The CoRMaT device is capable of generating enough electricity to power 400 UK homes.
Nautricity already received an approval from the Crown Estate and SSE for the project.
Besides, Argyll and Bute Council has given consent for the construction of an onshore sub-station that will connect the array to the National Grid.
Work on the onshore connection would begin later 2014, while the devices would be deployed in the water in early 2015.
The company has been selected to develop the CoRMaT technology as part of the government’s WATERS2 funding package, aimed at helping Scottish firms to secure an increased share of the international marine energy market.
Nautricity already started tests on the device, along with its patented HydroBuoy mooring system, at the European Marine Energy Centre, in Orkney.
Nautricity co-founder and CEO Cameron Johnstone said, "This will inform the most cost effective development route to be adopted for all technical and commercial aspects of the project.
"It is envisaged that a multi-megawatt array could be realised on the site post-2016," Johnstone added.
"We are delighted to be in at the very start of commercial tidal energy generation in the UK. Receiving full consent for this project is a great vote of confidence in our technology and our site development
capabilities."
The company is confident that turbines will be completely submerged and not visible from shore and they will have no measurable adverse impact on the marine environment.
Nautricity claims that the device uses a contra-rotating rotor system to cost-effectively harness tidal energy.
The CoRMaT device is lighter in weight and more compact, tethered to the seabed and held in tension by a sub-surface float, the company said.
Image: Nautricity to deploy turbines in Irish Sea.
