Cork-based sustainable marine project developer Simply Blue Group has received further financial backing of €25m from funds managed by Octopus Energy's generation arm.

An additional €2.5m has also been raised from other investors bringing the total investment to €27.5m.

Simply Blue Group develops pioneering projects in floating offshore wind, e-fuels, wave energy and low-impact aquaculture. It has a global pipeline of over 10GW of floating offshore wind projects.

The company said its latest investment will support its floating offshore wind projects and blue economy projects, such as the development of e-Fuels and energy parks.

Octopus invested 15m in the company in August 2021.

Sam Roch-Perks, Group CEO of the company, said the investment will enable Simply Blue to grow its pipeline even further and move forward with a range of international projects outside of floating offshore wind.

Chris Gaydon, Investment Director at Octopus Energy Generation, said the floating offshore wind sector will play a vital role in the clean energy system of the future.

"Just over a year after we first invested in Simply Blue, their development pipeline of floating offshore wind projects has grown significantly," Mr Gaydon said.

"Given falling costs, improving technology, and growing investment, this area is going from strength to strength. We're right at the forefront of this innovative and fast-growing market, working with SBG to accelerate its growth and expand its development pipeline," he added.