Finavera buys AquaEnergy stake

IRISH renewable energy firm Finavera has paid $1m for a stake in European company AquaEnergy.

Finavera said it has the option of increasing its stake. The Irish firm says AquaEnergy is looking at developing ocean energy technologies such as wave wind converters.

Finavera is developing wind projects in Galway and Clare, which will be able to generate 180mw of electricity, enough to power 100,000 homes.