Three marine energy firms have secured €3.5m in Government funding.
The funding will be used for the development and testing of new ocean energy technologies. Ocean Energy, SeaPower, and GKinetic are the firms involved.
Ocean Energy has secured €2.3m to design and build a full-scale version of an Ocean Energy Buoy wave energy converter which will be deployed and tested at the US Navy Wave Energy Test Site in Hawaii. That funding is being matched by €4.5m from the US Department of Energy.
SeaPower will receive over €1m to test their wave energy converter at quarter scale in Galway Bay, while GKinetic Energy will receive €200,000 to conduct towing tests of their tidal turbine system - designed to harness energy from river and ocean currents - in Limerick Docks.
“I am committed to seeing the ocean energy sector deliver on its potential. I believe that Ireland has put in place the right building blocks to unlock the enormous potential around us,” Energy Minister Alex White said.
Sustainable Energy Authority of Ireland ceo Brian Motherway said the marine energy market could be worth €15bn to Ireland’s economy by 2050.