Around €3 million is being made available to Irish firms to advance in the ocean energy sector.

A €17 million fund has been launched by the European Union (EU) which is part of the OCEANERA-NET COFUND project and 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.

The funding to Irish companies will be administered by the Sustainable Energy Authority of Ireland (SEAI).

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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.

www.seai.ie/oceanenergy