Galway-based space tech company Mbryonics has been approved for a recommended investment of €17.5m from the European Innovation Council (EIC) Accelerator.
Mbryonics's work ensures high-speed, secure communication infrastructures in space, air, and on land.
It said the €17.5m will allow the company establish a significant manufacturing, assembly, and testing facility for optics and photonics in the west of Ireland over the next five years.
Part of the EU's Horizon Europe 2021-2027 Research and Innovation Programme, the European Innovation Council (EIC) Accelerator Programme is Europe's flagship innovation programme.
It provides grant funding of up to €2.5m combined with an equity investment ranging from €0.5 to €15m in a blended finance offer.
Enterprise Ireland leads the National Support Network for Horizon Europe which includes supporting Irish deeptech companies to compete and win funding in the highly competitive EIC funding programmes.
The EIC Accelerator Programme provides transformational funding for high-potential, high-risk start-ups, scale ups and SMEs led by a strong, well-balanced leadership team which are already making good progress in commercialising highly differentiated, deep-tech products capable of creating new markets or disrupting existing ones.
John Mackey, CEO of Mbryonics, said the new funding from the European Innovation Council (EIC) along with the ongoing support from Enterprise Ireland and the Irish European Space Agency (ESA) will fuel the company's efforts to expand its advanced optical and photonic integrated circuit manufacturing capabilities in the West of Ireland.
"This period marks an exhilarating phase for Mbryonics, as our StarCom optical terminal is set to launch in 2025, supporting a client's development of a space-based quantum internet," Mr Mackey said.
"Additionally, the US government has chosen StarCom to facilitate a space-based internet linking government satellites with various commercial satellite networks, including Starlink and Kuiper, showcasing the impact of our team's decade-long commitment and effort", he added.
Leo Clancy, CEO, Enterprise Ireland, said that Mbryonics is an exciting deep technology company at the leading edge of its industry and this award recognises that excellence.
"Ireland’s overall success in the Horizon Europe EIC programme, supported by Enterprise Ireland in our National Contact Point capacity, shines a spotlight on the innovation and capability of Irish companies to compete on a global level," Mr Clancy said.
"This funding provides the critical support required to enable these innovative companies to develop and scale their businesses," he added.
