I have been following this outfit since I started the thread a year ago. I have raised all the same questions that you have. It is a weird little duck of a company. I think I am ready to conclude (I bought a bunch of their stock) that they are for real, and as companies go, quite eccentric.
As I understand their story, they originally were in the mineral exploration business. Somehow, they gained control of some massive deposits of iron ore. Problem was it was near/above? the Arctic circle. In their attempts to develop these properties, they were rebuffed by the big players that would have needed to develop these properties. Not sure if it was a dare or an offhand comment but somehow the idea was planted that if they could produce steel on the site, the economics would tilt to making a viable enterprise. Don't know the hows but the Cox's (brothers, 1 in Oregon, 1 in London) thru networking with scientist type friends and associates, managed to develop a new process for making steel. They patented the process. In the course of these investigations, the research hit on the previously known phenomenon of thermionics. This had been dismissed in normal scientific channels as a process without commercial value due to an inability to fabricate components within the existing state of physical and manufacturing practice. What Borealis claims to have done, with 3 patents so far to buttress their claim, is taken this obscure phenomenon from theory to hardware relying on advances in process technology developed by the chip manufacturing industry.
The ramifications of this technology are profound. If they can manage to prime the manufacturing process, actually produce the hardware in an economical package, I believe they can revolutionize the cooling and power generation industries.
Again, I am biased because of the shares I own. But for me, the eccentricities of Borealis seem to turn off buyers and continue to provide a buying opportunity. I think the current cap is under $12,000,000. with very few shares in float.
Check out the info they have on their website. A new patent has just been issued.
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