Awarded under the European Regional Development Fund, the funds will be used to establish Minesto UK headquarters in North Wales and commission the first commercial Deep Green underwater tidal power plant in the Holyhead Deep seabed area west of Anglesey.
Minesto CEO Anders Jansson said: "Establishing Minesto UK Headquarters in North Wales is a strategic decision that will help make Wales a global leader in the marine energy sector.
"In the short term, around 30 direct jobs will be created, followed by hundreds more in the long term in areas like manufacturing, offshore operations and new project development.
"Today’s announcement represents an important step into the full commercialization of marine energy in Wales."
The company will initially install a 500,000kW power plant with subsequent deployments that will increase the capacity to 10MW by 2019.
First Minister Carwyn Jones said: " This investment will not only help create greener and more efficient sources of energy, but will also create jobs and vital opportunities for growth in North Wales."
The Deep Green marine power plant is designed to generate electricity from low velocity tidal currents.
Wales’ 1,200km coastline with low velocity tidal currents has the potential to meet over 5% of the UK’s electricity demand.
