Finavera Renewables Signs Contract With SAIC

Finavera Renewables Inc. has announced that SAIC, a leader in system integration, systems engineering and scientific services, will serve as the system integrator for Finavera Renewables' portfolio of ocean energy conversion programs and installation projects. This agreement will combine the technology developed by Finavera Renewables with the engineering and marine experience of SAIC.

According to the terms of the contract, SAIC, a research and engineering company, will provide system integration, systems engineering and design review support, plus program and project management support. SAIC will work with Finavera to develop, integrate, procure, install and test ocean energy conversion devices, including the patented "AquaBuOY" in marine renewable energy parks.

Alla Weinstein, Director and General Manager of Finavera Renewables, Ocean Energy, said, "This is another significant step in our emerging industry. This agreement brings two innovative companies together in the interest of commercializing a new renewable energy technology, introducing it as an available resource and strengthening energy security. SAIC brings a vast amount of marine engineering experience to the table, and we are thrilled to be working with them on the development of our patented 'AquaBuOY' technology and generating projects. This agreement will advance Finavera Renewables pursuit of the commercialization of the 'AquaBuOY' and the development of the wave energy industry worldwide."

Jason Bak, CEO, Finavera Renewables commented, "This agreement is of key importance for the planned installation of an AquaBuOY device in the USA in 2007. Working with SAIC will allow us to aggressively develop and construct the AquaBuOY for this deployment. Following this initial installation, it is anticipated that a number of devices will be deployed in what is planned to be America's largest wave park." -- www.cnxmarketlink.com