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19. Dezember 2007
PG&E and Finavera Announce Wave Energy PPA
San Francisco, California [RenewableEnergyAccess.com]
Pacific Gas and Electric Company (PG&E) announced that it has entered into a long-term, 2-megawatt (MW) commercial wave energy power purchasing agreement (PPA) with Finavera Renewables Inc. Located off the Northern California coast, the Humboldt County Offshore Wave Energy Power Plant will be developed by Finavera and is expected to begin delivering electricity in 2012.
"Harnessing the ocean's energy on a utility scale is a critical achievement in renewable energy technology and this project represents our first step in that direction."
--Fong Wan, VP of Energy Procurement, PG&E
Finavera has initiated development plans for the 2-MW wave energy project to be constructed approximately 2.5 miles off the coast of California for electricity delivery to PG&E's customers throughout its northern and central California service territory. The power purchase agreement calls for 3,854 megawatt hours of electricity to be delivered annually to PG&E over the term of the contract.
During the permitting process, the project design and detailed specifications will be submitted to and evaluated by regulators and community stakeholders including fishermen and environmental groups to understand the site selection, safety and environmental impacts of the plant. The licensing process will also include all required environmental studies.
"Harnessing the ocean's energy on a utility scale is a critical achievement in renewable energy technology and this project represents our first step in that direction," said Fong Wan, vice president of Energy Procurement, PG&E. "Wave energy, along with solar thermal energy and biogas generated from cow manure, are examples of the innovative and promising sources of non-polluting, renewable energy PG&E is pursuing as part of our commitment to combat climate change."
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19. Dezember 2007
Nach Staff Writer
California - auf der Grundlage Strom und Gas Utility PG & E hat eine Welle Energie Kaufvertrag mit nachhaltiger Energie Firma Finavera Erneuerbare Energien, die dann 2MW sauberer Energie zu PG & E Strommix.
Gefunden aus dem Norden Kaliforniens Küste, die Humboldt County Offshore Welle Energie Kraftwerk werden, die von Finavera Erneuerbare Energien. Das Projekt wird voraussichtlich beginnen Lieferung in 2012. Die Macht Kaufvertrag fordert 3854MWh von sauberen, erneuerbaren Strom zu liefern jährlich PG & E über die Laufzeit des Vertrages. Das Dienstprogramm sagte, dass das Projekt Offset Treibhausgasemissionen um Verdrängung schätzungsweise 245 Tonnen CO2 jährlich.
Fong Wan, Vice President für die Beschaffung von Energie PG & E, erklärt: "Die Nutzung des Ozeans die Energie auf ein Dienstprogramm, ist eine wichtige Errungenschaft in der Technologie zur Nutzung erneuerbarer Energieträger, und das Projekt ist unser erster Schritt in diese Richtung."
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http://www.news.com/...ercial-in-California/2100-13840_3-6223220.html
Wave power to go commercial in California
By Michael Kanellos
Staff Writer, CNET News.com
Published: December 17, 2007, 9:00 PM PST
Sea power may finally be on the horizon.
Pacific Gas & Electric, the large Northern California utility, has signed a power purchase agreement with Finavera Renewables for 2 megawatts of electricity that will come from a wave farm, which Finavera will build 2.5 miles off the coast near California's Humboldt County.
Ideally, the wave farm will start producing power in 2012. It will offset 245 tons of carbon dioxide annually, and if it succeeds, Finavera will expand the wave farm to 100 megawatts.
"With PG&E behind us, we will be able to go to a bank, if we can show there is no technology risk, to get financing," said Jason Bak, Finavera's CEO, in an interview. The exact location of the wave farm will be determined by the location of onshore power lines and electrical stations.
Finavera makes a device called the Aquabuoy, a buoy connected to a long underwater piston. As the buoy bobs up and down on the waves, it pushes the piston, which pressurizes a chamber filled with seawater. The pressure cranks a turbine and electricity is made.
A full-scale buoy from Finavera will be capable of generating 250 kilowatts, enough for 80 homes. The 2-megawatt field will consist of eight devices. A 100-megawatt array of them could be squeezed into a few square miles on the sea.
Several companies and university laboratories are experimenting with ways to harness tides and waves to produce power. Some small-wave and tidal-power devices exist, but mostly it's an industry in the experimental phase. Unlike wind or sunlight, waves and tides are fairly predictable, a major plus for utilities looking for stable green sources of power.
Sea water is also more than 800 times denser than air at sea level, which means wave farms or tidal turbines can produce quite a bit of power with only a little equipment and real estate.
