Energy Minister Eamon Ryan announced a major programme of activity, grants and supports in Cork recently to develop ocean energy in Ireland. Over €26m in targeted funding will go to the sector over the next three years. The Minister also announced a significant boost for the future of the sector with funding for a new national ocean energy facility to be located in Ringaskiddy, Cork as part of the Maritime Campus Ireland (MCI) initiative.

The MCI builds on significant investment in maritime research and training in Cork, including the €30million development of the National Maritime College of Ireland (NMCI) in Ringaskiddy and €15.6million in research awards to University College Cork (UCC) from the prestigious Beaufort, Parson and Griffith programmes in 2007. UCC's Coastal & Marine Resources Centre (CMRC) and Hydraulics and Maritime Research Centre (HMRC) are key centres in the development of the MCI concept.