Privately held Aquamarine, which raised the funds by selling equity to investors, plans to develop up to 1,000 MW of marine energy sites by 2020 in partnership with utility SSE Renewables.
In the world's first commercial wave and tidal leasing round, it won the rights to develop the Brough Head wave farm off the coast of Scotland, which at 200 MW could provide enough energy for around 190,000 homes.
Its Oyster 1 device has been undergoing trials at the European Marine Energy Center in Orkney and is connected to the grid, and it hopes to deploy its new Oyster 2 device next summer.
"The additional fundraising enables us to progress to the next phase — the manufacture and installation of Oyster 2 and we will announce the award of these contracts shortly," Chief Executive Martin McAdam said in a statement on Monday.
The firm's Oyster devices consist of a hinged flap, which is moved by passing waves to drive a hydraulic piston. The piston then delivers high-pressure water to an onshore turbine, which generates electricity.
