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Working in partnership with the University of Strathclyde, ResHydro will establish a base in Glasgow to complete the research and development needed to take its hydrokinetic energy device closer to commercialisation.

Scotland's First Minister Alex Salmond, attending Scotland Week events in the United States, said: "Scotland has an incredible wealth of energy resources and is leading the way in the development of marine renewables technology. ResHyrdo’s decision to invest in Scotland and work in partnership with one of our leading universities to further their research and development plans is testament to that.

"Our reputation as a work leader in energy, combined with our supportive business environment and highly skilled workforce, is a powerful proposition for overseas companies looking to succeed in this growing sector."

Anne MacColl, chief executive of Scottish Development International, said: "Scotland is already punching well above its weight when it comes to attracting high quality inward investment, and ResHydro’s decision to locate here is testament to this continued success.

"Wave and tidal energy is an exciting area of development, where Scotland is already demonstrating world-leading technologies and generating international interest."

ResHydro will be based in St Vincent Street before moving to Scottish Enterprise’s Industry Engagement Building, part of Glasgow's International Technology and Renewable Energy Zone (ITREZ.)

The SMART: SCOTLAND funding will help the company create a device capable of producing more energy at a lower cost than current renewable technology.

Full commercialisation of ResHydro's technology will see tidal energy devices manufactured in Scotland.

ResHydro's chief executive, Samuel Lewinter, said: "The SMART: SCOTLAND award, coupled with our partnership with the University of Strathclyde, positions ResHydro in the most vital marine power industry market.

"We are pleased to have the opportunity to open our Scottish subsidiary where we will have access to significant technical expertise and where market conditions will contribute to the most expeditious commercialisation of our technology."

More about funding for innovation and R&D

More on the renewables sectors in Scotland