Five European firms are working together to cut risks faced by wave power developers.
The project will focus on uncertainties faced by developers through the implementation of seabed mounted acoustic devices to measure tidal currents and wave heights.
Next generation models of the devices will be deployed at a number of sites during the course of the project.
The companies from Ireland, France and the UK will help with power schemes around the North Western European coastlines.
David Fitzgerald, Resource Assessment Lead at DP Energy, one of the five companies, said the outcome will be to minimise risk through the reduction of energy production uncertainty.
He added: “Our objective is to deliver more robust design data so that developers of ocean energy can move more quickly in determining the most efficient and appropriate technologies, to ascertain more clearly whether or not a site is right and to generally provide them with a more accurate picture of the environment in which they are investing.
“Data will be collected at a number of sites with varying conditions and innovative processing techniques will be developed to further reduce uncertainty.”
Work on the project is scheduled to begin at the end of 2015.
A wave energy company based in Edinburgh recently called in for administrators.