Home Back Issues September 2008 Economy sinks wave energy momentum

Economy sinks wave energy momentum

| Print |  Email
Archives - September 2008
Monday, September 01, 2008

THE COAST   The credit crunch — Oregon’s current fiscal bugbear — can now be blamed for one more thing: a downturn in wave-energy projects.

The industry got a black eye when the state’s first test buoy, which was developed by the Irish company Finavera and Oregon State University, sank last fall. Finavera rescued the buoy in August but said it wouldn’t go ahead with plans to install a second experimental unit.

Since the sinking, the number of companies interested in developing projects off the Oregon coast has dropped from seven to three.  According to Edward Einowski, a partner at Stoel Rives who specializes in renewable energy project finance and development, the economy is partially to blame.

Wave energy — unlike wind — is still an unknown risk, which in a downturn makes finding funding all that much harder, he says. The only option for companies with undeveloped projects may be to wait it out.

But “in the development business,” he says, “time is money. It’s going to be painful to have to wait.”  

ABRAHAM HYATT



Have an opinion? E-mail This e-mail address is being protected from spambots. You need JavaScript enabled to view it

 

More Articles

Buy the book

News
Tuesday, March 25, 2014
2 03.25.14 thumb bookshopBY VIVIAN MCINERNY | OB BLOGGER

Oregon is home not only to many fine writers but also several accomplished small publishers.


Read more...

How to help your staff solve their own problems

Contributed Blogs
Friday, March 21, 2014
03.21.14 thumb coxcoffeeTOM COX | OB BLOGGER

During a recent talk to HR Directors, I asked if they saw leaders trying to solve every problem, instead of delegating to and empowering staff. Every head nodded. Every single one.


Read more...

Spreading the wealth

March 2014
Tuesday, February 25, 2014
HiResBY PAIGE PARKER

A money management firm broadens its reach. 


Read more...

Fuel's gold

March 2014
Tuesday, February 25, 2014
BY SOPHIA BENNETT

The coastal town of Coos Bay appears poised to land every economic development director’s dream: a single employer that will bring hundreds of family-wage jobs and millions in tax revenue. 


Read more...

Tech makes the world go round

Contributed Blogs
Thursday, March 20, 2014
03.20.14 thumb internetBY JASON NORRIS | GUEST BLOGGER

I don’t think anyone can (or should) remember what it was like to get things done without the internet. This milestone in technology has certainly benefited brick-and-mortar companies and subsequently launched a new era of businesses.


Read more...

Airbnb laws will hurt Portland’s newest company

News
Wednesday, April 23, 2014
airbnb-logoBY CLIFF HOCKLEY | OB GUEST CONTRIBUTOR

Proposed regulations protect Portland’s strict zoning codes and hotel operators, but they may have an adverse effect on Airbnb’s business.


Read more...

Rapid ascent

March 2014
Tuesday, February 25, 2014
IMG 4255-2BY AMY MILSHTEIN

Kelly Dachtler, president of The Clymb, redefines outdoor retail.


Read more...
Oregon Business magazinetitle-sponsored-links-02
SPONSORED LINKS