Technology company SuperNode has announced plans to invest more than €40m in its Irish operations.
The company said the investment in its Dublin plant will design, develop and manufacture High Temperature Superconducting (HTS) cable systems.
SuperNode, which was founded in 2018 by Eddie O'Connor, is supported by IDA Ireland and has an Irish workforce of over 60.
The company develops revolutionary superconducting transmission technology for the renewable energy transition.
Its superconducting cables can transfer renewable electricity with reduced losses, costs and footprint compared to conventional cable technology.
It uses liquid nitrogen to cool its cables to cryogenic temperatures and into a state of superconductivity, enabling efficient and high-density power transfer - up to five times more power than conventional cables at much lower voltage levels.
The superconducting cables will be commercially available by the end of the decade and will be a key technology advancement to enable the renewable energy transition.
John Fitzgerald, SuperNode's chief executive, said the company was grateful for the support of the IDA and the Government towards the advancement of its ground-breaking superconducting transmission technology.
"This endorsement reinforces the Irish Government’s mission to address climate change effectively and displays a commitment to supporting innovative solutions. With the right support from Government, Ireland can become a European hub for critical Grid and Renewable Energy Enabling Technologies - SuperNode is excited for the opportunities that lay ahead," the CEO added.
Minister for Enterprise, Trade and Employment Simon Coveney said the company's exciting new project will allow for renewable electricity transmission, with reduced losses, reduced costs and, importantly, a reduced energy footprint.
"It is another step towards a green and cleaner environment for us all, and as a Government, we support and encourage green initiatives that work towards our Sustainable Development Goals," he added.
