Fine Gael Senator Tony Mulcahy has congratulated Shannon-based AltraTech Ltd on being named as one of 10 Irish companies to benefit from its new €3 billion SME Instrument fund announced by the European Commission fund.
AltraTech Ltd, which began life in the University of Limerick, is developing a disposable food testing kit that will significantly reduce the wait time involved in identifying the species of meat being tested and any contaminants it may contain. The company is to receive €50,000 to finance a feasibility study for the project.
The project can also benefit from up to three days of business coaching and after that, may be considered for further financial support from the Commission worth up to €2.5 million, according to the European Commission.
"As someone who works in the food catering business and who is the owner of an SME, I am delighted to see a local company receive this funding," stated Senator Mulcahy.
The Shannon-based Senator continued: "Innovative SMEs such as Altratech are working hard to get the local, national and European economy back on track, creating lasting employment and great products and services. I am particularly delighted for Altratech CEO Tim Cummins whose disposable food testing kit is truly innovative, with a strong business opportunity and a solid concept to bring it to the market."
The other 9 Irish SMEs who received grants today are: R&R Mechanical in Tullamore, NVP Energy in Mullingar, Eblana, Pilot, Skyteck and Bluebridge Technologies based in Dublin, EC in Inverin, Brandon in Ballybunion and Sedicii Innovations Ltd in Waterford.
The SME instrument was launched under Horizon 2020, the EU's new €80 billion research funding programme, to help innovative small firms get innovative projects from the lab to the market. SMEs from EU Member States or countries associated to Horizon 2020 can apply.
AltraTech Ltd, which began life in the University of Limerick, is developing a disposable food testing kit that will significantly reduce the wait time involved in identifying the species of meat being tested and any contaminants it may contain. The company is to receive €50,000 to finance a feasibility study for the project.
The project can also benefit from up to three days of business coaching and after that, may be considered for further financial support from the Commission worth up to €2.5 million, according to the European Commission.
"As someone who works in the food catering business and who is the owner of an SME, I am delighted to see a local company receive this funding," stated Senator Mulcahy.
The Shannon-based Senator continued: "Innovative SMEs such as Altratech are working hard to get the local, national and European economy back on track, creating lasting employment and great products and services. I am particularly delighted for Altratech CEO Tim Cummins whose disposable food testing kit is truly innovative, with a strong business opportunity and a solid concept to bring it to the market."
The other 9 Irish SMEs who received grants today are: R&R Mechanical in Tullamore, NVP Energy in Mullingar, Eblana, Pilot, Skyteck and Bluebridge Technologies based in Dublin, EC in Inverin, Brandon in Ballybunion and Sedicii Innovations Ltd in Waterford.
The SME instrument was launched under Horizon 2020, the EU's new €80 billion research funding programme, to help innovative small firms get innovative projects from the lab to the market. SMEs from EU Member States or countries associated to Horizon 2020 can apply.
