Finavera Renewables Inc. (TSX-V: FVR) has successfully completed a major milestone in its wave energy development program with the deployment and commissioning of the AquaBuOY 2.0 wave energy converter off the coast of Newport, Oregon. This marks the first installation of a wave energy converter of this scale off the west coast of North America and moves the Company closer to achieving its goal of commercial electricity generation from ocean waves by 2010.
The AquaBuOY 2.0 is situated approximately two and a half miles off the coast of Newport, Oregon. Over the next several weeks, Finavera Renewables will test and analyze the performance of the Aqua Buoy’s components and monitor its hydraulic power output. During this phase, all onboard diagnostic equipment will be powered by an onboard Pelton turbine as well as solar panels and small wind turbines installed on the device. Data is being streamed live via wireless and satellite technology for analysis. This test data will be used for the next design iteration of the wave energy converter, with an anticipated deployment in 2008.
The project development plans include the phased installation of a multi-device wave park and commercial electricity generation by 2010. The Company currently has wave energy projects totaling more than 250 megawatts (MW) planned or under development on the west coast of North America.
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