€3m Available to Irish Ocean Energy Companies as part of EU Fund

A new €17 million fund has been launched in support of the ocean renewable energy sector.

The fund, which is part of the OCEANERA-NET COFUND project, brings together a consortium of seven governments and agencies from across Europe who are committed to advancing research and development in the ocean energy sector. 

Of the €17 million, it is anticipated that up to €3 million will be made available to Irish companies and will be administered by the Sustainable Energy Authority of Ireland (SEAI).

Jim Gannon Chief Executive said: “SEAI is pleased to be a part of innovative supports for the ocean energy sector. Through this programme we are leveraging significant funds and resources across the EU in support of the development of the ocean energy sector. 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.”

Financed by the European Union’s Horizon 2020 Programme, the fund is available to companies and research organisations in Scotland, Brittany, Pays de La Loire, Ireland, Spain, Sweden and the Basque Country. The fund will support collaborative research projects which demonstrate and validate ocean energy technologies.

Denis Naughten, Minister for Communications, Climate Action and Environment stated: “Ireland is delighted to support this initiative as we believe that collaboration is key to finding a workable solution to harness the immense ocean energy resource on our doorstep. We look forward to working with our EU counterparts to unlock this immense potential for the benefit of all.”

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