FORM 6-K

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C.  20549


                        REPORT OF FOREIGN PRIVATE ISSUER
                        PURSUANT TO RULE 13A-16 OR 15D-16
                                     OF THE
                         SECURITIES EXCHANGE ACT OF 1934


For  the  month  of  May,  2002


                            ENERGY POWER SYSTEMS LIMITED
                  (FORMERLY: ENGINEERING POWER SYSTEMS LIMITED)
                  ---------------------------------------------
                    (Address of Principal executive offices)


          Suite 301, 2 Adelaide Street West, Toronto, Ontario, M5H 1L6
          ------------------------------------------------------------
                    (Address of principal executive offices)


Indicate  by check mark whether the registrant files or will file annual reports
under  cover  form  20-F  or  Form  40-F:

     Form  20-F    X          Form  40-F
               -----


Indicate  by  check  mark  whether  the registrant by furnishing the information
contained  in  this  Form  is  also  thereby  furnishing  the information to the
Commission  pursuant  to Rule 12g3-2b under the Securities Exchange Act of 1934:

               Yes                     No     X
                                          -----

If  "Yes"  is  marked, indicate below the file number assigned to the registrant
in  connection  with  Rule  12g3-  2(b):  82

                                   SIGNATURES

Pursuant  to  the  requirements  of  the  Securities  Exchange  Act of 1934, the
registrant  has  duly  caused  this  report  to  be  signed on its behalf by the
undersigned,  thereunto  duly  authorized.

     ENERGY  POWER  SYSTEMS  LIMITED
                              (formerly:  Engineering  Power  Systems  Limited)


Date:  May  30,  2002                    By:____"Sandra  J.  Hall"____  ______
     ----------------                       ----------------------------------
SANDRA  J.  HALL,  SECRETARY  &  DIRECTOR

ENERGY  POWER  REPORTS  THIRD  QUARTER  RESULTS
Toronto,  Ontario
Energy  Power  Reports  Third  Quarter  Results
Energy Power Systems Limited (AMEX: EGY & Frankfurt EPW) (www.epsx.com)
("Energy
Power"  or  the "Company") announces that it has released unaudited consolidated
financial  statements  for  the nine-month period ended March 31, 2002 stated in
Canadian  dollars.  These  statements reflect the following activities of Energy
Power  operating  as  an  Oil  &  Gas  Division  and it's wholly-owed subsidiary
operating  as  an  Engineering  &  Offshore  Division:


-  consolidated  revenues  of  $16.7  million  for  the  nine-month  period
  ended  March  31,  2002  versus  $15.2  million  for  the  nine  month
  period  ending  March  31  2001;

-  consolidated  gross  profits  of  $2.2  million  for  the  nine-month
  period  ended  March  31,  2002  versus  $1.5  million  for  the  nine
  month  period  ending  March  31,  2001;

-  consolidated  EBITDA  of  $0.7  million  for  the  nine-month  period
  ended  March  31,  2002  versus  ($0.1)  million  for  the  nine  month
  period  ending  March  31,  2001;

-  consolidated  loss  from  continuing  operations  of  $0.1  million  for
  the  nine-month  period  ended  March  31,  2002  versus  a  consolidated
  net  loss  of  $0.7  million  for  the  nine  month  period  ending  March
  31,  2001;  and

-  consolidated  basic  loss  per  share  from  continuing  operations  of
  1  cent  per  share  for  the  nine-month  period  ending  March  31,  2002
  versus  17  cents  loss  per  share  for  the  nine  month  period  ending
  March  31,  2001.

Third  quarter  results  for  the nine-month period ending March 31, 2002 showed
revenues  increasing  10%  to  $16.7  million  versus $15.2 million for the same
period  in  the  previous  year.  Growth  was  derived  by  revenue gains in the
Company's Engineering & Offshore Division further bolstered by increased revenue
from  the  Company's  Oil  &  Gas  Division.

Consolidated  gross  profit  for  the  nine-month  period  ending March 31, 2002
increased  47%  to  $2.2  million  from $1.5 million in 2001. Approximately $0.7
million  of  the increase was due to an improvement in profit margins during the
period  from  the Company's Engineering & Offshore Division as well as increased
revenue  of  $1.2  million.  During  the nine-month period ending March 31, 2002
gross  profit margins from the Engineering & Offshore Division were 13% compared
to  10% for the nine-month period ending the previous year. The remainder of the
increase is related to incremental gross profit derived from the Company's Oil &
Gas  Division.

Consolidated  EBITDA  of $0.7 million for the nine-month period ending March 31,
2002  was  $0.8  million  higher  than  a  consolidated EBITDA of ($0.1) million
reported for the previous nine-month period. The $0.8 million increase in EBITDA
during  the  period  was  due  in  part  to  improved  margins  by the Company's
Engineering  &  Offshore division and the increased cash flow from the Company's
Oil  &  Gas  division.

Consolidated  loss from continuing operations of $0.1 million for the nine-month
period  ending  March  31,  2002  improved  by  $0.6  million  or  86%  over the
consolidated  loss  from  continuing operations of $0.7 million reported for the
previous  nine-month  period.  The  loss was due to a $0.2 million write down of
assets  held  for  sale.  Before  the non-cash write down income from continuing
operations  was  $0.1  million.  The  above  reported  earnings  from continuing
operations  for  the  nine-month period ending March 31, 2002 resulted in a loss
per share from continuing operations of 1 cent per share. Losses from continuing
operations  of  17  cents  per  share  were reported for the previous nine-month
period.

Losses  incurred  from  discontinued  operations  derive  from  the  Company's
discontinued  Power  Division.  Losses  from  discontinued  operations were $0.1
million  for  the  nine-month period ending March 31, 2002 versus ($0.2) million
for  the  nine-month  period  ending  March  31,  2001.

As a result of the foregoing, net losses improved by $0.4 million or 60% to $0.2
million  for  the nine-month period ending March 31, 2002 compared to net losses
of  $0.5  million  during the previous fiscal period. The loss was due to a $0.2
million  write  down  of  assets  held  for sale. Before the non-cash write down
income  from continuing operations was $0.1 million. Net losses per share were 2
cents  per  share for the nine-month period ending March 31, 2002 and net losses
of  13  cents  per  share  were  reported  for  the  previous nine-month period.

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.
There  are  approximately  10.6  million  shares  issued  and outstanding in the
capital  of  the  Company.

For  further  information  contact:   Scott  T.  Hargreaves,  CA,  CFA
                                   Chief  Financial  Officer
                                   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.