A report by the Irish National Aquatic Research Institute has said the country will invest €4m to set up an algae plant at Maidenheads Aquatic Products, which has the potential to boost the Irish aquaculture sector by 20 per cent.
The report by research firm Aqualife is expected to be published on Monday.
The firm said the €4.8m investment would be in addition to €3.8 million already committed to the algae project.
The algae plant would be an effort to “improve the quality of aquatic products”, Aqualice chief executive Peter Fitzgerald said.
The report said the investment would enable Maidenhead to become a leading supplier of algae to Europe, while it would also boost the local economy. “
The algae project will help to deliver a positive impact on the environment and help to make our waterways cleaner.”
The report said the investment would enable Maidenhead to become a leading supplier of algae to Europe, while it would also boost the local economy.
It also said that the algae plant could be a catalyst for the growth of a new green economy in Ireland, which could be worth up to €1.6 billion.
The Irish Government is also committed to investing in an algae project in Wicklow, which was also part of the report.
Aqualive said that by 2020, it hoped to invest in over 100 projects across the world.
It is also working on a new algae-based protein, which will help increase the diversity of the Irish algae industry.