Abstract: The Rankine engine with efficient heat exchange system provides a rapidly rechargeable thermal energy storage bank operably connected to a heat engine capable of propelling a vehicle. Microwave energy is supplied to the system via a network of waveguides. Thermal storage bank has a slurry in a heat exchanger capable of sustaining operation of the engine without requiring the microwave source. The slurry provides a mixture of powdered stainless steel and silicone oils functioning as the working fluid in the hot side of the heat exchanger. The slurry may be heated by plugging the system into standard AC power for a predetermined microwave heat charging duration. A closed, triple-expansion, reciprocating Rankine cycle engine capable of operating under computer control via a high pressure micro-atomized steam working medium is provided to propel the vehicle. A variety of working fluids are capable of powering the Rankine cycle engine.