Scotland’s new wave energy technology development body will receive £14.3million over the next 13 months.
Energy Minister Fergus Ewing hailed the funding as the “biggest technology development programme the wave sector has ever seen”.
Wave Energy Scotland (WES) has also awarded its first contract to a group of 12 former employees of failed wave energy company Pelamis to capture the company’s technology.
The Scottish Government set up WES when Edinburgh-based Pelamis Wave Power went into administration after failing to secure funding to develop its devices.
Speaking ahead of the RenewableUK conference in Edinburgh, Mr Ewing said: “We have adopted a completely new approach to funding the sector. It is one that will foster collaborative research and development and will encourage technology developers to work with large engineering companies, academics and each other to address shared challenges.”
Mr Ewing said he was also glad at the ability to capture the know-how from device development and “retain some of the best brains working in marine energy in Scotland”.
Last month Highlands and Islands Enterprise (HIE), on behalf of WES, acquired the intellectual property and a range of physical assets owned by Pelamis. On Tuesday WES agreed to work with the former Pelamis employees, led by former chief executive Richard Yemm.
Alex Paterson, HIE chief executive, said: “I am delighted to have confirmation of the budget for Wave Energy Scotland today.
“This is an exciting time for the wave energy sector in Scotland and it offers a great opportunity to draw on the expertise which exists in industry and academia.
“The WES team don’t underestimate the challenges which lie ahead. But this is a chance not to be missed and the team is relishing being able to take a fresh approach to resolving the issues which so often hamper the early stages of the development of innovative technology.”
Lindsay Leask, senior policy manager, offshore wind and marine at Scottish Renewables, said: “Today’s announcement on the funding to be allocated to Wave Energy Scotland comes as a welcome sign of the Scottish Government’s continued commitment to the sector, particularly after a recent challenging period.”