The project will be led by Marine Current Turbines and will build on its SeaGen tidal system which has been generating electricity into the grid since 2008.
The funding from the Technology Strategy Board and the EPSRC is part of a £7million funding package awarded to 9 wave and tidal stream research and development projects.
Martin Wright, Managing Director of Marine Current Turbines, says: “By developing a fully submerged device, we will be able to deploy our tidal stream technology in more areas, both in the UK and overseas which is an exciting prospect.
“The experience that we have gained with SeaGen’s deployment and commercial operation is a huge asset in taking forward the development of the next-generation technology, and we greatly welcome the support given to us and our partners by the Technology Strategy Board, the EPSRC and the UK Government.”
MCT’s new technology will use similar turbines, power trains and control systems to those already proven with SeaGen.
As with the present system, the next-generation the tidal power device will be able to be maintained above the surface of the water.