A new research project which will examine how wind energy is stored and managed has been launched at Titanic Belfast.

Through the SPIRE energy project, researchers from the University of Ulster and Dundalk Institute of Technology (DkIT) will examine the likely market scales of different capacities of wind energy storage, on the all-Ireland energy market. The project is being backed with £2.9m of financial assistance from the European Union's INTERREG IVA Programme.

Speaking in support of the launch, Enterprise, Trade and Investment Minister Arlene Foster said: "This is a very worthwhile project that will examine the way in which we control and store electricity across Northern Ireland and Republic of Ireland.

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"This will help to support the development of the renewable energy sector and contribute to our ambitious targets as outlined in the Strategic Energy Framework, as well as reducing reliance on more expensive and limited natural resources."

Alastair Ross MLA, Assembly Private Secretary said: "The SPIRE project is a great example of how we are utilising EU funding to assist in the development of pioneering energy research projects that can have a real and lasting impact.

"We see daily the challenges of ever rising energy costs and their impact on business competitiveness and I welcome this research that may ultimately assist businesses to ensure their own security of energy supply and decrease their overall costs."

(CD/JP)