It is believed that a fleet of 50 Anaconda's could generate enough electricity to power 50,000 homes with significantly cheaper, renewable energy.
Checkmate's chairman Paul Auston said: "With Anaconda we have an invention that changes conventional thinking and it can help to meet government targets for cutting CO2 by providing renewable wave energy from our coastal waters."
The company has tested scale models of the machine and is now searching for investors to back full-scale development of the device.
Originally conceived by Professor Rod Rainey, the Anaconda uses wave motion to force water down a rubber tube a drive a turbine.
According to environment minister Lord Hunt, technology for generating energy from tidal motion is at a pivotal point.
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