Up to 200 jobs have been promised within the first two years at a new innovation campus in Dublin.
The Dublin City University (DCU) centre will be a national hub for clean technology companies and is expected to boost Ireland's green economy.
Jobs Minister Richard Bruton, who officially opened the campus in Glasnevin, said this was just part of the Government's plan to create 10,000 jobs in the cleantech sector over the coming years.
"The DCU Innovation Campus will play a key role in this by bringing together innovative start-ups and more established companies with the skills and ideas that only a university can provide," Mr Bruton said.
"This is a model that has been used to great success internationally, for example in the North Carolina Research Triangle."
The campus is located on a formerly vacant site owned by Government agency Enterprise Ireland. Mr Bruton said the initiative was a good example of using scarce State resources in a smart way to drive job creation.
The innovation campus will be a central part of DCU's contribution to the development of the Green Way - a collaboration between industry, academic and public and semi-State bodies to boost the cleantech cluster in the north Dublin area. Utilities and energy management service provider Dalkia has been confirmed as the first tenant in the new campus.
Chief executive Pat Gilroy said: "It will provide invaluable opportunities for Dalkia, and other cleantech companies, to link into the existing and growing network of collaborations in the north Dublin Green Way cluster to achieve competitive advantage and growth."
The cleantech sector is considered one of the fastest growing areas of economic activity and is worth an estimated five trillion euro globally. It is responsible for developing products and services to address sustainability issues concerning water, waste, energy and emissions. The DCU campus is expected to attract a range of cleantech start-ups, small to medium-sized enterprises and larger companies - creating around 200 jobs in its first 18 months.
DCU president Professor Brian MacCraith said delivering innovation with an economic impact was vital to help Ireland regain competitiveness. "Through the establishment of this new cleantech hub, companies can leverage the significant research expertise of DCU and its extensive partner network, particularly in the area of sustainability, thus positioning Dublin and Ireland as examples of best practice in public-private collaboration to solve the global issues of energy and environmental challenges," Prof MacCraith said.