However, there is concern about the effects the project could have on marine life.
The project, which is being developed by Gaeletric, is all about generating renewable energy.
The company plans to store compressed air in huge caverns under the Antrim coastline, in the area around Islandmagee.
When the compressed air is brought up again, it'll be mixed with gas to power turbines and generate electricity.
It's a new and developing technology which the EU has recognised as being among the first in its field. The EU is committing 6.5m euros to help make it a reality.
Although compressed air storage is a green form of energy, local environmental activists have said the way the storage caverns will be created could be a big problem for local marine life.
Gaelectric plans to create the air storage spaces by hollowing out salt deposits deep underground.
This will leave newly formed, empty caverns. The company plans to eject the unused salt out into the sea, just off the Northern Ireland coastline.
Environmentalists say that amount of salt in the water will create an area that's uninhabitable for sea life.
Gaelectric admits that the activity will over-salinate in the water, but say that the animals will move elsewhere and that the water will be back to normal in a few years.
A project to store compressed air in caves under the County Antrim coastline has been given a huge EU grant.