Finavera - mid-year update on 2008 activities


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 production.

"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 Here).

"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."