Displaying items by tag: investment
Fastnet Line Closes For Good
#FERRY NEWS - The Fastnet Line ferry service between Cork and Swansea is to close with the loss of 78 jobs.
As previously reported on Afloat.ie, the operator had been in examinership since last November, and a restructured business plan had been submitted with a view to resuming high-season service in April.
However, in a statement the owners of the Fastnet Line said they had been unable to raise the €1m-plus investment required and that the examinership had "failed".
All 78 jobs will be lost as the company is set to be placed in receivership or liquidation later today.
The Fastnet Line - which was worth around €30 million to Cork in tourist spending - made its maiden voyage from Swansea to Cork in 2010, and was the only direct passenger and freight link between Wales and the south coast of Ireland.
The Irish Times has more on the story HERE.
Marine Escapes Cuts in Latest Budget
#BUDGET - Coastguard and lifeboat services, mountain rescue and the Commissioners of Irish Lights will not face any further funding cuts in the latest Budget, according to the Minister for Transport.
The Irish Times reports that, following the reduction of his department's budget, Minister Leo Varakdar stated that substantial cuts have already occurred in the maritime safety sector.
Moreover, he announced an increase in the maritime budget from €70.5 million to €80.3 million, due to provisions for the new Irish Coast Guard helicopter contract.
Earlier this week, Minister for Agriculture, Food and the Marine, Simon Coveney, underlined the importance of the marine sector to Ireland's coastal communities.
As previously reported on Afloat.ie, Minister Coveney announced a round of expenditure estimates on Monday which include increased funding for investment in processing, aquaculture and fishery harbours.
Galway Students Win Big for Surfing Website
Two students at NUI Galway have won a €15,000 investment in an enterprise competition for their website promoting surfing in Ireland.
Oisin Halpin and Cian Brassil of WestCoastSurfer.com took the top prize at the NUI Galway Student Enterprise Awards earlier this month, with judges convinced by their brand and ability to attract investment to the region, according to Silicon Republic.
“WestCoastSurfer.com has huge growth potential and is well grounded in commercial reality with great opportunities for the West of Ireland,” said chairperson of the judging panel Helen Ryan.
Scotland To Host World's Biggest Tidal Power Array
Scotland's west coast will be home to the world's largest tidal power facility, it has been announced.
The £40 million (€45.9 million) 10MW tidal array, to be developed by ScottishPower Renewables in the Sound of Islay, will generate power for more than 5,000 homes.
Scottish Cabinet Secretary for Finance John Swinney, who signed off on the deal, described the project as "a milestone in the global development of tidal energy".
"Scotland's seas have unrivalled potential to generate green energy, create new, low carbon jobs, and bring billions of pounds of investment to Scotland," he said.
The project comes in tandem with the consultation process for the Scottish government's National Marine Plan, intended to highlight the best opportunities for investment across all marine industries.
Energy & Environmental Management has more on the story HERE.