Ten years from now, the U.S. could produce 10 gigawatts of wave power and 3 gigawatts of tidal power, said Roger Bedard, ocean energy program leader for the Electric Power Research Institute and an admitted optimist on the subject. That's enough for 4.3 million homes (assuming 3 kilowatts a home).
Challenges and costs
Bedard further estimated that there is a potential 2,100 terawatt-hours worth of wave energy off the shores of the U.S. and 250 terawatt-hours of it could be harvested economically. That's about 6 percent of U.S. electrical demand.
The catch? Neptune doesn't play ball. A prototype Finavera put in the ocean off the coast of Oregon sank at the conclusion of a recent test. The company was trying to pull the buoy out of the sea when it began taking on water and sank. Finavera will try to recover it in January and determine what went wrong. A valve may have accidentally opened, said Bak.
"The main thing we learned is 'make sure you have a lot of air bags handy,'" he said. "With more air bags, the boat could have towed it to shore."
Verdant Power, which put six tidal turbines in New York's East River earlier this year, found that the strong currents have been shearing the tips of the rotor blades and bending some of the bolts that hold on the blades.
On the bright side, these are likely conquerable problems. The Aquabuoy actually performed well on tests prior to the mishap, Bak said.
Building this equipment, inserting it into place, and then connecting wave and tidal systems to the grid with underwater cables also costs quite a bit. Finavera's long-term goal is to have the Aquabuoys produce power at 5 to 8 cents per kilowatt hour. That's more expensive than coal (3 cents) or natural gas (4 to 5 cents) but less than offshore wind turbines (15 cents) or solar (18 or more cents, depending on the circumstances.)
"We want to be cheaper than offshore wind," he said.
Environmental concerns are also a major issue. Most wave technology can't be seen from shore, but it can get hooked into boat engines and, possibly, disturb marine life. Over the next three years, Finavera will be in contact with groups and organizations that have an interest in the coastline, including crabbers, surfers, and residents, Bak said.
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19th December 2007
By Staff Writer
California-based electricity and gas utility PG&E has signed a wave energy purchase agreement with sustainable energy firm Finavera Renewables that will add 2MW of clean energy to PG&E power mix.
Located off the northern California coast, the Humboldt County offshore wave energy power plant will be developed by Finavera Renewables. The project is expected to begin delivery in 2012. The power purchase agreement calls for 3,854MWh of clean, renewable electricity to be delivered annually to PG&E over the term of the contract. The utility said that the project will offset greenhouse gas emissions by displacing an estimated 245 tons of CO2 annually.
Fong Wan, vice president of energy procurement for PG&E, said: "Harnessing the ocean's energy on a utility scale is a critical achievement in renewable energy technology and this project represents our first step in that direction."
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TSX VENTURE: FVR
Dec 20, 2007 19:29 ET
Finavera Renewables Grants Incentive Stock Options
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 20, 2007) - Finavera Renewables Inc. ('Finavera Renewables' or the 'Company') (TSX VENTURE:FVR) announces that subject to TSX Venture Exchange approval, it has today granted 4,850,000 stock options to directors, officers, and employees. The options are exercisable for a period of 5 years and will allow the holder to purchase a share in the Company at a price of $0.185. Any shares issued on the exercise of these stock options will be subject to a four-month hold period from date of grant.
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 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. 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.
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.
FERC Grants Finavera Renewables First US License for Offshore Wave Energy
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 21, 2007) - Finavera Renewables Inc. ('Finavera Renewables' or the 'Company') (TSX VENTURE: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. 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:
http://www.ferc.gov/news/news-releases/2007/2007-4/12-20-07-H-1.asp
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 coastal communities.
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 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 150MW 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 366MW 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.
News Release: December 20, 2007 View Printable PDF Version
Docket No: P-12751-000
FERC issues first license for Hydrokinetic Energy Project
The Federal Energy Regulatory Commission (FERC) today for the first time issued a license for a hydrokinetic energy project, which will be located in the Pacific Ocean off the coast of Washington State. The license, for the Makah Bay Offshore Wave Pilot Project, includes mitigation measures to protect the environment.
“Hydrokinetic projects have tremendous potential,” FERC Chairman Joseph T. Kelliher said. “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.”
Commissioner Philip Moeller agreed. “Today is historic as we enter a new energy frontier. For the first time, we allow the harnessing of electricity from wave energy-power that results from the gravitational pull of the moon.
“Consumers are demanding more renewable energy options, especially those sources that are domestic, renewable, and carbon-free,” Moeller added. “I am pleased to approve today’s order because it meets these criteria and demonstrates this Commission’s proactive approach to enable the development of this and other sources of hydropower.”
