Finavera Renewables Signs Contract with SAIC for Ocean Energy Projects Press releaseVANCOUVER, CANADA, March 14 - Finavera Renewables Inc. (TSX-V:FVR)
has announced that SAIC, a leader in system integration, systems engineering
and scientific services, will serve as the system integrator for Finavera
Renewables' portfolio of ocean energy conversion programs and installation
projects. This agreement will combine the technology developed by Finavera
Renewables with the engineering and marine experience of SAIC.
According to the terms of the contract, SAIC, a research and engineering
company, will provide system integration, systems engineering and design
review support, plus program and project management support. SAIC will work
with Finavera to develop, integrate, procure, install and test ocean energy
conversion devices, including the patented "AquaBuOY" in marine renewable
energy parks.
Alla Weinstein, Director and General Manager of Finavera Renewables,
Ocean Energy, said, "This is another significant step in our emerging
industry. This agreement brings two innovative companies together in the
interest of commercializing a new renewable energy technology, introducing it
as an available resource and strengthening energy security. SAIC brings a vast
amount of marine engineering experience to the table, and we are thrilled to
be working with them on the development of our patented 'AquaBuOY' technology
and generating projects. This agreement will advance Finavera Renewables
pursuit of the commercialization of the 'AquaBuOY' and the development of the
wave energy industry worldwide."
Jason Bak, CEO, Finavera Renewables commented, "This agreement is of key
importance for the planned installation of an AquaBuOY device in the USA in
2007. Working with SAIC will allow us to aggressively develop and construct
the AquaBuOY for this deployment. Following this initial installation, it is
anticipated that a number of devices will be deployed in what is planned to be
America's largest wave park."
About Finavera Renewables
Finavera Renewables is a Canadian listed issuer 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 is developing several wave energy projects worldwide.
They include a 1MW pilot plant in Makah Bay, Washington State, USA, a 100MW
staged power project in Figuera da Foz, Portugal, a 20MW staged project in
South Africa, and a pilot project in BC, Canada.
Finavera Renewables is also developing wind energy projects with the goal
of delivering near term revenue. Finavera Renewables recently signed an
agreement to acquire the 150 MW Three Hills wind power project in Alberta,
Canada. In addition, twelve projects are under development in the Peace River
region of northeast British Columbia, Canada and six in the Cascades region of
the province's southern interior with a total potential capacity of over
1,500MW. A total potential of 175MW of wind energy projects are planned in
Ireland, in areas with wind resources amongst the best in Europe.
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 and objectives or expected results,
constitute Forward-looking statements. Such statements are based on numerous
assumptions and are subject to all the risks and uncertainties inherent in the
Company's business, including risks related to exploration and development.
Consequently, actual results may vary materially from those described in the
Forward-looking statements.
The TSX Venture Exchange does not accept responsibility for the adequacy
and accuracy of this release.
For more information, contact Finavera Renewables: info@finavera.com, + 1
604 288 9051.
For further information: Media Europe K Capital Source Jonathan Neilan
Tel. +353-1-631-5500 Cell. +353-86-231-4135, or Media North America Finavera Renewables Michael Clark Public Relations Tel. +1-604-288-9051
Labels: ocean, renewable, wave
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