WASHINGTON, June 7 /CNW/ - Finavera Renewables Inc. ('Finavera
Renewables') (TSX VENTURE:FVR) CEO Jason Bak outlined potential solutions to
regulatory issues facing the U.S. ocean energy industry today before the U.S.
Senate Energy and Natural Resources Committee. The committee was examining
jurisdictional concerns in the permitting process for ocean energy projects.
In his testimony, Mr. Bak asked for simplified and rationalized permitting
regulations to allow more rapid development of the industry, which has the
potential to generate one-tenth of the world's electricity.
Bak said, "The opportunity to speak to the Senate Energy and Natural
Resources Committee reinforces the leadership role Finavera Renewables has
taken in the ocean energy industry. The potential for the development of the
ocean energy industry is amazing, and Finavera Renewables is committed to
capitalizing on that potential. By taking a leadership role, we hope to
initiate positive changes that will result in the rapid growth of ocean
energy. There is strong momentum within industry and among the stakeholder
groups to bring this new energy resource online."
In late April, Finavera also testified before the House Committee on
Natural Resources alongside environmental groups, scientists, coastal state
leaders, and commercial fishermen to urge Congress to help promote ocean
renewable energy, while assuring protection for environmental and other
stakeholder interests. Finavera Renewables has been leading the effort to
provide regulatory certainty for the ocean energy industry, and was the only
wave energy company to be invited to participate in both of the hearings.
Today's testimony follows up with key recommendations for resolving
jurisdictional issues for ocean energy.
Bak stressed the importance of streamlined regulations in today's
testimony, "These are real projects. U.S. steelworkers are at work today
constructing our second generation wave energy buoy, which we plan to install
off the coast of Newport, Oregon this summer. Our Makah Bay project (in
Washington State) is the first, and so far only, wave energy project to apply
for a federal operating license. We are leaders in an industry that is already
creating jobs and is poised to bring clean electricity, desalination, and, in
time, hydrogen fuel to the American economy."
Mr. Bak's full testimony can be read at www.finavera.com
On behalf of the Board of Directors,
Jason Bak, CEO
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 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 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
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 Tel. +1 604-288-9051
firstname.lastname@example.org. or K Capital Source Jonathan Neilan, +353-1-631-5500
Finavera@kcapitalsource.com or Media contact: Myke Clark, VP Policy & Public
Relations email@example.com or Weber Shandwick Jai Ferguson