Today’s decision gives the licensee for the project, Finavera Renewables Ocean Energy, Ltd. (Finavera), a conditioned five-year license for the proposed project. The FERC license is conditioned upon Finavera obtaining all necessary federal permits before they may begin construction. In the meantime, the company may move forward with those portions of the license that do not require any type of construction.
In a Nov. 30, 2007, policy statement FERC said that it may, in certain circumstances, issue conditioned licenses for hydrokinetic projects. “Issuing conditioned licenses for hydrokinetic technologies will have no environmental impact, will not diminish the authority of the states or other federal agencies, and will improve the ability of project developers to secure financing of demonstration projects,” FERC said in its policy statement.
To protect against any potential adverse impacts, the license contains a provision allowing FERC to shut down or remove the project should it find that operation unacceptably affects the surrounding environment.
Additional mitigation measures include: development of an anchoring plan for the underwater transmission cable and monitoring the cable to ensure the line is stationary and free of any entangled debris; assessing the intensity of the electromagnetic field emitted from the underwater transmission and buoy electrical cables; conducting a noise assessment and monitoring marine mammals to evaluate any noise effects and interactions with the buoys; development of a cultural resources plan; and preparing navigation and project safety plans.
The proposed project, to be located in the Pacific Ocean in Makah Bay 1.9 nautical miles offshore of Waatch Point in Clallam County, Washington, will consist of:
Four 250-kilowatt steel wave energy conversion buoys and an associated mooring/anchoring and electrical connection system;
A 3.7-statute-mile-long, direct current underwater transmission cable connecting from one of the buoy’s power cables to the shore station;
A metal shore station with an access road and parking area; and
A 20-foot, 12-kilovolt transmission line to connect the shore station to the nearby existing Clallam County Public Utility District distribution line.
Finavera must notify FERC once it receives all the necessary state and federal permits for the project. The company also must commence on-site construction of the project within two years from the date of the license and complete construction within three years from the date of the license.
R-07-80
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"Finavera Renewables completes environmental field work on 75 megawatt Ghost
Pine wind project, prepares for submission of planning approval
Vancouver, Canada, January 18th 2008 - Finavera Renewables Inc. ('Finavera
Renewables' or the 'Company') (TSX-V: FVR) is pleased to announce it has
completed all of the significant environmental field work on its 75 megawatt
Ghost Pine wind project in Alberta, Canada. The field work included
wildlife, vegetation and land use studies, historical resource
investigations and approvals, avian and raptor surveys, and preliminary
geotechnical surveys. The project's final detailed design is close to
conclusion and the next step is to submit a planning application to the
Alberta Energy and Utilities Board (EUB). The EUB application is expected to
be submitted this spring, and if approved, will result in portions of
construction commencing in the fall of this year. It is expected that
turbine foundation construction and erection would take place in 2009 with a
targeted in service date of December 2009. The Company is currently
negotiating financing options for the project
Key project highlights:
. Environmental field work, preliminary design, turbine siting and
wind data analysis completed. Detailed design and EUB application underway.
. An interconnection commitment from the Alberta Electrical Services
Operator. Interconnection facility deposit paid in the amount of $1.8
million.
. Turbine supply contract negotiations underway.
. Lease options for 16,000 acres in project area, 25 year land leases
available on exercise of the land lease options.
. Potential Phase 2 with additional an additional 75 MW capacity, wind
resource assessment currently underway.
Finavera Renewables CEO Jason Bak said, "The Ghost Pine wind project is our
most advanced wind asset and we are now moving into an integral phase in its
development. If approved, it is planned that the Ghost Pine wind project
will quickly move from the development phase to the construction phase. It
is exciting to see this advanced project hitting key milestones on the path
to construction and revenue generation for Finavera Renewables."
Jason Bak, CEO
For more information, contact the company at: 604-288-9051, or by email at
info@finavera.com. "
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TSX VENTURE: FVR
Jan 23, 2008 09:01 ET
Finavera Renewables CEO Provides Outlook on 2008 Activities
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 23, 2008) - Finavera Renewables Inc. ('Finavera Renewables' or the 'Company') (TSX VENTURE:FVR) CEO Jason Bak is pleased to provide an overview of the Company's 2007 activities and an outlook for an active 2008.
Finavera Renewables began 2007 with a successful public listing on the TSX Venture Exchange. Finavera's wind energy division immediately increased its presence in the Canadian wind energy market through the purchase of the Three Hills wind project in Alberta, which consists of two phases: the 75 megawatt (MW) Ghost Pine project and the 75 MW Lone Pine project. Additionally, Finavera entered four British Columbia wind projects totaling 366 MW into the BC Provincial Environmental Assessment process. In total, the Company has developed a pipeline of wind projects totaling almost 1000 MW.
