Further Progress in the Commercialisation of AquaBuOY Wave Energy Technology.Project Led by Finavera Renewables Finavera Renewables Inc. is a publicly traded company (symbol FVR on the TSX Venture Exchange[1]) that develops and manufactures wind and wave energy projects in several countries. Finavera Renewables is developing a unique wave energy techonology called "AquaBuOy". and Dunlop Oil and Marine Supported by Carbon Trust Applied Research Grant DUBLIN, Ireland & VANCOUVER, Canada -- Finavera Renewables Limited (Finavera Renewables) a private Irish 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 wind and wave energy development, today announced that AquaEnergy Development UK Limited (AquaEnergy) a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , had successfully completed a further milestone in the commercialisation of its AquaBuOY wave energy technology. Together with project partner Dunlop Oil and Marine Limited, a world leader in the design, manufacture and supply of hoses for the oil, gas, petrochemical and dredging dredging, process of excavating materials underwater. It is used to deepen waterways, harbors, and docks and for mining alluvial mineral deposits, including tin, gold, and diamonds. industries, AquaEnergy has successfully completed its Hose-Pump Validation Project. The Hose-Pump is a key part of AquaEnergy's AquaBuOY technology, an offshore wave energy converter (1) A device that changes one set of codes, modes, sequences or frequencies to a different set. See A/D converter. (2) A device that changes current from 60Hz to 50Hz and vice versa. . The Carbon Trust, a UK organisation dedicated to reducing carbon emissions, provided a grant of [pounds sterling]168,000 GBP GBP In currencies, this is the abbreviation for the British Pound. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. for this phase of commercialisation to help bring the technology to full scale deployment. Finavera Renewables' planned first European project is a staged 100MW deployment at Figuera de Foz, Portugal. Consistent with the Carbon Trust's objective of reducing carbon emissions, Finavera Renewables projects a large carbon saving potential with the deployment of the AquaBuOY technology. It is estimated that every 200MW of renewable energy generated using the AquaBuOY technology would result in the reduction of CO2 emissions by 130,000 metric tonnes annually in European markets. About the AquaBuOY and the AquaBuOY Hose-Pump The AquaBuOY wave energy converter uses an innovative, low cost power take-off A power take-off (PTO) is a splined driveshaft, usually on a tractor or truck that can be used to provide power to an attachment or separate machine. It is designed to be easily connected and disconnected. component known as the Hose-Pump to convert ocean wave energy into electrical power. The Hose-Pump is a slender hollow elastic cylinder capable of pumping fluid when it is extended and contracted. When the Hose-Pump is connected to a buoy, wave action can be harnessed to produce pressurised fluid via cyclic cyclic /cyc·lic/ (sik´lik) pertaining to or occurring in a cycle or cycles; applied to chemical compounds containing a ring of atoms in the nucleus. cy·clic or cy·cli·cal adj. 1. extensions. Multiple devices coupled to a standard hydro-power turbine and generator provide a complete conversion solution, from wave energy to electricity. The focus for this joint AquaEnergy and Dunlop Oil and Marine project, co-funded by the Carbon Trust's Applied Research Programme, was on assessing mechanical and fatigue properties of the Hose-Pump. The outcome of the project has successfully confirmed theoretical prediction of the Hose-Pump operating characteristic under static and dynamic test conditions. Alla Weinstein, AquaEnergy's President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , "We are delighted that the Carbon Trust participated in this project and provided grant funding for the development of our leading wave energy technology. The success of the Hose-Pump project means that we can now concentrate on achieving further milestones towards full scale deployment of the AquaBuOY demonstrating its ability to generate clean electricity at competitive prices." Garry Staunton, Head of Low Carbon Research at the Carbon Trust, commented: "The Carbon Trust led Marine Energy Challenge highlighted a number of ways in which wave energy conversion technology could be progressed towards commercial deployment. In this context we were pleased to support this AquaEnergy led project which has reduced uncertainty around application of Hose-Pump power take-off technology. As such we believe that AquaBuOY has moved a step closer to becoming a fully-fledged commercial reality. "The Applied Research programme is a key part of our remit To transmit or send. To relinquish or surrender, such as in the case of a fine, punishment, or sentence. An individual, for example, might remit money to pay bills. TO REMIT. To annul a fine or forfeiture. 