+++Finavera Superstar!+++
Vancouver, Canada, August 24, 2007 – Finavera Renewables Inc. (‘Finavera Renewables’ or ‘The Company’) (TSX-V: FVR) is providing notice of a lawsuit commenced against the Company by Scott & Associates Engineering Ltd. of Alberta, Canada (“Scott”). Scott is seeking, among other things, a declaration that the Company holds its interest in the Three Hills Wind Power Project as a constructive trustee for Scott and an order that the Company transfer its interest in the said project to Scott.
The Company has reviewed the allegations in the Statement of Claim and considers that there is absolutely no factual basis for any of the claims of Scott. The Company will vigorously defend the action and take all appropriate steps to protect the interests of the Company and its shareholders.
Finavera Renewables takes any legal action seriously. In this case, however, the Company is satisfied that the claims of Scott are frivolous. The Company will be seeking costs against Scott and its principal, Bryan Scott.
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.
Vancouver, Canada, July 30th 2007 – Finavera Renewables Inc. (‘Finavera Renewables’) (TSX-V: FVR) has selected Canadian engineering firm Genivar (TSX: GNV.UN) to act as the ‘owner’s engineer’ for the 75 megawatt (MW) Ghost Pine wind project in Alberta, Canada. Ghost Pine is the first phase of the Three Hills wind project which has a planned total installed capacity of 150MW, and could provide electricity to an estimated 45,000 Canadian homes.
Finavera Renewables COO Bertan Atalay said, “The selection of Genivar to lead the Ghost Pine project allows us to move aggressively towards construction of this important project in 2008. Genivar brings a wealth of proven expertise and experience in the design of heavy civil engineering and construction fields to the project team and strongly complements the project development skills of Finavera Renewables.”
Genivar will assist Finavera Renewables in several key aspects of project development including: design and preparation of engineering drawings, construction management, and specifications for turbine installation and commissioning. The Ghost Pine project, one of the few wind development projects in Alberta with permission to connect to the provincial electrical grid, is currently undergoing environmental assessment and permitting. Construction is expected to commence in 2008.
Genivar Director of Wind Energy Pierre Lacombe said, “At Genivar Income Fund, we are looking forward to accelerating the development of the Ghost Pine wind project. We will collaborate with our wind, electrical, transportation and cost evaluation specialists based across Canada to ensure this project is a success. In addition to the Ghost Pine project, we are working with Finavera Renewables on their British Columbia wind projects and we are excited to be partnering with a company that has a diverse portfolio of projects.”
Finavera Renewables’ Ghost Pine project in Alberta is part of a pipeline of projects that includes a nominal 366MW under development in British Columbia, and 175MW under development in Ireland. These projects, and others, are part of an overall renewable energy strategy to provide near term revenue and downside protection while establishing Finavera Renewables as a world leader with the development of the 100% owned AquaBuOY wave energy technology.
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.
Media may contact Myke Clark, VP Policy & Public Relations at mclark@finavera.com or Jai Ferguson of Weber Shandwick at jferguson@webershandwick.com.
Finavera Renewables COO Bertan Atalay said, “The west coast of Vancouver Island has an incredible wave resource that has the potential to provide clean, sustainable energy to thousands of homes. This project has the potential to revolutionize the generation of clean electricity by utilizing one of the largest sources of untapped energy: the ocean. The province of British Columbia could benefit significantly from a new, alternative source of clean power.”
The proposed Ucluelet project would use interconnected clusters of the company’s licensed and patented AquaBuOY wave energy converter. The project would have an initial potential generating capacity of 5MW, which is sufficient electricity to power almost 2,000 Canadian homes, with a planned expansion to 100MW. Finavera Renewables is continuing the construction of the half-scale AquaBuOY device, and plans to deploy it this summer off the coast of Newport, Oregon.
The project may also be eligible for ‘flow-through’ tax incentives from the Federal Government. In its 2007 Budget introduced March 19th, the Canadian government introduced measures to make ocean energy eligible for the Canadian Renewable and Conservation Expense and the Accelerated Capital Cost Allowance. Finavera Renewables worked with the government to pursue these changes, and was recognized at the time in a letter from Natural Resources Minister Gary Lunn, “As active proponents of this amendment, Finavera Renewables helped to successfully illustrate to government the utility of these market driven tax incentives to support Canada technology and domestic industry. We will support the ocean energy sector and its Canadian developers and technology leaders such as Finavera.”
Finavera Renewables CEO Jason Bak concluded, “The Ucluelet wave energy project adds to the diversity of our renewable energy portfolio, and combined with the construction of the AquaBuOY device, represents an exciting time for our company. We now have five wave energy projects planned or under development in several countries, and the world will be able to see the AquaBuOY in the ocean later this summer. In this current volatile market, it is important to note that Finavera Renewables can also rely on the near-term anticipated revenue from our wind farm projects to further strengthen our portfolio.”
Investigative Use Permit
Under the Investigative Use Permit granted by the province of British Columbia, studies will be conducted as part of Finavera Renewables’ project feasibility assessment. Studies will be carried out to determine the extent of local fishing activities, commercial and recreational activities, visual impact, public safety, marine mammal resources, marine biological resources, and oceanographic conditions. These studies will also include the use of a wave measurement device (a 1.5 meter diameter buoy) to collect wave height and period data. An assessment of the power plant economics, local transmission, power capacity and other local infrastructure, including port access, will also be conducted by Finavera Renewables.