Significant progress was also made in the Company's ocean energy division. The AquaBuOY 2.0 prototype wave energy device was deployed for two months off the coast of Oregon in its first scaled ocean trial. Critical data was gathered during the deployment that will form the basis for the ongoing development of the technology helping to transition it to a commercial and operational phase. Based on this result, the deployment of the prototype was a success having verified mathematical modeling thereby paving the way for the next generation of the technology.
Additionally, Finavera Renewables made history in the ocean energy industry in two unique instances in 2007. As reported in December of last year, Finavera signed North America's first commercial power purchase agreement for a 2 MW wave energy project in California with Pacific Gas and Electric Company, one of the largest utilities in North America. Shortly thereafter, Finavera's wave energy project in Makah Bay of Washington State was awarded the first ever operating license for an ocean energy project from the US Federal Energy Regulatory Commission.
Highlights of selected Finavera Renewables projects and key milestones for 2008:
Wind Project Status
Alberta, Canada
All of the significant environmental field work has been completed on the 75 MW Ghost Pine wind project located approximately 150 km northeast of Calgary. The field work included wildlife, vegetation and land use studies, historical resource investigations and approvals, avian and raptor surveys, and preliminary geotechnical surveys. The project's final detailed design is close to conclusion. The next step will see the submission of a planning application to the Alberta Energy and Utilities Board (EUB). The EUB application is expected to be submitted this spring, and if approved, will result in portions of construction commencing in the fall of this year. It is expected that turbine foundation construction and erection would take place in 2009 with a targeted in-service date of December 2009. The Company is currently negotiating financing options for the project. Wind resource assessment is underway for a potential Phase 2 component with an additional 75 MW capacity. The Company intends to make an interconnection application for this second phase in the near future.
British Columbia, Canada
Environmental work is continuing on four projects in the Peace Region. These four projects (Wildmare, Tumbler Ridge, Mount Clifford, and Bullmoose) represent 366 MW. Each project is currently in the British Columbia Environmental Assessment Process. All four projects anticipate receiving their Terms of Reference in the near future. The Terms of Reference outline the information that must be included in the final application for an Environmental Assessment Certificate. All four projects are being developed in order to be bid into BC Hydro's Clean Energy Call. If successful, a Power Purchase Agreement from the call - combined with an Environmental Assessment Certificate - would allow construction to begin as early as 2010. Finavera Renewables is working diligently to prepare bids for the call, and the Company is confident in its ability to secure a contract from the call.
Cloosh Valley, Ireland
The Company received planning permission for meteorological tower installation for wind data collection from Galway County Council. There is also an option to purchase 800 hectares of land for the proposed wind farm development from Coillte Teoranta ("Coillte"), the Irish Forestry Board. As well, an application for interconnection has been submitted to Eirgrid, the independent electricity transmission system operator in Ireland, and grid queue position has been established. The next stages of development include the submission of an application for planning permission to An Bord Pleanala, the Irish federal planning authority, under newly established streamlined guidelines for strategic infrastructure projects. The Company anticipates that the project will be eligible for a power purchase agreement through the established feed in tariff of EUR 57 per MWh.
Wave Project Status
Washington State, United States
The Company has been granted an operating license for its 1 MW 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. 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.
California, United States
Finavera Renewables has signed a long-term Power Purchase Agreement (PPA) with Pacific Gas & Electric (PG&E) for a 2 MW wave energy project off the coast of California. This is the first commercial PPA for a wave energy project in North America. Located off the Northern California coast, the Humboldt County Offshore Wave Energy Power Plant will be developed by Finavera Renewables. The project is expected to begin delivering renewable, clean electricity in 2012.
Finavera Renewables has initiated development plans for the two megawatt wave energy project to be constructed approximately 2.5 miles off the coast of Humboldt County, California for electricity delivery to PG&E's customers throughout its northern and central California service territory. The power purchase agreement calls for 3,854 MWh of clean, renewable electricity to be delivered annually to PG&E over the term of the contract. The project is expected to offset greenhouse gas emissions by displacing an estimated 245 tons of carbon dioxide (CO2) annually.
Oregon, United States
The US Federal Energy Regulatory Commission has granted Finavera Renewables a Preliminary Permit to assess the feasibility of a 100 MW wave power project off the coast of Oregon. The permit allows for further site assessment and 'micro siting' to determine the best location for the proposed wave park. Studies to be undertaken include: oceanographic conditions, marine mammal resources, shoreline conditions, public safety, fishing uses, and others.
