in New York Energy 
The company developed a small thermal unit for hydrogen laboratory scientist at the Institute of the gas University of Iceland, led by Bragi Arnason, to convert water into hydrogen.
On January 3, 2003 Varamaraf moves headquartered in Reykjavik Energy for installation at the Institute of Technology IceTec facilitating the electricity conduct of investigations into the company because the facilities are specially designed for this purpose.
Also in January 2003, begins Varmaraf work on a project together with Alfa Laval, leading Swedish company in the construction of heat exchangers to investigate the feasibility of local electricity generation using the difference in temperatures that provides the environment heat energy costs exchanger.
On March 3 and Power Chips Varmaraf Pic signed a Memorandum of Undertaking for a method to obtain higher energy conversion for geothermal applications, which includes not only the production of geothermal energy, but also energy a plant for the recovery of lost heat the loss of heat recovery applications in industrial and marine engines. (For more information: http://www.varmaraf.is/engl/press1.htm).
Japan Steel Works Ltd (JSW), the Japanese steel company, joins Varmaraf for development of hydrogen technology, whose applications include hydrogen storage, heat pumps, hydrogen compressors, among other household things.
Currently the company is in possession shared among Icelanders and Japanese. .