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The joint EU and Welsh Government funding was announced by Economy Secretary Ken Skates during a marine and tidal industry event in Cardiff on Monday, 25 September.
Funding will be used to support Mentor Môn's £5.6m Morlais scheme, which will help accelerate the development and commercialisation of multiple tidal stream technologies in the Morlais Demonstration Zone in Anglesey.
Economy Secretary Ken Skates said the energy generated from wave and tidal flows can "play a major role" in delivering plans for a Welsh low carbon economy, as well as creating sustainable jobs and growth.
"Wales' coastline means we are well positioned to take advantage of the opportunities presented by the blue economy, which is why the Welsh Government is committed to supporting the creation of new tidal demonstration zones that will help industry develop and test new and innovative tidal and wave technologies for commercial success," he said.
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"We have already invested EU funds towards a feasibility study for a demonstration zone off the Pembrokeshire coast and today I am pleased to announce £4.2m of EU funds and a further £300,000 from the Welsh Government to support preparatory and consent work on the Morlais demonstration zone in Anglesey.
"Once up and running, the fully consented area of seabed will be able to support at least 20MW of grid connection capacity, but with potential for 193.5MW, to enable developers to deploy and test multiple tidal energy technologies.
"Over the next 5 to 10 years we have a real window of opportunity to develop and grow Wales' marine energy industry. This funding will provide yet another push to drive our ambitions forward."
Gerallt Llewelyn Jones on behalf of Menter Môn added: "Menter Môn has worked hard to achieve this important milestone for Anglesey and North Wales. It is critical that we position ourselves at the centre of global developments in marine renewable energy, a known growth sector with substantial employment potential."
(LM)
