The present invention is directed to a system and method for making hollow foam balls and other molded objects. A mold is provided that is moveable between an open position and a closed position. A raw material is loaded into a plurality of molding cavities of the mold when the mold is in its open position, and a first alternating electric field is applied across the mold to heat the raw material in the molding cavities and thereby form a plurality of molded pieces. The mold is then moved from its open position to its closed position whereby a first group of molded pieces is aligned with a second group of molded pieces. A second alternating electric field is applied across the mold to heat bond the first group of molded pieces with the second group of molded pieces and thereby form a plurality of molded objects. Finally, the mold is moved from its closed position to its open position to enable unloading of the molded objects from the mold.