Minister for Enterprise, Trade and Employment Micheál Martin yesterday announced additional funding of nearly €16 million to develop the Tyndall Institute at University College Cork into a world-class research facility.
The institute, which was founded in 2004 and which specialises in photonics, electronics and nanotechnologies, will receive funding of €15.86 million from 2008 to 2011.
The funding provided through Science Foundation Ireland (SFI), the organisation which implements the Government's National Development Plan and the Strategy for Science, Technology and Innovation (SSTI), will allow for the expansion and development of the institute's base at the Lee Maltings site.
A sum of €8.2 billion has been allocated for scientific research under the SSTI and the NDP, of which the SFI has responsibility for investing €1.4 billion.
Its remit is to invest in leading edge research in biotechnology and information and communications technology. Mr Martin believes the investment will see the institute "evolve into a truly national institute which will be at the cutting edge in the delivery of next generation technology.
"Since it was established in 2004 the institute has already proved invaluable in the services it offers to our high-tech industry as well as increasing the number of graduates for the knowledge economy.
"The investment is an important step forward towards achieving the goals set out in the Government's Strategy for Science Technology and Innovation, which has the aim of ensuring Ireland will be internationally renowned for the excellence of our research by 2013," he said.
The institute's funding will be monitored by progress reviews according to agreed milestones over the three-year period.
Yesterday's announcement follows on from the memo of understanding signed between the Department of Enterprise, Trade and Employment and University College Cork in January 2006.