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Energy From the Ocean

Boot Camp feature for Friday, May 11, 2007

Energy from the ocean. Bloomberg Boot Camp, a report on today's technology. With energy prices climbing, the search for alternatives continues. One of them is called wave energy….and among the companies developing the technology is Finavera Renewables. CEO Jason Bak…

"We're a renewable energy company that's developing different types of assets. We're focused on developing wind energy in Ireland and Canada and that really is underpinning the value in the company. From there, we're leveraging the revenues that we're anticipating to have over the next one to two years from our wind projects into what we see as the future of renewable energy which is wave energy."

Working with the Clinton Global Initiative, Finavera is building a wave energy power plant in South Africa. Simply put, the bobbing of the waves offshore is used to drive pistons …which are used to drive water through a pump generating electricity…

"So it's a very simple type of device, that can be scaled from a very small number of devices to a larger number of devices in an area."

Less obtrusive and more efficient, according to Bak…than offshore wind farms. How much of the world's energy needs might wave power someday generate…

"It's on the order of terawatts. So we're seeing wave energy potentially supplying, I'll pick a percentage, up to ten percent of the world's power supply over the next twenty to twenty five years."

Finavera Renewables CEO Jason Bak. Bloomberg Boot Camp, I'm Fred Fishkin.