Green Energy Investment at Greenore big boost for County.

Green Party Senator Mark Dearey has welcomed the news of a 14 million euro investment in Greenore based renewable energy company, Openhydro.

It means that the investor, French corporation DCNS will take an 8% stake in Open Hydro valuing the company now at 175 million Euro. It follows on from a 2 milllion investment in Openhydro by AN Bord Gais only two weeks ago.

"This is a huge of confidence in the company, its technology and its workers" said Dearey

"I have for years now been saying that the switch to a low carbon economy will provide massive opportunities for Louth which is so well positioned to take advantage. Open Hydro make tidal turbines and there is global interest in their product.This investment and the company valuation conclusively shows just how big an opportunity the emerging green economy is providing for Louth and East Meath with its ports, its shallow coastal waters for wind turbines , its manufacturing tradition and its research centre and degree and post graduate programmes in Dkit."

Concluding Senator Dearey stated, " In the Senate two weeks ago I spoke of the Climate Change Bill as if it were an economic bill because it provides the template to turn the Irish economy into the model economy of the future. If we pursue this in a single minded fashion we can be the ones innovating and making low energy goods and services that the rest of the world needs. Its a global market that the Confederation of British Industry estimates will be worth 5 trillion euro by 2015* and I am determined to play my part in making sure we prosper in that global market"

In an additional comment Senator Dearey noted that, "DCNS core business is in defence and nuclear technology. I have spent much of the past two decades fighting Sellafield and the nuclear industry in the Irish Courts. Nonetheless I fully recognise the right of any company to diversify and indeed welcome the fact that that DCNS see the merit in investing in a technology that will generate electricity indefinitely and at no environmental risk."