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Ireland Grants €3.5 to Three Marine Energy Developers

The Irish Government granted a lump sum of €3.5 million to three Irish marine energy companies for the development and testing of new offshore energy technologies.

The announcement made at Ocean Energy Europe 2015 conference will see the three companies: Ocean Energy, SeaPower and GKinetic receive funding from the Sustainable Energy Authority of Ireland (SEAI). 

Wave energy developer Ocean Energy has been awarded €2.3 million to design and build a full-scale version of their Ocean Energy Buoy wave energy converter which will be deployed and tested at the US Navy Wave Energy Test Site in Hawaii.
Marine R&D and engineering company SeaPower will receive €1 million to test their wave energy converter at quarter scale in Galway Bay, Ireland. 

Tidal energy developer GKinetic Energy will receive €200,000 to conduct towing tests of their tidal turbine system in Limerick Docks.
Chief Executive of Sustainable Energy Authority of Ireland (SEAI), Brian Motherway 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 €15bn to Ireland’s economy by 2050.”
Irish Minister for Energy and Natural Resources, Mr. Alex White said “Ireland is putting in place the right building blocks to unlock the enormous potential around us and I am committed to seeing the ocean energy sector deliver on its potential.”

This announcement is expected to boost the Irish marine renewable energy industry.