The grant, received through the Scottish Funding Council, will be used to study the new technology, which is estimated to produce two to five megawatts of power from a single device - enough to power an entire town.
Current wave power technology mainly produces only a few kilowatts and devices suffer due to their inability to withstand heavy inclement weather.
Mike Wilson, Ecosse Subsea Systems Managing Director, said: "This technology is not only totally renewable but is also based on current North Sea expertise so will be robust enough to handle harsh environments. The generated power will be exported for onshore use where the energy will be fed into the National grid."
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Dr. Alan Owen, Chartered Energy Engineer at the Centre for Research in Energy and the Environment at the Robert Gordon University said: "When Mike Wilson approached us two years ago with the wave power technology idea we were keen to get involved. This initiative represents cutting edge technology that could be in use in the next two years."
RGU has already started work on the project which incorporates wave tank testing. Once the final results are compiled, Ecosse Subsea Systems will handle the constructability, including the installation of the product, and ensure the livelihood and building of the actual device.
"This project is about using conventional technology in an alternative way. We estimate a 25 year lifespan, which will be extendable with refurbishments," said Mike Wilson.
(GK/JM)
