As per the agreement, the purchaser will issue 10% of its issued and outstanding shares to Finavera Renewables, subject to securing a public listing. The purchaser also assumes all liabilities and debts associated with FVROE.
Jason Bak, CEO of Finavera Renewables, said: “The sale of our ocean energy division completes our corporate transition to a pure wind company.
“The AquaBuOY technology has the potential to become a viable renewable energy alternative and this transaction will provide significant benefits to Finavera. It allows us to retain an interest in an emerging technology while focusing our corporate efforts entirely on our wind project portfolio.”
Finavera Renewables is developing wind energy projects in Canada and Ireland. The company has been awarded Electricity Purchase Agreements for projects totaling 301MW under the Hydro Clean Power Call in British Columbia, Canada, while it is developing a 105MW pre-construction wind project in Ireland.
