Ocean Energy contract to result in 35 new jobs
13.02.2012
Cork-based wave energy company Ocean Energy expects to create 35 new engineering jobs as a result of winning a major deal last week to provide grid connected offshore marine energy test site, Wave Hub, with its first multi-million euro energy device.
Ocean Energy expects to deploy its first full-scale device costing €9m at Wave Hub off the north coast of Cornwall by the end of this year. The full-scale unit has the capacity to generate sustainable energy to power up to 1,200 homes.
The company said 35 jobs will be created during the construction and deployment phase. The fabrication contract will be put out to tender.
The company has been testing a quarter scale prototype of its OE Buoy in Galway Bay for the last three years. It was one of a number of companies competing for the opportunity to win the Wave Hub contract.
Wave Hub will fund Ocean Energy’s deployment costs up to a maximum of £1m (€1.2m). This includes the cost of securing a marine licence and installation of moorings and deployment. The rest of the funding is expected to come from investors in the engineering industry and from oil and gas companies.
“This is a major achievement for Irish technology, which has been developed with the assistance of Irish government funding and expertise at the UCC Hydraulics and Maritime Research Centre,” said John McCarthy, chief executive and co-founder of Ocean Energy. “It is also an endorsement of the technology development path adopted by Ocean Energy.”
Labour MEP, Phil Prendergast, welcomed the news. “Ocean Energy is showing the way forward for job creation in Ireland. We have one of the largest sea-bed areas in Europe, and the Government is developing a plan to harness this potential to tap into a marine sector worth €1.2trn,” he said.
"The EU has provided over €1.4m to Irish participants who collaborated on research and development of this world-class product. The investment is clearly paying off, as this, and similar projects, have produced tangible results which will benefit the whole of Europe.
“Ocean Energy’s contract is to be among four companies plugging into the testing hub using its OE Buoy – an innovative, highly efficient offshore turbine."
"The Ocean Energy deal is a triumph for Ireland's research and development sector, particularly in light of recent proposals for Europe's new R&D programme, Horizon2020.
"R&D is incredibly important to the knowledge economy we are trying to create. Successes like this make Ireland even more attractive for investors who are looking for highly skilled scientists and researchers."