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It says its invention smashes one of the basic laws of physics by producing free energy. The company, called Steorn, has placed an advertisement in the Economist seeking 12 top scientists to examine its invention, based on magnetic fields, and publish their results. It says the energy eliminates the need to recharge mobile phones or refuel cars.
Sean McCarthy, Steorn's chief executive officer, said the company had issued the challenge for 12 physicists to rigorously test the technology so it could be developed.
'What we have developed is a way to construct magnetic fields so that when you travel round the magnetic fields, starting and stopping at the same position, you have gained energy,' Mr McCarthy said.
'The energy isn't being converted from any other source such as the energy within the magnet. It's literally created. Once the technology operates it provides a constant stream of clean energy,' he told RTE radio.
Mr McCarthy said Steorn had not set out to develop the technology, but 'it actually fell out of another project we were working on'.
One of the basic principles of physics is that energy can neither be created nor destroyed, it can only change form.