstanding voting stock is owned by the parent company.
 of Borealis Exploration Limited Borealis Exploration Ltd. is a Gibraltar-based research and development company that owns subsidiaries dealing with materials and power transfer. The company considers itself a virtual company, and is publicly traded.  (BOREF). Another Borealis subsidiary, Cool Chips plc (COLCF) plans to use devices employing quantum mechanical electron tunnelling in cooling systems cooling systems

for housed animals include spraying of roofs with water, evaporative pads with fans, foggers and misters; for pastured animals shelter from the sun by trees or artificial shade devices and cooling ponds are used.
.

Varmaraf ehf is a private company owned by the Icelandic New Business Venture Fund, Reykjavik Energy and a number of private investors. It is based in Reykjavik, Iceland, and can be found at www.varmaraf.is
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Publication:Business Wire
Geographic Code:4EUUK
Date:Mar 3, 2003
Words:376
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