Wave Energy Scotland will aim to “bring together the best engineering and academic minds to collaborate in a research and development programme to accelerate wave technology further”, the Scottish government said.
Scottish energy minister Fergus Ewing added: “With the extraordinary ocean energy resources off Scotland’s coasts, our belief in the future success of wave energy is undiminished.
“Now is the right time to consider the future of our support for wave energy in Scotland.
“This is a young industry and we still have a lot of learning to do in marine renewables.”
He added that a “lack of design convergence” within the sector, with many different design concepts being created, was affecting the confidence on potential investors.
Ewing added that this convergence is also needed to help make wave power technology commercially viable.
The announcement from the Scottish Government came the day after Pelamis Wave Power entered into administration after failing to secure additional finding to help develop its wave energy technology.
Pelamis previously had orders from Eon and Scottish Power for its P2 wave energy machines in 2009 and 2010 respectively.
The statement from the company added: “The directors and employees of Pelamis are dedicated to the success of this revolutionary technology, and are committed to working with the administrator when appointed, the Scottish and UK Governments and any future partners to ensure its success.”
WWF Scotland’s climate and energy policy officer Gina Hanrahan said: “It’s a real shame to see Pelamis put into administration.
“Marine renewables have the potential to play an important role in our future electricity mix, helping to cut climate emissions and deliver investment and jobs around our coastline.”