Irish company, ÉireComposites, is leading a new €3.9m project to develop and market a marine hydrokinetic (MHK) turbine.

The MHK turbine, which is placed below the water's surface, generates renewable electricity from tidal streams, ocean and river currents.

It is estimated some 615 terawatt-hours per year could be produced using Ireland's as yet untapped tidal sources.

To put that in context, that estimated energy creation is approximately 20 times Ireland's annual electricity consumption.

Sustainable

ÉireComposites has partnered with the Ocean Renewable Power Company and National University of Ireland Galway to commercially develop the turbine.

The marine hydrokinetic turbines sit below the water's surface and generate electricity by harnessing tidal streams, ocean and river currents.

The turbine is made from sustainable materials, with the foils made entirely of recycled carbon fibre. This reduces the capital expenditure and operating expenditure by 33% and 66%, respectively.

Speaking on today's announcement, Tomas Flanagan, ÉireComposites' CEO said: "We are delighted to announce this funding as part of the Horizon 2020 Fast Track to Innovation Programme. The amount we have received will cover 75% of this project's cost and as the sole Irish-led project funded in this call, it is a massive achievement for the country."