Sustainable Energy Ireland (SEI) has today announced the expansion of its Incubator Programme for emerging green businesses in the sustainable energy sector.
Under the programme SEI will this year fund an additional 10 high potential companies, bringing to 14 the number of businesses funded under the programme. The Incubator Programme encourages business development and helps bridge financial gaps for new and existing businesses in the area of sustainable energy.
SEI has identified five specific areas to be prioritised within the programme. The five areas are Bioenergy, Ocean and Wind Energy, Microgeneration, Energy Efficiency and Hydrogen and Fuel Cells. The funding available through the programme will help in overcoming some of the challenges faced by scientists and academics in taking innovative developments in these areas from concept stage to market.
Minister for Communications, Energy and Natural Resources, Mr Eamon Ryan TD said: “There is significant potential for the development of a strong sustainable energy industry in Ireland. We need to create a climate where innovative ventures receive the necessary support and assistance required to help them get off the ground. This expansion of SEI’s Incubator Programme provides valuable support to start-ups in the sustainable energy sector and I look forward to following the progress of the companies involved.”
The Incubator Programme was launched on an initial pilot basis in 2007 and awarded financial supports to four sustainable energy companies, Renewable Power Generation, AirEn Services Ltd, ApEnvEcon and Eirzyme. Each of these companies will continue to be funded under the programme in 2008 in addition to the 10 new companies. Business applying for funding under the programme must already be attached to one of the 22 eligible Business Incubation Centres.
SEI has stipulated that the funding should help companies meet definable financial challenges, produce replicable business models and provide both networking and capacity building opportunities for participating ventures.