South Africa
Finavera Renewables CEO Jason Bak is a member of the Clinton Global Initiative, the former US President's coalition of world and business leaders. As part of the initiative, Finavera Renewables has committed to developing a 20 MW wave energy project in South Africa. Finavera Renewables has identified two preferred development sites and continues to conduct a micro-site assessment that considers the energy infrastructure, detailed wave resources and environmental characteristics of the South Africa locations.
Ucluelet, British Columbia
Finavera Renewables has been granted an Investigative Use Permit for the purposes of determining the feasibility of a wave energy project off the coast of Ucluelet, British Columbia. The Company has formed a consortium of project partners to investigate the potential for a wave energy power plant. The project plans an initial capacity of 5 MW. The Company plans to use the new flow through initiatives now available for ocean energy for the investigative phases of the project. The 'flow-through' tax credit (which is currently available for mineral exploration and qualifying renewable energy development and test projects) now encourages investment in ocean energy resource assessment as well as for certain capital expenditures on equipment that generates electricity from ocean energy, through the offering of tax incentives to investors. Flow-through investment could be used to drive capital into the project and accelerate its development in 2008. Natural Resources Minister Gary Lunn recognized Finavera Renewables as a key contributor in the drive to qualify ocean energy for flow-through funds.
Wave Technology Status
Development continues on AquaBuOY 3.0. This design phase will build on the information gathered from the deployment of the AquaBuOY 2.0 technology off the coast of Oregon in 2007. The mathematical and power output modeling was verified during the test phase, giving the Company confidence that the development process is on track. Ongoing work in the year ahead will optimize design and put the AquaBuOY on track to meet its technology and project milestones. The exact timing of future deployments and specific development plans will be released as research and development objectives are met.
Finavera Renewables Business Model and 2008 Outlook
The year 2007 ended with a tumultuous market environment that impacted the Company's ability to raise finance. However, with a new Board of Directors in place and clear vision for the future the Company is confident 2008 will provide positive returns for investors and exciting new developments for the renewable energy industry. The Finavera Renewables business model has always been about balance. The Company's goal is to balance the near-term revenue potential of wind projects against the long-term potential of wave technology and project development. Our plan is to stay the course while investigating additional opportunities and partnerships in the renewable energy sector. Our most advanced wind project, Ghost Pine in Alberta, represents significant near-term revenue potential and the Company is fully focused on developing it to create shareholder value. The Company is currently negotiating financing options for the project, and will release the details of these in the near future.
CEO Jason Bak concludes, "This is an exciting time for renewable energy companies as the world realizes the need for clean power generation. Populations are demanding renewable energy and politicians are championing it, while regulatory environments continue to change for the better. We're in the right place, at the right time with excellent assets. Our challenge over the next year will be to advance the Company from being a project and technology developer to a near-term revenue generator. With key partnerships, our continuing regulatory leadership, an experienced Board and skilled employees, we are confident in our ability to achieve our targets while creating shareholder value."
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 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.
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.
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Finavera Renewables announces $2 million private placement
Press Release from Finavera Renewables Inc.
Finavera Renewables announces $2 million private placement
Vancouver, Canada, February 4th 2007 – Finavera Renewables Inc. (‘Finavera Renewables’) (TSX-V: FVR) is pleased to announce a non-brokered private placement of 10,000,000 units at a price of $0.20 per unit for gross proceeds of $2,000,000. The units consist of one common share and one-half of a share purchase warrant, with each full warrant exercisable at $0.25 for 24 months from the date of the private placement. A finder's fee will be payable in connection with the private placement.
Proceeds of the placement will be used for the continued development of Finavera Renewables’ wind and wave energy projects, and for general working capital.
Jason Bak, CEO
For more information, contact the company at: 604-288-9051, or by email at info@finavera.com.
Media may contact Myke Clark, VP Policy & Public Relations at mclark@finavera.com or Jai Ferguson of Weber Shandwick at jferguson@webershandwick.com.
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.
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.
Mei bin ich froh, dass ich nach dem letzten Kursaufschwung gleich meinen Einsatz rausgenommen hab. Das ist ja jetzt gleich wieder eine zähe Hängepartie geworden...
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Finavera Renewables receives California FERC permit
Press Release from Finavera Renewables Inc.
