Cork's Climeaction seeks to fill US funding gap

The funding will help firms install industrial heat pumps and boilers to replace fossil-fuel heating systems

Climeaction CEO Paul Murphy, minister Peter Burke, Enterprise Ireland executive director Jennifer Melia, Enterprise Ireland's Sara Dart, and Climeaction operations lead Brendan Place. File picture

Cork-headquartered firm Climeaction is to develop a $50m (€46m) Climate Transition Fund in the US to help large industrial manufacturers in New England to develop clean energy and decarbonisation projects.

Paul Murphy’s company is moving to fill a gap caused by the recent $500m (€457.8m) cuts to Massachusetts’s state energy efficiency funding, which has left many companies struggling to finance their transition to cleaner energy.