Galway-based ÉireComposites is leading an initiative to develop a state-of-the-art marine hydrokinetic turbine, which aims to produce clean energy at a reduced cost.

Design and manufacturing company ÉireComposites will lead an international consortium that also includes NUI Galway and the Ocean Renewable Power Company (ORPC).

The project aims to develop and deliver to market a sustainable marine energy river and tidal turbine, with foils made entirely of recycled carbon fibre.

The turbine could have the power to harvest marine energy from tidal streams, ocean currents and rivers, which could produce several gigawatts of clean energy, significantly reducing carbon emissions.

The Crimson marine project has secured €3m in funding from the European Commission via the Fast Track to Innovation programme.

ÉireComposites’ CEO, Tomas Flanagan, said the EU funding received will cover 75pc of the cost of the project.

“As the sole Irish-led project funded in this call, it is a massive achievement for the country,” he added.

“At the conclusion of this project, we will have delivered a product that will have a positive impact on both the renewable energy sector and wider society. There is no doubt that society is progressing towards greener communities and I believe Crimson will play a positive role in this transition in terms of driving down costs for both the industry and consumers, but also increase the productivity of the renewable energy sector.”