Finavera Renewables Granted FERC Preliminary Permit for proposed 100MW Humboldt County Wave Energy Project in California Vancouver, Canada, February 15th, 2007 - Finavera Renewables Inc. (the ‘”Company” or “Finavera Renewables”) TSX-V: FVR, is pleased to announce it has been issued a Preliminary Permit for its proposed 100MW Humboldt County, California wave energy project. The permit approval was granted by the United States Federal Energy Regulatory Commission (“FERC”). The preliminary permit is valid for a period of three years, and allows Finavera Renewables to conduct various studies, including analyses of oceanographic conditions, commercial and recreational activities, and other impacts potentially associated with the planned project. The company will rely on the studies and stakeholder consultations in framing its application to FERC for a project operating license. Finavera Renewables CEO Jason Bak said, “We believe the Humboldt County project could become the United States’ first commercial wave energy installation. This Preliminary Permit from FERC is a significant milestone that allows us to move forward on advanced planning for the project, and we look forward to working closely with the local community to ensure a successful project. We believe this project will illustrate how our innovative technology can contribute to the new energy economy through the creation of renewable electricity, jobs and ultimately, shareholder value. We are excited to be leaders in responding to the world’s need for clean energy.” This permit continues the progress the Company has made over the last several months on its ocean energy activities. The Company signed a long term power purchase agreement with Pacific Gas & Electric for a 2 MW project in California. As well, FERC issued the first ever operating license for a wave energy project in the United States to Finavera Renewables for the Makah Bay Wave Pilot Project in Washington State. The proposed Humboldt County project would use interconnected clusters of the company’s AquaBuOY wave energy devices. The project would have a generating capacity of 100MW, and total annual generation from the project is estimated to be approximately 175 gigawatt-hours per year. This is the company’s second Preliminary Permit on the west coast of the United States. The Coos County wave project in Oregon was granted a permit from FERC in 2007. Also, the Company holds an Investigative Use Permit for a wave energy project in Ucluelet, British Columbia. To view the approved preliminary permit, please visit: http://elibrary.ferc.gov/idmws/...ist.asp?accession_num=20080214-3006 Jason Bak, CEO For more information, contact the company at: 604-288-9051, or by email at info@finavera.com. Media may contact Myke Clark, VP Policy & Public Relations at mclark@finavera.com 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. 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.
The information on this page was created and posted by the company identified above. RenewableEnergyAccess.com does not endorse, edit, or substantiate this information and assumes no obligation for this content's accuracy.
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Finavera Renewables receives California FERC permit
Press Release from
Finavera Renewables Granted FERC Preliminary Permit for proposed 100MW Humboldt County Wave Energy Project in California Vancouver, Canada, February 15th, 2007 - Finavera Renewables Inc. (the ‘”Company” or “Finavera Renewables”) TSX-V: FVR, is pleased to announce it has been issued a Preliminary Permit for its proposed 100MW Humboldt County, California wave energy project. The permit approval was granted by the United States Federal Energy Regulatory Commission (“FERC”). The preliminary permit is valid for a period of three years, and allows Finavera Renewables to conduct various studies, including analyses of oceanographic conditions, commercial and recreational activities, and other impacts potentially associated with the planned project. The company will rely on the studies and stakeholder consultations in framing its application to FERC for a project operating license. Finavera Renewables CEO Jason Bak said, “We believe the Humboldt County project could become the United States’ first commercial wave energy installation. This Preliminary Permit from FERC is a significant milestone that allows us to move forward on advanced planning for the project, and we look forward to working closely with the local community to ensure a successful project. We believe this project will illustrate how our innovative technology can contribute to the new energy economy through the creation of renewable electricity, jobs and ultimately, shareholder value. We are excited to be leaders in responding to the world’s need for clean energy.” This permit continues the progress the Company has made over the last several months on its ocean energy activities. The Company signed a long term power purchase agreement with Pacific Gas & Electric for a 2 MW project in California. As well, FERC issued the first ever operating license for a wave energy project in the United States to Finavera Renewables for the Makah Bay Wave Pilot Project in Washington State. The proposed Humboldt County project would use interconnected clusters of the company’s AquaBuOY wave energy devices. The project would have a generating capacity of 100MW, and total annual generation from the project is estimated to be approximately 175 gigawatt-hours per year. This is the company’s second Preliminary Permit on the west coast of the United States. The Coos County wave project in Oregon was granted a permit from FERC in 2007. Also, the Company holds an Investigative Use Permit for a wave energy project in Ucluelet, British Columbia. To view the approved preliminary permit, please visit: http://elibrary.ferc.gov/idmws/...ist.asp?accession_num=20080214-3006 Jason Bak, CEO For more information, contact the company at: 604-288-9051, or by email at info@finavera.com. Media may contact Myke Clark, VP Policy & Public Relations at mclark@finavera.com 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. 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.