2. to encourage the transition to a low carbon economy: it allows us to back technology that we think has huge carbon-saving potential, but which requires a further boost before it becomes ready for the investment community. Our aim is to support the best emerging thinking in the energy world, and bring the worlds of science and business closer together by converting theory into potential profit." Jason Bak, Finavera Renewables CEO concluded, "The World Energy Council estimates that there is an accessible resource of 2 terawatts of renewable, clean energy available in the world's oceans. This is a potential resource equivalent to twice of the world's current electricity generation. In the US alone, the available wave energy resource is estimated at 2,300 terawatt-hours per year or US$80.5 billion annually. Finavera Renewables is aggressively moving towards capturing this sustainable source of ocean energy in an economic way." "This completed milestone for the AquaBuOY represents a further step towards full scale commercialisation. By substantially increasing our ability to reach European cost targets for ocean energy generation and through the development of our project pipeline, we are positing Finavera Renewables to have the dominant market share in the emerging wave energy sector." Notes to Editors Carbon Trust research also indicates that wave and tidal power tidal power Electricity produced by turbines operated by tide flow. Large amounts of power are potentially available from the tides in certain locations, such as Canada's Bay of Fundy, where the tidal range reaches more than 50 ft (15 m), but this potential power is not would supply a fifth of the UK's energy needs, given the right injection of financial support now. http://www.carbontrust.co.uk/Publications/publicationdetail.htm?produc tid=CTC CTC - Cornell Theory Center 601 About Finavera Renewables Finavera Renewables is a private Irish company dedicated to the development of renewable energy resources and technologies. The Company is in the process of listing, through a reverse take over, on the TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. . The Company's objective is to become a major renewable and green energy producer by developing and operating its assets in the wind and wave energy sectors. Further company details are available at www.finavera.com. About Dunlop Oil and Marine Ltd. Dunlop Oil & Marine Ltd., based in Grimsby, UK, is a world leader in the design, manufacture and supply of hoses for the oil, gas, petrochemical and dredging industries, for both offshore and onshore based operations. Dunlop is committed to providing the highest quality product and service and leading its market by developing innovative products and technologies. Since its founding in 1955, Dunlop has been responsible for all the major innovations in hose technology, including the first anti-pollution hose. About The Carbon Trust The Carbon Trust works with UK business and the public sector to cut carbon emissions and develop commercial low carbon technologies. An independent company set up by Government to help the UK meet its climate change obligations, the Carbon Trust creates practical business-focused solutions to carbon emission reduction on energy efficiency, carbon management, and investment. The Carbon Trust's Applied Research Programme provides grant support for the development and commercialisation of technology with the potential to reduce UK carbon dioxide carbon dioxide, chemical compound, CO2, a colorless, odorless, tasteless gas that is about one and one-half times as dense as air under ordinary conditions of temperature and pressure. emissions. Over the past four years the Carbon Trust has invested in excess of [pounds sterling]13 million in projects that have demonstrated their potential to facilitate the progress of low carbon technologies towards large scale deployment. The Carbon Trust's annual funding is in excess of [pounds sterling]105m in grants from the Department for Environment, Food and Rural Affairs The Department for Environment, Food and Rural Affairs (Defra) is the United Kingdom government department responsible for environmental protection, food production and standards, agriculture, fisheries and rural communities in England. (Defra), the Department of Trade and Industry The Department of Trade and Industry was a United Kingdom government department which was disbanded with the announcement of the creation of the Department for Business, Enterprise and Regulatory Reform on 28 June 2007[1]. (DTI Diffusion tensor imaging (DTI) A refinement of magnetic resonance imaging that allows the doctor to measure the flow of water and track the pathways of white matter in the brain. ), the Scottish Executive, the Welsh Assembly Government The Welsh Assembly Government (WAG) (Welsh: Llywodraeth Cynulliad Cymru, LlCC) was firstly an executive body of the National Assembly for Wales, consisting of the First Minister and his Cabinet from 1999 to 2007. and Invest NI. For more information on the Carbon Trust visit www.carbontrust.co.uk or call the Carbon Trust on +44 800 085 2005. |
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