Sustainable Energy Ireland (SEI) is set to fund another ten green businesses.
Under its Incubator Programme, it provides financial assistance for companies in the sustainable energy sector.
This latest announcement will increase the number of businesses funded by the organisation to 14.
Four companies had been funded on an initially trial basis since the programme was launched in 2007.
The funding is designed to help take innovative developments in the sector to the market.
SEI highlights five key areas of bioenergy, ocean and wind energy, microgeneration, energy efficiency and hydrogen and fuel cells, as a priority for funding.
Brendan Halligan, chairman of SEI, said that the company wants to make innovative development of products "more attractive" to entrepreneurs.
"The Incubator Programme supports the business development of clean energy technologies and is helping defray costs to fledgling companies, while supporting Irish business capacity and a diversified commercial and industrial base," he added.
SEI recently announced the opportunity for companies to have their products included in a tax incentive scheme.
Under the Accelerated Capital Allowance companies can write off the cost of energy efficient equipment in the first year of purchase.
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