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Looks like a generator and engine wrapped into one with minimal moving parts. A typical genset would have an engine driving a generator. Mechanical and heat losses are associated with such a package, but if "freepistonpower" is efficient at converting the piston motion to electrical current, then it would be a step forward. There's abvious heat loss associated with the combustion cycle, but the mechanical to electrical conversion is instant with only frictional loss in the cyclinder.
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