Finavera Renewables' CEO Jason Bak has provided an overview
of the company’s 2008 activities to-date and an outlook for
the remainder of the year.
“The first half of 2008 has been an exciting period for Finavera
Renewables“ - commented Jason Bak. “Our strategy with our
wind projects is to develop an approximate one gigawatt pipeline
with partners that can provide balance sheet strength. Our
plan is to maintain majority ownership interests that will
provide us with revenues.
"We have seen significant interest in our British Columbia
and Ireland wind projects and we are confident we’ll be able
to enter into development agreements with partners that will
not result in undue shareholder dilution. We will be focusing
our efforts and resources on our most valuable assets in order
to demonstrate their value to the market and move them towards
"Finavera Renewables’ wind projects have been the focus
of much of the company’s activity in the first half of 2008.
The company has been aggressively pursuing partners for projects
in British Columbia, Canada and in Ireland. After assessing
a number of various partners, we have executed a proposal
letter from a potential investor for the equity financing
of four projects in British Columbia to be bid into the upcoming
BC Hydro Clean Power Call (Click
"In addition, in Ireland, preliminary discussions have
identified a potential project partner following a detailed
review of groups expressing an interest in the project pipeline.
"The strategy for all of these projects is to maintain
a significant ownership interest in the projects in order
to provide a revenue stream for the company.
"Progress is also being made in the company’s ocean
energy division. The planned development of the next generation
of the company’s wave energy converter - the AquaBuOY 3.0
- is continuing in order to improve the power output and economics
of the device. This includes an analysis of advanced composite
materials in the manufacturing of the device and discussions
with potential technology development partners in an effort
to enhance the core hose pump technology.
"This continued technology development builds on significant
progress on the company’s wave energy projects, including
the signing of North America’s first commercial power purchase
agreement for a 2 MW wave energy project in California with
Pacific Gas & Electric."