22.12.2007: Meldung: Finavera Renewables Inc.: First US License for Offshore Wave Energy
Renewables" or the "Company") (TSX-V: FVR) is pleased to announce it has
been granted an operating license for its Makah Bay Offshore Wave Pilot
Project in Washington State by the United States Federal Energy Regulatory
Commission (FERC). The license is the first ever issued by the Commission
for a wave, tidal or current energy project in the United States.
Finavera Renewables CEO Jason Bak said, "This is a tremendous step forward
for the development of wave energy in the United States and illustrates our
leadership in this exciting industry. Our Makah Bay Offshore Pilot Project
is designed to demonstrate the viability of wave energy technology and our
project management abilities. This pilot project is an important part of the
commercial development of wave energy in the United States. The Makah Indian
Nation has been a strong partner in this project, and deserves credit for
its vision and desire to tap into the incredible potential of ocean energy.
We look forward to demonstrating the viability of this source of clean,
renewable energy and to developing a strong business partnership with the
Makah Nation and its Energy Enterprise."
"The Makah Nation is pleased to join with Finavera in a new energy venture -
capturing electricity from the infinite wave energy power that results from
the gravitational pull of the moon" said Ben Johnson Jr., Chairman of the
Makah Tribal Council. "We look forward to generating renewable, carbon free
energy for the Tribe"s members and to growing our business relationship with
Finavera to demonstrate this visionary technology" said Robert J. Martin,
the Chief Executive Officer of the Makah Energy Enterprise.
The decision by FERC gives Finavera Renewables a conditional five-year
license for the proposed project. The FERC license is conditional on the
Company obtaining all additional federal and state permits before
construction may begin. The Makah Bay Offshore Wave Energy Pilot Project
will provide stakeholders, regulators and investors a tangible demonstration
of the potential of wave energy. The license follows on the heels of
Finavera Renewables and PG&E signing the industry"s first purchase power
agreement earlier this week.
In a FERC news release, FERC Chairman Joseph T. Kelliher said, "Hydrokinetic
projects have tremendous potential. The issuance of today"s license is a
major step toward realizing that potential, by authorizing a pilot project
to demonstrate this promising new technology."
The entire FERC news release on the decision is available at:
Bak concluded, "We commend FERC for their hard work and diligence in this
licensing process. We are committed to meeting the conditions in the
license, including working with all stakeholders, including state, federal
and tribal natural resource and environmental agencies, to satisfy their
concerns. We"ve enjoyed a very effective working relationship with the
other agencies and intend to uphold those relationships as we go forward."
Makah Bay Offshore Wave Pilot Project
The Makah Bay Offshore Wave Pilot Project will provide stakeholders,
regulators and investors a tangible demonstration of the potential of wave
energy. The project will be located in the Pacific Ocean in Makah Bay 3.7
nautical miles offshore of Waatch Point in Clallam County, Washington.
Finavera Renewables filed an application to construct the offshore power
plant with FERC in November 2006. The location was chosen for several
reasons: participation of the Makah Indian Nation, depth proximity to shore,
strong climate, shoreline transmission line, and electricity demand in
Jason Bak, CEO
For more information:
Myke Clark, VP Policy & Public Relations
Jai Ferguson, Weber Shandwick
Makah Energy Enterprise:
Robert Martin, 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 device 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. One of those projects, in California,
has secured a 2MW power purchase agreement with Pacific Gas and Electric.
The Company is also developing other 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.
The TSX Venture Exchange has not reviewed, and does not accept
responsibility for the adequacy or accuracy of, this release.