September 1, 2007 – Vol. 12 No.23

Finavera Renewables: Construction of AquaBuOY 2.0 Wave Energy Converter Completed.

The device is being prepared for transport to Newport, Oregon to be deployed for ocean testing during the first week of September 2007.

Construction of the AquaBuOY 2.0 began in early May 2007 at Oregon Iron Works, Inc. in Portland, Oregon. Once deployed 2 miles off the coast of Newport, Finavera Renewables will monitor the output of the hose pump technology and other components to determine the device's potential for electricity generation. All onboard diagnostic equipment will be powered by the device itself, with solar panels, and small wind turbines installed on the device providing secondary electricity generation. Information will be streamed live to the Company via wireless and satellite technology in order to gather and analyze the data.

Finavera Renewables CEO Jason Bak said, "The construction of the AquaBuOY 2.0 illustrates our ability to manage a complicated design program for a unique new technology. Our next step is to deploy the device and validate our cost and output projections. That testing will lead to the development of our next generation wave energy converter, as our goal is to optimize our technology for cost effective electricity generation from the energy in the ocean. The completion of construction and imminent deployment bring us closer to that goal."

The Company is developing wave energy projects for AquaBuOY use in the United States, Portugal, South Africa and Canada. The Company is also developing wind energy projects in Canada and Ireland. (8/30/07)

Links:

Finavera Renewables http://www.finavera.com

(AquaBuOY 2.0 photos, video at website)

Oregon Iron Works http://www.oregoniron.com

Disclaimer, Forward-Looking or Safe Harbor Statement on original press release: yes

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