The fund, which is being delivered as part of the Oceanera-Net Cofund project, will support collaborative research projects which demonstrate and validate ocean energy technologies.
The project brings together a consortium of seven governments and agencies from across Europe. It is financed by the European Union's Horizon 2020 Programme and its development was led by the Scottish Government, alongside Scottish Enterprise.
Scottish Energy Minister Paul Wheelhouse said: "I am delighted that Scotland is once again at the forefront of supporting the ocean energy sector. Along with our seven consortium partners and the European Union we recognise the huge potential that ocean energy has to offer in creating a fair, low carbon economy, attracting investment and creating high value jobs while securing the benefits across our communities.
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"I am very proud of the strong trade record of the marine energy sector in Scotland which has been making positive headlines across the world. Despite challenges the sector has faced, I believe the industry has a bright future in Scotland and globally and we are steadfast in our support for both wave and tidal energy."
Jan Reid of Scottish Enterprise's marine and low carbon technologies team, said: "This project provides a significant opportunity for collaboration and innovation in ocean energy. Companies can choose to participate with European partners in what I hope will be new breakthrough projects to demonstrate the potential for ocean energy in renewable energy generation."
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