Finavera Gets Permit for Wave Project

Finavera Renewables Inc. has announced it has been issued a Preliminary Permit for its proposed 100 megawatts (MW) Humboldt County, California wave energy project. The permit approval was granted by the United States Federal Energy Regulatory Commission (FERC). The preliminary permit is valid for a period of three years, and allows Finavera Renewables to conduct various studies, including analyses of oceanographic conditions, commercial and recreational activities, and other impacts potentially associated with the planned project.

This permit continues the progress Finavera has made over the last several months on its ocean energy activities. The company signed a long term power purchase agreement with Pacific Gas & Electric for a 2 MW project in California and FERC issued the first ever operating license for a wave energy project in the United States to Finavera Renewables for the Makah Bay Wave Pilot Project in Washington State.

“We believe the Humboldt County project could become the United States’ first commercial wave energy installation. This Preliminary Permit from FERC is a significant milestone that allows us to move forward on advanced planning for the project, and we look forward to working closely with the local community to ensure a successful project,” said Jason Bak, CEO of Finavera Renewables. “We believe this project will illustrate how our innovative technology can contribute to the new energy economy through the creation of renewable electricity, jobs and ultimately, shareholder value. We are excited to be leaders in responding to the world’s need for clean energy.”

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