Vancouver-based wind energy developer Finavera Renewables Inc. (TSX-V:FVR) announced Friday it is selling its ocean energy division, which has been dormant since October 2007 when the company’s first wave energy converter sank at sea.
Finavera did not disclose the buyer, who is assuming all liabilities and debts associated with the division, which includes the AquaBuOY technology behind the 72-foot wave energy converter that sank off the coast of Oregon.
The buyer is to issue 10% of its issued and outstanding shares if and when it secures a public listing.
Finavera’s CEO Jason Bak said in a release that the sale of the ocean energy division completes the company’s transition to a pure wind company.
He said: “[The deal] allows us to retain an interest in an emerging technology while focusing our corporate efforts entirely on our wind project portfolio.”
BIV last caught up with Finavera in March when all four of its wind energy properties, which are to produce 293 megawatts, or enough electricity to power 75,000 homes, received energy purchase agreements from BC Hydro. (See “Wind and wave: A tale of two renewable energy sources in B.C.” – issue 1065, March 23-29, 2010.)