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Vancouver, British Columbia-based Finavera Renewables Inc. has filed applications to surrender its Federal Energy Regulatory Commission (FERC) license for the Makah Bay Wave Energy pilot project in Washington state and the Humboldt County preliminary permit for a proposed wave energy project in California.

The decision allows the company to focus its resources on enhancing its near-term wind project portfolio and provide shareholders with a clearer path to revenue in this challenging economic environment. The company retains all intellectual property associated with the AquaBuOY technology and is actively seeking financial and technical partners for the future development of the technology.

The immediate primary focus remains the continued development of the Finavera's wind projects in British Columbia and Ireland through partnerships and/or joint venture arrangements. The company also plans to execute on its project finance agreements and bring the wind energy assets to commercial operation. In the longer term, the company will continue to assemble a diversified mix of revenue-producing renewable energy assets.

SOURCE: Finavera Renewables Inc.

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