Irish renewable energy companies will have access to €3m as part of an EU wide initiative to support renewable ocean energy.
The overall €17m fund is being launched in conjunction with seven government and agencies from across Europe.
Companies and research organisations in Scotland, Brittany, Pays de La Loire, Ireland, Spain, Sweden and the Basque Country are eligible to apply for funding under the scheme.
The Irish arm of the funding will be administered by the Sustainable Energy Authority of Ireland (SEAI).
“Through this programme we are leveraging significant funds and resources across the EU in support of the development of the ocean energy sector,” said Jim Gannon, CEO of SEAI.
“With a sea area ten times our land mass, we recognise the huge potential that ocean energy has to offer Ireland in creating a clean, low carbon economy, attracting investment and creating high value local jobs,” Mr Gannon added.