Hydropower, Offshore, Project Development

Renewable Energy Company to Propel Wave Energy

Finavera Renewables Limited, a private Irish renewable energy company focused on wind and wave energy development, will acquire the entire outstanding share capital of AquaEnergy Group Ltd., a renewable energy company focused on the development and application of wave energy technologies. In April 2005, it acquired 10% in AquaEnergy as part of a US$1 million investment program.

The equity exchange, and consolidation of 100% ownership of AquaEnergy, make Finavera Renewables the owner of all patented and product technology rights for the AquaBuOY technology. Finavera Renewables and AquaEnergy believe that both companies and shareholders’ interests are best served through consolidating ownership and combining resources to develop and deploy AquaEnergy’s proprietary AquaBuOY technology. The AquaBuOY technology, which has been independently evaluated and found commercially viable, is placed to acquire a dominant market position due to its potential to generate electricity at a cost that is competitive with onshore and offshore wind farms and some fossil fuels, in the near to mid-term. Finavera Renewables’ acquisition of AquaEnergy includes wave energy projects under development in Figuera da Foz (Portugal), Makah Bay (Washington), and Ucluelet (British Columbia) with planned installation dates of 2008, 2009 and 2010, respectively, for a combined power generation potential of 200 MW when at full capacity. Jason Bak, Finavera Renewables CEO commented, “There is huge potential in wave energy. The closing of this transaction presents us with an opportunity to play a large part of what will be the future of renewable energy generation.”