Preheat your oven to 350 degrees. Spray a bundt pan with nonstick cooking spray or butter it well (I recommend using butter).
In a glass bowl, melt the chocolate chips in the microwave in 30 second intervals, stirring well after each time.
In an electric mixer, beat together the eggs and sugar until they are very pale and fluffy (about 5 minutes on high). Slowly drizzle in the extra virgin olive oil while the mixer is going. Add the melted chocolate and mix well.
In another bowl, whisk together the flour, baking powder, baking soda, salt and cocoa. Fold the dry ingredients into the wet ones, stirring until just combined.
Pour batter into your prepared pan and bake for 35-40 minutes until done. Let cool for 10 minutes before inverting your bundt pan and removing your cake. Dust with powdered sugar after cake cools thoroughly.
This recipe can also be prepared in a single 8" round cake pan.