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Finavera Renewables to surrender wave power projects licenses

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Wednesday, February 11, 2009
Energy Business Review

Canadian clean energy company Finavera Renewables has filed applications to surrender its Federal Energy Regulatory Commission license for the Makah Bay Wave Energy Pilot Project in Washington and the Humboldt County Preliminary Permit for a proposed wave energy project in California.

According to the company, the decision allows the company to focus its resources on enhancing its near-term wind project portfolio and provide shareholders with a path to revenue in the current economic environment.

The company retains all intellectual property associated with the AquaBuOY technology and is seeking financial and technical partners for the future development of the technology.

Finavera Renewables said that the primary focus remains the continued development of the company's wind projects in the Canadian province of British Columbia and Ireland through partnerships and/or joint venture arrangements.

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