Finavera’s renewable energy funding cycle

If I reported on every green tech financing announcement that crossed my inbox, I wouldn’t have time to do anything else. But this one caught my eye because of where the funds are going: into wave energy and wind farm projects.

So here’s the deal. Renewable energy tech company Finavera Renewables is hoping to raise up to $23 million, part of which will be used for an operational wind farm in Germany that will produce up to 20 megawatts of power.

Finavera announced plans to buy the farm back in August. (It has ongoing projects in Ireland and Canada.)

With the money it produces from the German farm, the company in turn will fund its offshore wave technology. One renewable source funding another renewable source. Here’s hoping for a successful domino effect.