The scheme will see the designing, manufacturing and testing of a low velocity device to produce electricity for thousands of homes from tidal and ocean currents.
The proposed installation site in the southern corner of Holyhead Deep has been chosen to maintain separation from shipping lanes and to minimise impact on other sea users.
The Welsh Government has been working with Minesto over a number of years on feasibility studies to help bring this investment to North Wales.
First Minister Carwyn Jones, said: “I am delighted that our investment has helped pave the way for Minesto to set up its UK headquarters in North Wales. It will create high quality jobs in what is a rapidly expanding and important sector for Wales.”
Weighing seven tonnes and operating at least 15 metres below the water surface, Deep Green’s underwater ‘kite’ technology can operate in waters where no other known technology can perform as cost-effectively due to its unique ability to run in low velocity areas.
Installation of the device will commence during the summer of 2017, and if successful the company will manufacture more ‘Deep Green’ devices from its assembly plant in Anglesey for export around the world, creating more jobs in the area.
Anders Jansson, CEO of Minesto said: “This is great news not only for us as a company, but also for Wales as a nation and the entire marine energy industry.”
Finance and Government Business Minister, Jane Hutt, said: “Over the next five years, £150 million of EU funds will be invested in renewable energy and energy efficiency, with a particular focus on marine energy in West and North Wales. The investment demonstrates how vital EU funds are to creating jobs and economic growth across Wales.”