RWE Innogy said its UK division, npower, wanted to develop a scheme at Siadar Bay, Isle of Lewis, in partnership with Inverness-based technology company Wavegen, which would be the first of its kind in this country.
The proposed power station would be built 300 metres from the shore and would generate enough electricity to power 1,500 homes.
If approved by the Scottish Government, the construction work would begin by next year and take approximately 18 months to complete.
Kevin McCullough, chief operating officer of RWE Innogy, said: "This is an important stepping stone to realising larger wave energy projects around European coastal regions. Wave power has the potential to make up a significant element in the UK's overall renewables mix.”
The technology would deliver enough energy to meet the annual power needs of around 1,500 homes on the Isles of Lewis and Harris.