The 13 partner syndicate - which is a mix of established and young companies, including Belfast Harbour and Bombardier, academia and local public bodies - is the only Northern Irish or maritime recipient of the UK Research and Innovation flagship Strength in Places Fund.

A spin-off from the America's Cup sailing team, Artemis Racing, Artemis Technologies is led by double Olympic gold medallist Iain Percy OBE. Iain said: "When we launched Artemis Technologies, we decided to base ourselves in Belfast because of the incredible aerospace and composite engineering talent available.

"For years, we've been designing low energy, high performance solutions for some of the fastest yachts on the planet, and we will now utilise that knowledge, and along with our partners, apply it to build the world's most environmentally friendly high-speed ferries, capable of carrying up to 350 passengers."

Iain added: "Our concept for an electric hydrofoil propulsion system is totally unique and will enable vessels of the future to operate with up to 90% less energy, and produce zero emissions during operation.

"As cities across the world seek ways to reduce pollution and ease traffic congestion, the transformative vessels to be produced right here in Belfast, will have a global role to play in delivering the connected maritime transport system of the future."

www.artemistechnologies.co.uk