Three Irish Companies Get Multi-Million Funding

Irish Minister for Communications, Energy and Natural Resources, Alex White T.D. announced Government funding of €3.5 million to three Irish marine energy firms for the development and testing of new ocean energy technologies.

The announcement, made at the annual Ocean Energy Europe conference taking place in Dublin today, will see the three companies – Ocean Energy, SeaPower and GKinetic – receive funding from the Sustainable Energy Authority of Ireland (SEAI).

The company Ocean Energy has secured €2.3million to design and build a full-scale version of their Ocean Energy (OE) Buoy wave energy converter which will be deployed and tested at the US Navy Wave Energy Test Site in Hawaii. This funding is being matched by €4.5million from the US Department of Energy.

SeaPower will receive over €1 million 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 in Limerick Docks.

Minister White said: “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. Collaboration is key. Ireland is open for business, and keen to explore collaborative opportunities, whether with our near neighbours, or further afield such as with the US. International collaboration is in fact identified in Ireland’s Offshore Renewable Energy Development Plan as a key policy action to facilitate the development of the sector. I am delighted to see Irish companies progressing and securing significant national, and in some cases international funding.”

Brian Motherway, CEO of SEAI, said: “This is an exciting time for ocean energy in Ireland. With a sea area ten times our land mass, this market has the potential to be worth €15billion to Ireland’s economy by 2050. Already, Irish companies are making innovative technology developments and we are sending a message globally that Ireland is open for ocean energy business.”

Speaking on behalf of Ocean Energy, Professor Tony Lewis, Chief Technical Officer said: “This funding announcement will enable a milestone project for both Ireland and the USA and it is a welcome endorsement not only for Ocean Energy but for the entire marine renewables industry.”

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