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financing
Vancouver, Canada, April 17th, 2008 - Finavera Renewables Inc. ('Finavera
Renewables' or the 'Company') (TSX-V: FVR) announces that it has signed an
agreement with Trafalgar Capital Specialized Investment Fund, FIS
('Trafalgar'), to carry out a $10,000,000 unsecured convertible debenture
financing. Finavera Renewables will draw down an initial $2,000,000 upon
closing of the final agreement. The remaining $8,000,000 may be drawn down
using either convertible or non-convertible structures as negotiated by
Finavera Renewables and Trafalgar.
This convertible debenture financing will provide Finavera Renewables with
the working capital required to advance the Company's projects. It will
allow the Company to continue the development of its wind and wave energy
projects as Finavera Renewables moves toward several key milestones. Those
milestones include:
. Investigation of joint venture and various partnership opportunities
as part of our financing strategy for the Company's portfolio of wind
projects in Alberta, British Columbia and Ireland.
. Preparing bids to enter up to five British Columbia wind projects
into the 2008 BC Hydro Clean Power Call. Up to 350 MW of clean electricity
from these five projects could supply power for more than 100,000 homes.
. Completing final design for the 75 MW Ghost Pine wind project in
Alberta which is in the process of submitting final environmental and
development permits.
. Finalizing the technology advancement plan for AquaBuOY 3.0 wave
energy technology and project development prospects.
Finavera Renewables CEO Jason Bak said, "We are aggressively pursuing
project finance options for our renewable power projects in order to advance
them towards construction and revenue generation. We are now in discussions
to bring one or more equity partners directly in at the project level. The
rationale for this is that we don't believe our projects are being properly
valued in our share price and it makes sense to bring that equity into the
projects. This financing allows us to pursue those opportunities while
protecting shareholders from undue dilution."
Convertible Debenture Financing
The terms of the financing are as follows: the loan is an unsecured
convertible debenture which provides for repayment over a term of 24 months;
the monthly redemptions of principal, interest and redemption premium of
12.5% are to be made by issuance of the Company's shares in monthly
installments, commencing four months after closing (subject to a minimum
price of $0.15 per share). Interest accrues at 10% per annum, compounded
monthly, and will be paid in cash during the first four months after
closing. The Company may redeem in cash any amounts owed under the debenture
provided the Company's shares are trading below $0.45 and that it also pays
the redemption premium. Trafalgar has the right to convert amounts owed into
Company shares at $0.45 provided that Trafalgar will not own more than 9.99%
of outstanding shares of the Company following such conversion. Trafalgar is
entitled to a one time 7% commitment fee and no commissions or sales fees
are payable to any third party.
Private Placement Close
In addition to the debenture financing, the Company announces it has also
raised $1,250,000 by way of the private placement previously announced on
February 4th, 2008. The units consist of one common share and one-half of a
share purchase warrant, with each full warrant exercisable at $0.25 for 24
months from the date of the private placement. Securities issued under this
private placement are subject to a four month hold period from the date of
closing. Completion of the placement is subject to final Exchange approvals.
There are no commissions or finders' fees to be paid on the transaction. The
majority of the placement was filled by Company board members and founders.
Proceeds from these financings will be used for general working capital and
the continued development of the Company's wind and wave energy assets.
Jason Bak, CEO
For more information:
Finavera Renewables
Myke Clark
VP Policy & Public Relations
Finavera Renewables
604-288-9051
mclark@finavera.com
Investor Relations
David Rokoss
Kyoto Planet Capital Partners
604-697-0967 ext. 305
finavera@kyotoplanet.com
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
wave energy conversion technology based in part upon licensed and patented
'AquaBuOY' technology designs which are based on proven buoy technology. The
Company is developing wave energy projects for AquaBuOY use in the United
States, 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.
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 information. Such
forward-looking information represents 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 information.
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TSX VENTURE: FVR
Apr 22, 2008 09:37 ETFinavera Renewables Recognized by Time Magazine on Earth Day
VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 22, 2008) - Finavera Renewables Inc. ('Finavera Renewables' or the 'Company') (TSX VENTURE:FVR) is pleased to be recognized in Time Magazine's Special Environmental Issue entitled, "How to Win the War on Global Warming". The April 28th issue of Time Magazine focuses on the issues, challenges and opportunities facing the world as a result of changing climates.
Finavera Renewables is highlighted as an innovative company on the edge of the energy frontier. Finavera is recognized as a forerunner in the quest to develop energy from the ocean. Time Magazine states, "What's more reliable than the waves? This Canadian company with roots in Ireland is harnessing the motion of the ocean to produce electricity. Finavera won the US's first permit to develop a wave-energy plant off the coast of Washington State." Additional coverage in the online edition of the magazine includes a summary of Finavera Renewables' global wave energy projects.
