Finavera Renewables

Finavera Renewables Inc. is a publicly traded company (symbol FVR on the TSX Venture Exchange [http://ca.finance.yahoo.com/q?s=FVR.V&d=t] ) that develops and manufactures wind and wave energy projects in several countries. It is dedicated to the development of renewable energy resources and technologies in hope to guarantee a clean, sustainable energy future for the worlds population.

Finavera Renewables is developing a unique wave energy techonology called "AquaBuOy". [http://www.youtube.com/watch?v=r89xQxZsaN8] Energy transfer takes place by converting the vertical component of wave kinetic energy into pressurized seawater by means of two-stroke hose pumps. Pressurized seawater is directed into a conversion system consisting of a turbine driving an electrical generator. The power is transmitted to shore by means of an undersea transmission line.

This technology is being used for a project in Makah Bay in Washington state. This project is the most developed wave energy plant in the United States, and the company has filed its final FERC application.

The latest, and in many business aspects, the largest, wave energy development in the works for Finavera Renewables is a power purchase agreement with Pacific Gas and Electric Company. This is the United State’s first commercial wave energy power purchase agreement. Pacific Gas and Electric Company has entered into a long-term, two megawatt (MW) commercial wave energy power purchasing agreement with Finavera Renewables. Located off the Northern California coast, Finavera Renewables has initiated development plans for the two megawatt wave energy project to be constructed approximately 2.5 miles off the coast of Humboldt County, California for electricity delivery to PG&E’s customers throughout its northern and central California service territory. The power purchase agreement calls for 3,854 MWh of clean, renewable electricity to be delivered annually to PG&E over the term of the contract. The project is expected to offset greenhouse gas emissions by displacing an estimated 245 tons of carbon dioxide (CO₂) annually. The project is expected to begin delivering renewable, clean electricity in 2012.

The company has also submitted its planning permission and environmental assessment for the 100 MW Cloosh Valley Wind Project in Ireland, with construction anticipated to begin in 2008, and is also working on the 75 MW Maghera Wind Project in Ireland, with planning and applications to commence in Q1 2007 and construction anticipated in 2009. In Canada, environmental assessment and permitting of several hundred megawatts of identified wind energy sites continues. Meteorological towers are in place and wind data is being compiled in order to prepare Finavera Renewables for the BC Hydro Request for Power in 2007.

Finavera Renewables CEO, Jason Bak, is a member of the Clinton Global Initiative, the former US president’s non-partisan coalition of world and business leaders. As part of the initiative, Finavera Renewables has committed to developing a 20MW wave energy project in Western Cape, South Africa. Finavera Renewables is currently in the process of assessing the required permits from the South African government agencies, and is conducting a micro-site assessment which considers the energy infrastructure, wave resource, and environmental characteristics of the South Africa location.

External links

* [http://www.finavera.com/files/2007-01-04%20Finavera%20Renewables%20To%20Begin%20Trading.pdf Finavera Renewables Begins Trading on TSX Venture Exchange]
* [http://www.finavera.com/files/2006-11-28%20Finavera%20Renewables%20Wind%20installation%20program%20complete.pdf Finavera Renewables Completes Meteorological Tower Installation]
* [http://www.finavera.com/files/2006-11-03%20Finavera%20Renewables%20Makah%20Bay%20FERC%20Licence.pdf Makah Bay Offshore Wave Energy Pilot Project Files for Power Plant License]
* [http://www.finavera.com/files/2006-09-25%20CGI%20Press%20Release.pdf Finavera Renewables Commits to develop US$40 Million Wave Energy Project in South Africa]
* [http://www.finavera.com/files/2006-07-28_FVR_wave_energy_EC_award.pdf Finavera Renewables wave energy project to be awarded €1.37 million]
* [http://www.finavera.com/files/2007-12-18%20Finavera%20Renewables%20signs%20power%20purchase%20agreement%20with%20PG&E.pdf PG&E and Finavera Renewables Announce Nation’s First Commercial Wave Energy Power Purchase Agreement]
* [http://www.finavera.com/en/wave/south_africa Finavera Renewables South African Wave Project Information]