In a surprise u-turn applications to surrender its FERC license for the Makah Bay Wave Energy Pilot Project in Washington and the Humboldt County Preliminary Permit for a proposed wave energy project in California have been filed by Finavera Renewables. The decision, says the company, will allow it to focus its resources on enhancing its near-term wind project portfolio and provide shareholders with a clearer path to revenue in this challenging economic environment.

The company retains all Intellectual Property associated with the AquaBuOY technology and is actively seeking financial and technical partners for the future development of the technology.

In a statement released on Friday (6th February) the company said; "The immediate primary focus remains the continued development of the company's wind projects in BC and Ireland through partnerships and/or joint venture arrangements. In the medium term, the company plans to execute on its project finance agreements and bring the wind energy assets to commercial operation. In the longer term, the company will continue to assemble a diversified mix of revenue producing, renewable energy assets.