Finavera Renewables Completes Construction of AquaBuOY 2.0 Wave
Energy Converter
VANCOUVER, BRITISH COLUMBIA--(Marketwire - August 30, 2007) -
Finavera Renewables Inc. ('Finavera Renewables' or the 'Company')
(TSX VENTURE: FVR) is pleased to announce it has completed
construction of the AquaBuOY 2.0 wave energy converter. It is now
being prepared for transport to Newport, Oregon, where it will be
deployed for ocean testing during the first week of September.
Denis Letourneau, Finavera Renewables' VP Engineering, said, "Today
is an exciting day as it marks the transition from construction to
deployment. Over the last two and a half months, our engineers and
fabricators have put in long hours to ensure this cutting edge
technology was built to exacting specifications. We have completed
various systems tests on the device, and the AquaBuOY 2.0 wave energy
converter is now ready for ocean testing."
Construction of the AquaBuOY 2.0 began in early May 2007 at Oregon
Iron Works, Inc. (www.oregoniron.com) in Portland, Oregon. Once
deployed 2 miles off the coast of Newport, Finavera Renewables will
monitor the output of the hose pump technology and other components
to determine the device's potential for electricity generation. All
onboard diagnostic equipment will be powered by the device itself,
with solar panels, and small wind turbines installed on the device
providing secondary electricity generation. Information will be
streamed live to the Company via wireless and satellite technology in
order to gather and analyze the data.
Finavera Renewables CEO, Jason Bak, said, "The construction of the
AquaBuOY 2.0 illustrates our ability to manage a complicated design
program for a unique new technology. Our next step is to deploy the
device and validate our cost and output projections. That testing
will lead to the development of our next generation wave energy
converter, as our goal is to optimize our technology for cost
effective electricity generation from the energy in the ocean. The
completion of construction and imminent deployment bring us closer to
that goal."
Video and photos of the construction can be found at:
www.finavera.com.
Media Deployment Information
Media interested in being on-site for the deployment of the AquaBuOY
2.0 are asked to contact the Company in advance, as the site will be
off limits to the public due to safety and insurance reasons. Video
of the deployment will be made available to interested media, and
Finavera Renewables representatives will be on site to respond to
media inquiries and provide interviews. The deployment is scheduled
to take place during the first week of September; it is weather
dependent and may occur over several days or at a later date.
On behalf of the Board of Directors,
Jason Bak, CEO
About Finavera Renewables Inc. (www.finavera.com)
Finavera Renewables Inc. is dedicated to the development of renewable
energy resources and technologies. The Company's objective is to
become a major renewable and green energy producer by developing and
operating its assets in the wind and wave energy sectors. Finavera
Renewables Inc. is developing the licensed and patented 'AquaBuOY'
wave energy technology, a converter that is based on proven and
sustainable buoy technology. The Company is developing wave energy
projects for AquaBuOY use in the United States, Portugal, South
Africa and Canada. The Company is also developing wind energy
projects in Canada and Ireland. In Canada, a two stage 150 MW project
is being developed in Alberta. Construction on this advance stage
project is estimated to begin in 2008 and provides for near term
revenue. In British Columbia, four projects totaling 366 MW have been
entered into the provincial Environmental Assessment process, and
several other sites are being developed. In Ireland, two
pre-construction wind projects are under development with a potential
capacity of 175MW. Data collection and environmental studies have
been continuing at a number of sites in both countries.
This news release does not constitute an offer to sell or a
solicitation of an offer to sell any securities in the United States.
The securities have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "U.S.
Securities Act") or any state securities laws and may not be offered
or sold within the United States or to U.S. Persons unless registered
under the U.S. Securities Act and applicable state securities laws or
an exemption from such registration is available. Statements in this
news release, other than purely historical information, including
statements relating to the Company's future plans, objectives or
expected results, constitute forward-looking statements. Such
statements represent management's conclusion based on numerous
assumptions and are subject to all the risks and uncertainties
inherent in the Company's business, including development risks.
Further information concerning such risks is set forth in the
Company's formal disclosure documents filed on SEDAR, including its
MD&A. Consequently, actual results may vary materially from those
described in the forward-looking statements.
The TSX Venture Exchange has not reviewed, and does not accept
responsibility for the adequacy or accuracy of, this release.
Contacts:
Finavera Renewables Inc.
Myke Clark
VP Policy & Public Relations
(604) 318-1766
Email: mclark@finavera.com
Weber Shandwick Public Relations
Jai Ferguson
Email: jferguson@webershandwick.com
