VANCOUVER, CANADA, March 14 /CNW/ - 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.