Blue economy boost as €2.4m awarded to marine start-ups

One drop in the ocean economy could have a ripple effect.

12 Irish companies in the marine sector are to benefit from grants of up to €200,000 each, adding up to €2.4m over the next three years.

The investment by the Marine Institute in the 12 industry-led marine projects was announced yesterday (14 January) by the Minister for Agriculture, Food and Marine Michael Creed, TD. The grants are being provided to companies and company-led consortia with universities to support novel research and the development of new technologies in key growth areas such as marine engineering, renewable energy and the blue bio-economy.

‘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’
^{– MICHAEL CREED}

The awards were made under the Marine Research Programme 2014-2020 funded by the Irish Government, co-financed by the European Regional Development Fund (ERDF).

Making waves

Minister for Agriculture, Food and Marine Michael Creed, TD, (centre) with Marine Institute CEO Dr Peter Heffernan and representatives of 12 Irish companies in the marine sector that will receive investment funding totalling €2.4m over three years. Image: Darragh Kane

A diverse range of companies applied to the Marine Institute, following the launch of its industry-led call in May 2018. Awards have been approved for companies operating in a range of marine sectors, including: SolarMarine Energy, Gavin & Doherty Geosolutions, Subsea Micropiles, Marine Materials, Exceedence, W1Da Experience and Resolute Marine.

Bioresources processing company Bio-Marine Ingredients Ireland was awarded funding, while advanced technologies companies Xocean and IDS Monitoring, and marine engineering companies Technology from Ideas and OceanEnergy, were also successful in their funding applications.

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

“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.”

The total grant aid funding awarded was €2,384,929.

Grant winners