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The half-a-million pound fund, which would be match-funded by the private sector, comprises £250,000 from Defra and £125,000 from both the South West RDA and the Welsh Assembly Government.
he fund was announced by Ed Miliband, Secretary of State for Energy and Climate Change.
The fund forms part of the Government's announcement on the five shortlisted tidal energy schemes for the Severn Estuary - the world's second largest tidal range.
The new fund has been set up to help progress schemes still at the conceptual design stage, such as tidal reefs and tidal fences, which could be suitable for capturing the energy in the Severn Estuary.
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Although not shortlisted by the Government, these schemes are considered to be worth developing as they could have less environmental impact than more traditional types of tidal energy schemes. The progress of these embryonic schemes will be taken into account before decisions are taken in 2010 on whether to go ahead with a Severn tidal power scheme.
Claire Gibson, Director of Sustainable Resources at the South West RDA, which is also part of the cross-Government team involved in the two-year study to assess the environmental, social and economic effects of the proposed schemes, said: "The region has an excellent marine energy resource that could contribute significantly towards meeting our future energy and climate change goals.
"We are beginning to see a world class marine energy industry develop in South West England, supported by our investment in projects such as Wave Hub and PRIMaRE, the new research institute in Cornwall and Plymouth.
"Our investment into this new tidal energy technologies fund forms a vital part of our commitment to lead the transformation to a low carbon economy, by unlocking the business potential of the sustainable energy sector."
A 12-week public consultation will now follow today's shortlist announcement.
(JM/BMcC)
