In Business
InterTradeIreland Invests €4m in Cross-Border Company R&D
By InterTrade Ireland
Aug 23, 2009 - 7:02:15 PM

Green Tech partnership receives funding as part of Innova R&D Programme

Sixteen companies are to receive up to €300,000 each from cross-border business and development body InterTradeIreland to accelerate new product, process and service developments.

The funds, awarded through InterTradeIreland’s Innova R&D programme, will help the companies involved to form a strategic cross-border partnership to share knowledge and technical expertise.
InterTradeIreland Chief Executive Liam Nellis said: “Innova helps companies to work together to develop new products with demonstrable commercial potential and bring them to market faster than if they were working alone.

“Each application is technically, commercially and financially assessed by a team of experts and the competition is tough. Companies that have made it onto the programme should be very proud of their achievement and we look forward to releasing a further €7.6m later this year for other projects that make the grade. Indeed, we are currently taking expressions of interest from companies looking to undertake cross-border R&D.”

Two companies benefiting from Innova funding are Newry-based FM Environmental and information management company Central Solutions from Limerick. The two companies will partner in developing a turnkey IT solution for Wastewater Treatment Compliance Monitoring and Management. The partnership provides the opportunity to combine Central Solutions extensive experience in the provision of data management solutions and FM Environmental’s track record in the design and deployment of management and monitoring solutions for the water industry internationally.  The beneficiaries will be local authorities and others with responsibility for the management of wastewater treatment.
 
Noel Mills, commercial director at FM Environmental Ltd said: “We are delighted with the fact that this partnership has taken off.  This project involves developing an innovative Quality Management System for the Global Wastewater Industry and we are very excited about its prospects. 

“Teaming up with Central Solutions is such a positive move as it has opened a door to a different skill base while providing a working relationship with a company that holds similar views to our own. InterTradeIreland’s practical assistance and financial support complement this project.”

Commenting on the project Paul Conheady, CEO of Central Solutions said: “The investment in this R&D project is part of Central Solution's ongoing commitment to develop and deliver best in class data management solutions for new and existing clients in Ireland, the UK and beyond. 

“We are delighted to have the opportunity to work with a company of the calibre of FM Environmental and are very grateful to InterTradeIreland for its decision to co-fund the project. Without their hands-on assistance through the early stages of the project development along with their financial backing, the project would not have proceeded.

“The Innova Programme offers an ideal vehicle for ambitious companies on both sides of the border to combine their respective strengths to develop new product offerings and compete on the international stage.”

The next competition phase of Innova applications is currently ongoing with a closing date of 28th August 2009 – for further information visit www.intertradeireland.com/innova or call 028 30834148