Vancouver, Canada - Finavera Renewables Inc. (TSX-V: FVR) is pleased to update the status of the deployment of the AquaBuOY 2.0 wave energy converter. The AquaBuOY 2.0 continues to produce hydraulic power off the coast of Newport, Oregon following its deployment in early September. Key positive results from testing thus far include confirmation of the hose pump system’s excellent performance, survivability, and the successful overall integration of the hose pump system. The hose pump technology is one of the key components of the AquaBuOY 2.0, and its performance has been improved dramatically over the last 3 years due to the successful joint development program between Dunlop Oil & Marine Ltd and Finavera Renewables. Dunlop O&M Ltd. (a division of Continental AG), is the manufacturer of the AquaBuOY 2.0 hose pump.
Finavera Renewables CEO Jason Bak said, “The AquaBuOY 2.0 wave energy converter continues to perform, and continues to provide us with invaluable data as it converts ocean energy into hydraulic power. The information we are gathering from the AquaBuOY 2.0 will provide the basis for the future development and eventual commercialization of the wave energy converter. This deployment is a key step along the road to producing economical electricity from ocean energy.”
The AquaBuOY 2.0 will remain deployed off the coast of Newport, Oregon for a period of approximately one more month. The focus of the construction and deployment process is to determine potential cost reductions, and determine the most efficient way to increase the power output. Once the wave energy converter is removed from the water, engineering work will begin on design plans for the next generation of the technology. The critical information gathered from this current program will provide a foundation for the development of the next generation, referred to as AquaBuOY 3.0, and will accelerate the route to commercialization.
For more information about Dunlop Oil and Marine: www.dunlop-oil-marine.co.uk