Bord Gáis is to invest in the renewable company Tonn Energy, which aims to develop a commercially viable electricity generation system from wave power.
Bord Gáis is to take a 20% stake in the energy company, which aims to develop wave farms, generating electricity from the power of the sea.
Tonn Energy is a joint venture between Irish wave technology company, Wavebob, and one of Europe's largest utilities, Vattenfall, a project that also has an agreement with ESB International.
Meanwhile, Europe's energy chief issued a warning today over gas and oil imports as he unveiled a strategy for investing €1 trillion over the next decade to bolster networks and strengthen solidarity.
The EU is the world's largest energy importer and this puts it at substantial risk when oil and gas prices begin to spike.
The plans announced today are aimed at reducing imports and boosting renewable energies.
Energy Commissioner Guenther Oettinger said the narrow interests of national capitals had prevailed for too long.
He asked European leaders to back his plan for unity at the first EU energy summit on 4 February.
'Despite serious gas supply crises that have acted as a wake-up call, exposing Europe's vulnerability, there is still no common approach,' said his 'Energy 2020' strategy paper.
'Postponing these decisions will have immeasurable repercussions on society.'
His plea came a day after the International Energy Agency forecast global oil supplies would peak around 2035, when oil prices would exceed $200 a barrel, kicking off a scramble for alternative energy sources.
'The international market for oil supplies could become very tight before 2020, which means that it is important for EU consumers to step up their efforts to reduce oil demand,' said the strategy paper.
'Over the next 10 years, overall energy infrastructure investments in the EU of one trillion are needed,' he said.
The money will come from taxpayers and energy firms.