Finavera Renewables CEO Jason Bak stated, "We are pleased to be profiled by Time Magazine as an agent of positive change in the movement towards a more sustainable energy future. Wave technology holds tremendous promise for green energy on a truly international scale, and we look forward to playing a significant role in its development."
To view this article, please go to the media coverage section of the Finavera website: www.finavera.com/en/press/media
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 wave energy conversion technology based in part upon licensed and patented 'AquaBuOY' technology designs which are based on proven buoy technology. The Company is developing wave energy projects for AquaBuOY use in the United States, 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.
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 information. Such forward-looking information represents 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 information.
The TSX Venture Exchange has not reviewed, and does not accept responsibility for the adequacy or accuracy of, this release.
TSX VENTURE: FVR
May 01, 2008 13:54 ETFinavera Renewables Closes Convertible Debenture Financing
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 1, 2008) - Finavera Renewables Inc. ('Finavera Renewables' or the 'Company') (TSX VENTURE:FVR) announces that it has received final Exchange approval and closed the $2,000,000 unsecured convertible debenture financing announced April 17, 2008. Proceeds from the financing will be used for wind and wave project development and general working capital. The remaining $8,000,000 of the agreement with Trafalgar Capital Specialized Investment Fund, FIS ('Trafalgar') may be drawn down using either convertible or non-convertible structures as negotiated by Finavera Renewables and Trafalgar. Securities issued pursuant to the $2,000,000 unsecured convertible debenture financing are subject to a hold period expiring August 25, 2008.
The unsecured convertible debenture provides for repayment over a term of 24 months. Monthly redemptions of principal, interest and redemption premium of 12.5% will be made by issuance of the Company's shares in monthly installments, commencing four months after closing (subject to a minimum price of $0.15 per share). Interest accrues at 10% per annum, compounded monthly, and will be paid in cash during the first four months after closing. The Company may redeem in cash any amounts owed under the debenture provided the Company's shares are trading below $0.45 and that it also pays the redemption premium. Trafalgar has the right to convert amounts owed into Company shares at $0.45 provided that Trafalgar will not own more than 9.99% of outstanding shares of the Company following such conversion. Trafalgar was paid a 7% commitment fee.
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 wave energy conversion technology based in part upon licensed and patented 'AquaBuOY' technology designs which are based on proven buoy technology. The Company is developing wave energy projects for AquaBuOY use in the United States, 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.
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 information. Such forward-looking information represents 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 information.
The TSX Venture Exchange has not reviewed, and does not accept responsibility for the adequacy or accuracy of, this release.
TSX VENTURE: FVR
May 23, 2008 11:07 ETFinavera Renewables Increases United States Presence With S&P's Market Access Program Listing
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 23, 2008) - Finavera Renewables Inc. ('Finavera Renewables' or the 'Company') (TSX VENTURE:FVR) announced today that its company information is now available via Standard and Poor's Market Access Program, an information distribution service that enables subscribing publicly traded companies to have their company information disseminated to users of Standard & Poor's Advisor Insight, an Internet-based research engine used by more than 100,000 investment advisors. A public version of the site is available at www.advisorinsight.com.
The Market Access Program provides Finavera Renewables' inclusion in S&P's "Corporation Records" which is a recognized securities manual for secondary trading in 38 States in the US under the Blue Sky Laws. This listing is an important step in increasing the awareness of Finavera Renewables within the financial markets, providing maximum visibility to individual investors, brokers, advisors and institutions. S&P's Corporation Records has been published since 1917, and is considered a standard reference for company information throughout the United States.
The company information to be made available through this program includes share price, volume dividends, shares outstanding, company financial position and earnings. In addition information about companies in Standard & Poor's Market Access Program will be available via S&P's Stock Guide database, which is distributed electronically to virtually all major quote vendors.
Jason Bak, CEO of Finavera Renewables, states, "We are excited to be included in Standard and Poor's financial information network. Having this extent of coverage through S&P provides additional transparency and a greater scope of information about our company. Both our current and future shareholders, and the investment community at large can benefit from S&P's thorough financial coverage of Finavera Renewables."
The S&P Finavera Profile is available at: http://reports.standardandpoors.com/aidata/...s/f/fvr_429630_one.htm.
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 wave energy conversion technology based in part upon licensed and patented 'AquaBuOY' technology designs which are based on proven buoy technology. The Company is developing wave energy projects for AquaBuOY use in the United States, 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.
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 information. Such forward-looking information represents 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 information.
The TSX Venture Exchange has not reviewed, and does not accept responsibility for the adequacy or accuracy of, this release.