http://biz.yahoo.com/cnw/070425/finavera_renewables.html?.v=1
Finavera Renewables CEO Outlines 'Huge Potential' of Ocean Wave Energy in Address to United States Congressional Committee
Wednesday April 25, 3:54 am ET
WASHINGTON, April 25 /CNW/ - Finavera Renewables Inc. (TSX-V:FVR - News) CEO Jason Bak outlined his vision for the advancement of the United States ocean energy industry yesterday before a US Congress committee. Testifying before the Joint Subcommittee Hearing on 'Renewable Energy Opportunities and Issues on the Outer Continental Shelf', Mr. Bak asked for simplified and rationalized permitting regulations to allow the development of the industry.
Mr. Bak told the hearing, "My message to you today is simple: Ocean renewable energy's time has come. This is not pie in the sky. We have three wave energy projects under development in California, Oregon, and Washington, and we are in discussions about others. These are not just paper projects. We are literally weeks away from issuing contracts that will put US steelworkers to work constructing our prototype wave energy buoy, which we are going to install off the coast of Newport, Oregon this summer."
Finavera Renewables was the only wave energy company to be invited to participate in the hearing.
Mr. Bak concluded his testimony by saying, "I commit to Congress that Finavera will, if given a rational regulatory environment, deliver very large amounts of clean energy, free of climate changing emissions, in an environmentally sustainable way, at competitive prices. We are the leaders. Finavera Renewable's Makah Bay project is the first and only wave energy project to enter the federal licensing process. We understand and embrace our responsibility to engage collaboratively with conservationists, fishermen, scientists, regulators and others - so that we get it right the first time."
Finavera Renewables also welcomed Representative Jay Inslee's (D-WA) introduction of legislation supporting the marine renewable energy sector. The 'Marine and Hydrokinetic Renewable Energy Promotion Act of 2007' represents years of hard work by Congressman Inslee in advocating for the ocean energy portfolio.
To view Mr. Bak's full presentation to the hearing, please visit our website at: www.finavera.com
About Finavera Renewables Inc.
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 patented 'AquaBuOY' wave energy converter, 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 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, wind projects are being developed with a potential capacity exceeding 1500MW and provide a pipeline of projects for long term revenue potential. In Ireland, two wind projects are being developed with a potential capacity of 175MW. Data collection and environmental studies have been continuing at a number of sites in both countries.
§ On behalf of the Board of Directors,
§ Jason Bak
§ CEO, Finavera Renewables Inc.
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 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 disclosure, 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 the contents of this release.
For further information
Finavera Renewables +1-604-288-9051 info@finavera.com or K Capital Source Jonathan Neilan Tel: +353-1-631-5500 Cell: +353-86-231-4135 Finavera@kcapitalsource.com
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Source: Finavera Renewables
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