Toronto, November 19, 2001. Energy Power Systems Limited (OTC BB:
EYPSF & Frankfurt EPW) ( ("Energy Power" or the
"Company") announces that it has closed a US $2.8 million private placement
financing with 2 arms-length investors.

Energy Power issued 2 allotments of three hundred and fifty thousand (350,000)
units at a firm price of US $4.00 per unit for gross proceeds of
US $2.8 million.
Each unit is comprised of three hundred and fifty thousand (350,000) common
shares and one-tenth (1/10th) of one common share purchase warrant. Each whole
warrant entitles the holder to purchase one (1) common share at a
purchase price of US $4.45 per common share exercisable for a period
of six months after closing. A 5% agent fee was paid in connection
with the private placement.

Energy Power plans to use the proceeds of the private placement in part to fund
its ongoing oil and gas exploration program and for general working capital

About Energy Power Systems Limited

Energy Power is an integrated energy source and service company operating as an
Engineering and Offshore Division and an Oil & Gas Division.

The Engineering and Offshore Division is currently working on a backlog of
contracts which will carry over the next fiscal year and beyond. Further
development of Atlantic Canada's offshore infrastructure could feed further
growth for the Engineering and Offshore Division. In addition the Oil and Gas
Division is adding positive cash flow to fund corporate operations and future
development and growth strategies. At present the Company is expanding its
exploration, drilling and development program to increase oil & gas
reserves and production.


For further information contact:	Sandra J. Hall
					VP Corporate Affairs
					Telephone: (416) 861-1484

Certain of the statements contained in this news release are
forward-looking statements.  While these statements reflect
the Corporation's current beliefs, they are subject to
uncertainties and risks that could cause actual results to
differ materially.  These factors include, but are not limited
to, the demand for the Corporation's products and services,
economic and competitive conditions, access to debt or equity
capital on favorable terms, and other risks detailed in the
Corporation's Form 20-F and Annual Report.

Suite 301, 2 Adelaide Street West, Toronto ON M5H 1L6
Telephone: (416) 861-1484, Facsimile: (416) 861-9623