Eighty new jobs are to be created following the merger of two of Ireland's green energy companies, Energy Services and Straightline Energy Solutions.
The new company, ActionZero, currently employs 22 people, based in counties Cork and Kerry, with sales staff deployed around the country.
The new jobs are expected to be added over the next three years as demand increases for the company's services.
Denis Collins, former global executive with IBM and past chair of IDA Ireland regional development, is the chief executive of ActionZero, which has developed a patented technology, the EscoPod, which generates heat in a way that eliminates the need for fossil fuel.
The company said the technology "offers a solution for difficult to decarbonise high-temperature heat across a range of market sectors".
ActionZero is said to be at "an advanced stage of negotiations" with a number of companies regarding the technology, which it claims will "enable their facilities to become fossil fuel free".
Commenting on the announcement, Mr Collins said: "The Munster region will be the place to be as we strive to create a cluster of energy focused organisations in our area that will serve the world as a global energy hub.
"Together we can create a triple helix to collaborate with industry, government, public sector and academia, all working towards the common goal of a future free of emissions."
Minister for Public Expenditure and Reform Michael McGrath welcomed the news, adding that "we need all sectors working together" in order to meet the country's target of halving carbon emissions during this decade.
