March 19, 2007

Finavera Renewables contracts SAIC expertise on ocean energy conversion projects

VANCOUVER, BC-Finavera Renewables, in Vancouver, has contracted the research and engineering company SAIC as the system integrator for Finavera's portfolio of ocean energy conversion programs and installation projects. This agreement will combine the technology developed by Finavera Renewables with the engineering and marine experience of SAIC. The latter firm specializes in systems integration, systems engineering and scientific services. Under the contract, SAIC will provide system integration, systems engineering and design review support, plus program and project management support. Its experts will work with Finavera to develop, integrate, procure, install and test ocean energy conversion devices, including the patented "AquaBuOY" in marine renewable energy parks. "This agreement will advance Finavera Renewables pursuit of the commercialization of the 'AquaBuOY' and the development of the wave energy industry worldwide," said Alla Weinstein, Finavera's director and general manager. Finavera Renewables is dedicated to the development of renewable energy resources and technologies, specifically in the wind and wave energy sectors. The company is developing several wave energy projects worldwide, including a one-megawatt (MW) pilot plant in Makah Bay in the state of Washington, a 100-MW staged power project in Figuera da Foz, Portugal, a 20-MW staged project in South Africa, as well as a pilot project in BC. In the area of wind energy, Finavera recently signed an agreement to acquire the 150-MW Three Hills wind power project in Alberta, and has 12 projects under development in BC's Peace River and Cascades regions, with a total potential capacity of over 1,500 MW. More information is available from Finavera Renewables, 604 288 9051, E-mail info@finavera.com.

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