12 marine businesses to receive funding worth €2.4m

12 marine businesses to receive funding worth €2.4m
Minister Creed (centre) along with Dr Peter Heffernan, Marine Institute CEO, and representatives of 12 Irish companies that will receive investment funding totalling €2.4m over 3 years. Photo: Darragh Kane.

The Minister for Agriculture, Food and Marine, Michael Creed, has announced today that funding worth €2.4m will be allocated to 12 marine businesses over the next three years.

The funding, which will be provided by the Marine Institute, aims to help drive continued innovation in Ireland’s ocean economy.

This is a key requirement of the Marine Institute led National Marine Research and Innovation Strategy (2017-2021).

The 12 grants of up to €200,000 each which are being provided to individual companies and company-led consortia will support research and development, as well as the development of new technologies in key growth areas such as marine engineering, renewable energy and the blue bioeconomy.

Five universities will also be working in collaboration with the businesses.

Minister Creed said: “Ireland’s blue economy continues to grow and develop in line with the targets of the national integrated marine plan, Harnessing Our Ocean Wealth.

"Indigenous small and medium enterprises are identifying new commercial opportunities across a range of marine sectors which can lead to economic growth and new jobs.

"These industry-led awards provide the opportunity for companies to build their R&D capacity and to innovate towards new products and processes," he said.

Marine Institute CEO, Dr Peter Heffernan, said, “The Marine Institute is committed to assisting industry-led development through knowledge transfer, capacity building, research and Innovation.

Job creation in the marine sector is increasing as a result of such investment and Irish marine companies have built an excellent reputation internationally for innovation and best practice.

"The 12 companies receiving funding through this funding call have demonstrated the demand and capability to fuel further growth through marine research," he said.

The full list of businesses awarded grants can be seen here.

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