Marketwire

Finavera Renewables Inc.

November 1, 2007 - 02:29:59 PM

Finavera Renewables Completes AquaBuOY 2.0 Deployment


VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 1, 2007) - Finavera Renewables
Inc. ('Finavera Renewables' or the 'Company') (TSX VENTURE:FVR) has
successfully completed the testing process of the AquaBuOY 2.0 wave energy
technology, which was deployed off the coast of Newport, Oregon in early
September. Key positive results from testing include confirmation of the
overall system's excellent performance, correlation with numerical models, and
the successful overall integration of the hose pump system.

The focus of the construction and deployment test program was to determine
areas for potential cost reductions, and efficient ways to increase the power
output. The critical information gathered from the test program provides a
foundation for the development of the next device generation, referred to as
AquaBuOY 3.0, and will accelerate the route to commercialization.

During the retrieval process the test device experienced buoyancy issues and
the Company decided to leave the device on the sea floor until the next
appropriate weather window for retrieval. All of the mooring tackle, lines and
anchors have been removed from the site, but the Company was not able to
secure the device to tow it to harbor due to inclement weather conditions.

Due to winter weather conditions that could impact the safety of the crew, the
Company decided to delay removal efforts and will remove the device at the
earliest possible time taking into account weather conditions. The device
represents no environmental or navigational hazard, as it is constructed of
steel and rubber and does not contain any hydraulic oils. All of the required
data from the testing process had been transmitted wirelessly during the
testing process, so will not impact the Company's continuing research and
development efforts for the third generation AquaBuOY device.

Finavera Renewables will now continue with the next stage of the AquaBuOY
development program, to evaluate the data and move towards commercialization
of the technology.

On behalf of the Board of Directors,

Jason Bak, CEO

About Finavera Renewables Inc. (www.finavera.com)

Finavera Renewables Inc. is dedicated to the development of renewable energy
resources and technologies. The Company's objective is to become a major
renewable and green energy producer by developing and operating its assets in
the wind and wave energy sectors. Finavera Renewables Inc. is developing the
licensed and patented 'AquaBuOY' wave energy technology, a device that is
based on proven and sustainable buoy technology. The Company is developing
wave energy projects for AquaBuOY use in the United States, Portugal, South
Africa and Canada. The Company is also developing other wind energy projects
in Canada and Ireland. In Canada, a two stage 150 MW project is being
developed in Alberta. Construction on this advance stage project is estimated
to begin in 2008 and provides for near term revenue. In British Columbia, four
projects totaling 366 MW have been entered into the provincial Environmental
Assessment process, and several other sites are being developed. In Ireland,
two pre-construction wind projects are under development with a potential
capacity of 175MW. Data collection and environmental studies have been
continuing at a number of sites in both countries.

This news release does not constitute an offer to sell or a solicitation of an
offer to sell any securities in the United States. The securities have not
been and will not be registered under the United States Securities Act of
1933, as amended (the "U.S. Securities Act") or any state securities laws and
may not be offered or sold within the United States or to U.S. Persons unless
registered under the U.S. Securities Act and applicable state securities laws
or an exemption from such registration is available. Statements in this news
release, other than purely historical information, including statements
relating to the Company's future plans, objectives or expected results,
constitute Forward-looking statements. Such statements represent management's
conclusion based on numerous assumptions and are subject to all the risks and
uncertainties inherent in the Company's business, including development risks.
Further information concerning such risks is set forth in the Company's formal
disclosure documents filed on SEDAR, including its MD&A. Consequently, actual
results may vary materially from those described in the Forward-looking
statements.


FOR FURTHER INFORMATION PLEASE CONTACT:

 Media may contact Finavera Renewables Inc. Myke Clark VP Policy & Public
Relations (604) 288-9051  Email: info@finavera.com Website: www.finavera.com 

 Weber Shandwick Jai Ferguson    Email: jferguson@webershandwick.com  

The TSX Venture Exchange has not reviewed, and does not accept responsibility
for the adequacy or accuracy of this release.