$1 Million Investment in Ocean Energy

[RenewableEnergyAccess.com] Renewable energy development company Finavera of Ireland has acquired a stake in the U.S. ocean energy technology company AquaEnergy. The acquisition is part of a staged US $1 million investment program, and Finavera retains an exclusive option to increase its shareholding to a significant undisclosed amount. AquaEnergy owns the AquaBuOY technology, which consists of patented wave energy converters based on proven and survivable buoy technology. Finavera’s acquisition includes exclusive project development rights for the AquaEnergy wave energy power plants in Ireland and a number of other European countries. President of Finavera Jason Bak said companies are working with business partners in Portugal on the development of a 100 MW power plant off the coast of Portugal. This facility is expected to be generating power by the end of 2006. Finavera is involved in the development of two wind projects as well, located in the counties of Galway and Clare, Ireland. The combined generation capacity of these projects will be 180 MW of electricity, and should produce enough green energy to power over 100,000. The wind resources at these sites are estimated to rank among the best wind generation resources in Europe in terms of wind speed and regularity. The company is also a natural gas supplier for the Republic of Ireland.
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