Finavera Renewables Begins Construction Of AquaBuOY 2.0 Wave Energy Converter



    VANCOUVER, CANADA, June 19 /CNW/ - Finavera Renewables Inc. ('Finavera
Renewables') (TSX VENTURE:FVR) is pleased to announce construction has begun
on the AquaBuOY 2.0 wave energy converter. Fabrication of the second
generation device is being carried out at Oregon Iron Works in Portland,
Oregon and will culminate in the planned deployment of the AquaBuOY later this
year.

    Alla Weinstein, General Manager of Finavera Renewables' ocean energy
technology group said, "The construction of the scaled AquaBuOY device is a
tremendous accomplishment for our development team. After years of painstaking
planning and development work we are now closer than ever to realizing our
goals. Work crews are busy bending steel and fabricating components for the
device which we plan to test in the ocean this year off the Oregon coast."

    Test and measurement equipment will be installed on the AquaBuOY to
monitor its operational performance. That information will form the basis for
the follow-on development work which will lead to plans for the optimization
of design and the path to product commercialization.

    Finavera Renewables CEO Jason Bak said, "The start of construction is a
proud moment for Finavera Renewables and illustrates our commitment to
providing a new, renewable energy source for future generations. The device
construction marks a key milestone in the development of AquaBuOY 2.0. Our
next milestone will be the deployment and testing of the device, which we plan
to carry out in waters off of Oregon. As we meet each of these milestones, we
believe we are getting closer to making ocean energy commercially viable."

    Photographs of the construction process are available on Finavera
Renewables' website: www.finavera.com/en/wavetech/construction

    About AquaBuOY

    The AquaBuOY is a floating buoy structure that is designed to convert the
kinetic energy of the vertical motion of oncoming waves into clean
electricity. Energy transfer takes place by converting the vertical component
of wave kinetic energy into pressurized seawater by means of two-stroke hose
pumps. Pressurized seawater is directed into a conversion system consisting of
a turbine driving an electrical generator. The power would be transmitted to
shore by means of a secure, undersea transmission line.

    On behalf of the Board of Directors,

    Jason Bak, CEO

    For more information, contact the company at: 604-288-9051, or by email
at info@finavera.com.

    About Finavera Renewables Inc. (www.finavera.com)

    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 licensed and patented 'AquaBuOY' wave energy technology, 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 other 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, four projects totaling 366 MW have been entered into the provincial
Environmental Assessment process, and several other sites are being developed.
In Ireland, two pre-construction wind projects are under development with a
potential capacity of 175MW. Data collection and environmental studies have
been continuing at a number of sites in both countries.

    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, 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 formal
disclosure documents filed on SEDAR, 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, this release.




For further information:

For further information: Finavera Renewables Limited Myke Clark, VP
Policy & Public Relations mclark@finavera.com or Weber Shandwick for Finavera
Renewables Limited Jai Ferguson jferguson@webershandwick.com. or K Capital
Source for Finavera Renewables Limited Jonathan Neilan, +353 1 631 5520 Fax
+353 1 631 5899 Email jneilan@kcapitalsource.com

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FINAVERA RENEWABLES INC.

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