Finavera Renewables Inc. (TSX-V: FVR) announced it will sell its ocean energy subsidiary to focus exclusively on wind power development.
The company said it has entered into a definitive agreement to sell Finavera Renewables Ocean Energy Limited (FVROE), including all assets and intellectual property related to the AquaBuOY wave energy technology, to an undisclosed buyer.
Pursuant to the agreement, the purchaser will issue to Finavera Renewables 10% of its issued and outstanding shares if and when a public listing is secured, Finavera said.
The purchaser also assumes all liabilities and debts associated with FVROE.
Finavera Renewables CEO Jason Bak said, "The sale of our ocean energy division completes our corporate transition to a pure wind company."
He added that the deal allows the company to retain an interest in the AquaBuOY wave power technology.
Finavera Renewables is developing wind energy projects in Canada and Ireland. In British Columbia, Canada, projects totaling 301 megawatts (MW) have been awarded Electricity Purchase Agreements under the Hydro Clean Power Call.
Bak recently told Reuters that the company expects to secure a deep-pocketed partner by the end of the summer for developing the Canadian projects. Read that story at the link below.
In Ireland, one pre-construction wind project is under development with a potential capacity of 105MW. Data collection and environmental studies have been continuing at a number of sites in both countries.
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