Scottish Enterprise, a non-departmental investment agency of the Scottish Government, will award the money under the third round of the WATERS fund, in collaboration with Highlands and Islands Enterprise.
The first two rounds of WATERS saw six marine energy developers benefit from £14.8 million of funding.
The third round of the scheme aims to promote research and development activities and reduce the cost of developing wave and tidal technologies.
Scottish energy minister Fergus Ewing said: “Our ambition for Scotland’s emerging wave and tidal sector remains great.
“We know that the successful harnessing of ocean power takes hard work and persistence and the Scottish Government is determined to support those within industry.”
The director of energy and low carbon technologies at Scottish Enterprise, Maggie McGinley, added: “This latest round of funding will ensure we can help advanced wave and tidal technologies reach the next stage of commercial exploitation.
“It will develop new technologies with global potential, R&D jobs, and secure the fabrication and deployment of wave and tidal stream technologies in Scotland.”