On behalf of the Board of Directors,
The Company has retained the legal services of Watson Farley Williams’ Hamburg office in order to carry out detailed due diligence. Following this work, the Company expects to be in a position to proceed with the transaction and release the final details.
Finavera Renewables CEO Jason Bak said, “This opportunity is an important milestone in the development of our Company as we grow from a project developer to an owner-operator and asset manager. This Project is already under construction and is anticipated to generate clean, green electricity by the end of this year. Detailed due diligence thus far has made us aware of several factors that make this project very attractive: it has a two tranche debt financing package offered by a major German lender, there is a guaranteed power sales agreement until 2027, and it provides the Company with the opportunity for near-term revenue.”
Key project highlights include:
•
A Feed-in Tariff power sales agreement providing long term predictable cash flow as the German Erneuerbare-Energien-Gesetz (“EEG”) guarantees a sales price of €0.0819cents per kWh fed into the grid until 2027.
•
The Project has an estimated electricity yield of 38,550,000 kWh at P50 levels.
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The wind farm is offered as a turn-key project with an envisaged commercial operation date of December 2007.
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Senior debt financing is offered by a major German lender.
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The Project will utilize ten proven technology, 2MW turbines, under warranty by the manufacturer and subject to a 12 year maintenance agreement with the same German turbine manufacturer.
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The Project Vendor is a leading developer in the German wind energy sector and is responsible for the installation and operation of more than 350MW of wind projects.
Mr. Bak concluded, “This acquisition strategy represents the next stage in the corporate development of our Company. Combined with our significant portfolio of projects under development, this proposed wind farm acquisition will add to our value by diversifying our geographic and regulatory risk, providing downside protection through near-term revenue, and will advance the Company in becoming an operator of renewable power assets. Generated profits can then be reinvested in achieving key wind project milestones and the development of our AquaBuOY wave energy technology. This strategy will drive our Company along the path to becoming a major force in the renewable energy industry.”
While Finavera Renewables has already undertaken substantial due diligence on this Project, completion of a purchase and sale agreement is not a certainty and is subject to further negotiations and analysis.
On behalf of the Board of Directors,
Jason Bak, CEO
Das ist recht, so hat man sich das auch vorgestellt. Vielleicht ist deswegen heute der Kurs hoch, obwohl ein nachhaltiger Erfolg ist es ja noch nicht, auch wenn es eine hübsche Meldung macht. Na ich bleib mal auf Beobachtungsposten.
Finavera Renewables to Host Symposium on Ocean Energy and Participate at FERC Policy Workshop
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 20, 2007) - Finavera Renewables Inc. ('Finavera Renewables') (TSX VENTURE:FVR) is pleased to announce it is one the hosts of the "Symposium on Ocean Energy Law and Policy" to take place at Lewis & Clark Law School in Portland, Oregon. The Symposium will examine current federal and state laws relating to ocean energy, and include panel discussions on optimizing the regulatory environment in order to grow the industry.
Finavera Renewables is also pleased to announce the Company will participate in a key ocean energy workshop being hosted by the Federal Energy Regulatory Commission. The workshop will take place the day following the Symposium, and focus on a proposed new licensing process for ocean energy projects.
What: Symposium on Ocean Energy
When: October 1, 2007
Where: Smith Hall, Lewis & Clark College, Portland, Oregon
Confirmed participants at the Symposium include: FERC Commissioner Phil Moeller, Congressman Earl Blumenauer, Congresswoman Darlene Hooley, Congressman Greg Walden, and Allen Alley of Oregon Governor Ted Kulongoski's office. Co-sponsors of the event include Lewis & Clark Law School, Tonkon Torp LLP, and Sonnenschein Nath and Rosenthal LLP.
Further information on the Symposium can be found at: http://www.lclark.edu/dept/elaw/2007_ocean_conf.html.
What: Hydrokinetic Technologies Pilot Project Workshop
When: October 2, 2007
Where: Portland, Oregon
The purpose of the conference will be to review the proposed licensing process for hydrokinetic energy pilot projects and to seek feedback from representatives from industry, state and federal agencies, NGOs, Native American tribes, and members of the public. The goal of the proposed program is to complete licensing in as few as six months.
Further information on the FERC workshop can be found at: www.ferc.gov.
Finavera Renewables CEO Jason Bak said, "Hosting this Symposium is representative of our desire to lead the ocean energy industry towards commercialization. Finavera Renewables recognizes its role in developing a dynamic new industry that has the potential to provide clean electricity to future generations."
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 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.
Ich würde schätzen, bis unter 20 ct kann man sie kaufen. Hab selbst nur eine winzige Posi abgekriegt bevor sie davonsauste... immerhin, schaun wir mal wies hier weitergeht.
Gestern hat Deutschland fast die ganze Zeit deutlich über Parität gehandelt, im Moment ja auch wieder. Also Vorsicht bei Käufen. Andererseits könnte es sein, dass die Aktie volumenmäßig erst noch anspringt. Und sie kommt immerhin von über 30 Cent. Übrigens ist mir nicht wirllich klar, wie weit die Finanzprobleme jetzt im Griff sind... na das kann ja interessant werden.