Private Irish green energy company Finavera has bought a stake in US-based energy company Aquaenergy Group.

Finavera says the stake was acquired as part of a $1m investment programme in Aquaenergy, which is mainly involved in developing ocean energy technology such as wave energy converters.

Finavera, which is planning to develop two wind farms in Galway and Clare, has an exclusive option to increase its shareholding.

Finavera intends to seek a listing on London's AIM market this year.