Tonn Energy, a joint venture between Irish ocean energy company Wavebob and Swedish electricity utility Vattenfall, will receive grant assistance for the development of the world’s first fully commercial ocean energy generator.
Eamon Ryan said significant research and development work will be undertaken at the national wave energy test site at Belmullet in Co Mayo.
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It follows on from an earlier €4.3m government investment in ten ocean energy companies, as part of the overall National Ocean Energy Strategy.
This strategy will see over 500MW (megawatts) of ocean energy generated by 2020 with Tonn Energy delivering over 250 MW (megawatts) of electricity in that timeframe.
"Capturing the power of our waves is a hugely complex process, requiring intensive research and testing, as well as significant investment," said Minister Ryan.
"It takes time to get it right and with this grant assistance; Tonn Energy could be the first company in the world to succeed. This investment is a crucial step in realising our clean energy ambitions."
He added: "At the North West of Europe and facing directly into the Atlantic Ocean, our wave resources are unrivalled. They present a real opportunity to generate carbon free electricity for our own market and beyond in the future."
(PR/BMcC)
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