Acquisition of Stake in AquaEnergy Group Ltd. by Finavera Ltd.DUBLIN, Ireland -- Announces Developments on Projects to Enhance Irish & Portugese Green Energy Resources Finavera Ltd. ("Finavera"), a private Irish company dedicated to the development of renewable and green energy resources and technologies in Europe, today announced that it has acquired a stake in AquaEnergy Group Ltd ("AquaEnergy"). AquaEnergy is a renewable energy Renewable energy utilizes natural resources such as sunlight, wind, tides and geothermal heat, which are naturally replenished. Renewable energy technologies range from solar power, wind power, and hydroelectricity to biomass and biofuels for transportation. company focused on the development and application of ocean energy technologies. The stake in AquaEnergy was acquired as part of a staged, US$1 million, investment programme. Finavera retains an exclusive option to increase its shareholding to a significant undisclosed amount. Acquisition of stake in AquaEnergy A changing regulatory environment in Europe, together with the global depletion of fossil fuels fossil fuel: see energy, sources of; fuel. fossil fuel Any of a class of materials of biologic origin occurring within the Earth's crust that can be used as a source of energy. Fossil fuels include coal, petroleum, and natural gas. , is contributing to significant growth in the renewable energy industry. Finavera's acquisition of a stake in AquaEnergy is a key component of its strategy to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. this growth. AquaEnergy owns the AquaBuOY(R) technology. This technology consists of patented wave energy converters that are based on proven, survivable sur·viv·a·ble adj. 1. Capable of surviving: survivable organisms in a hostile environment. 2. That can be survived: a survivable, but very serious, illness. , buoy technology. These buoy-based devices generate clean electrical power from the sustainable energy
Sustainable energy sources are energy sources which are not expected to be depleted in a timeframe relevant to the human race, and which of the ocean. Ocean waves have the highest energy density of any natural, renewable energy resource. The AquaBuOY(R) technology has been independently evaluated and judged to be commercially viable. Finavera's acquisition includes exclusive project development rights for the AquaEnergy wave energy power plants in Ireland and a number of other European countries. Jason Bak, President of Finavera, commented "Finavera is pleased to provide the foundation for the commercialization of the AquaBuOY(R) technology. We believe that the AquaBuOY(R) is one of the most promising renewable energy technologies available today as is illustrated by the contracts being arranged for its deployment. Finavera is working, in conjunction with AquaEnergy and other Portuguese partners, on the development of a 100 megawatt meg·a·watt n. Abbr. MW One million watts. meg  a·watt (MW) power plant off the
coast of Portugal. This facility is expected to be generating power by
the end of 2006."
Wind Farm Development Finavera is currently finalising land agreements for the development of two wind projects in the counties of Galway and Clare, Ireland. The combined generation capacity of these projects will be 180MW of electricity. When developed, the wind farms will produce enough green energy to power over 100,000 homes and will be a major contributor to helping Ireland meet its renewable energy targets. The wind resources at these sites are estimated to rank among the best wind generation resources in Europe in terms of wind speed and regularity. Both wind projects are located within relatively short distances of 110kV transmission lines and ongoing improvements to the grid infrastructure in the vicinity are expected to present a number of additional options for connection. Development of natural gas asset in Republic of Ireland and Northern Ireland Northern Ireland: see Ireland, Northern. Northern Ireland Part of the United Kingdom of Great Britain and Northern Ireland occupying the northeastern portion of the island of Ireland. Area: 5,461 sq mi (14,144 sq km). Population (2001): 1,685,267. Finavera's current portfolio of assets includes an exclusive exploration permit over 1,630 square kilometres Square kilometre (U.S. spelling: square kilometer), symbol km², is a decimal multiple of the SI unit of surface area, the square metre, one of the SI derived units. 1 km² is equal to:
(mathematics) trillion - In Britain, France, and Germany, 10^18 or a million cubed. In the USA and Canada, 10^12. cubic feet (Tcf) of natural gas in the LAB, with the potential to contain multiple Tcfs. Finavera is currently working with Schlumberger Oilfield Services Schlumberger Oilfield Services, a division of Schlumberger Limited, is the world’s largest supplier of exploration and production (E&P) services, solutions and technology to the international petroleum industry. to assess the deliverability and project economics of this resource using the latest proven technologies. Finavera believes that its efforts will enable the conversion of this potential on-shore natural gas resource to a proven status, thereby significantly contributing to the resource base of the Republic of Ireland ("Ireland") and Northern Ireland (the "North"). Ireland has a limited indigenous supply of natural gas; 85% of Ireland's natural gas requirements are imported. The North has no indigenous natural gas supply. Finavera is looking forward, in time, to being able to contribute to the economies of Ireland and the North by helping to develop the largest on-shore natural gas asset on the island of Ireland. About Finavera Finavera was incorporated in September, 2003 with the objective of becoming a leading owner and developer of green and renewable energy technologies. Finavera will achieve this goal by continuing to acquire and to develop a diverse portfolio of assets in the natural gas, wind energy and wave energy sectors. Finavera's development has been funded, in part, by the successful completion of two rounds of fundraising
About AquaEnergy AquaEnergy Group Ltd. is a Mercer Island, Washington Mercer Island is a city in King County, Washington, U.S. The population was 22,036 at the 2000 census. It is also the name of the island in Lake Washington with which the city is coterminous. History Mercer Island was first settled by non-Natives in the 1870s. , USA-based company founded in 2001. Further details on the company are available at www.aquaenergygroup.com. |
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