Aquamarine Power said installing up to 50 of its Oyster devices along the north-west coast of the Hebridean island could provide a long-term economic boost as well as powering around 30,000 homes.
The site for the project, along the coast at Lag na Greine, near Fivepenny Borve, has been described as one of the best wave energy locations in Europe.
Once installed, Aquamarine estimated between 23 and 37 jobs would be supported in the 20-year operation and maintenance phase generating from £1.3m to £2.1m annually.
Martin McAdam, chief executive, said: "The vast majority of the UK's wave resource lies in remote locations, where economic opportunities are few. Wave energy offers a real opportunity for these communities, even for a relatively small project."
Aquamarine - which has energy giant SSE, automation and power company ABB and Scottish Enterprise among its shareholders - is testing its second full-scale prototype device at the European Marine Energy Centre in Orkney. So far, the Oyster devices have been almost entirely British-built with the company hopeful it can continue that trend once it is ready for a commercial roll-out of the products.
The Oyster is a simple mechanical hinged flap which is connected to the seabed at a depth of between 30 and 40 feet.
Each wave moves the flap and drives hydraulic pistons to deliver high pressure water via a pipeline to an onshore station, where it drives the same sort of turbines that are in any hydro scheme.
Mr McAdam said: "Our study shows there is the potential to secure all of the manufacturing, construction and operations and maintenance supply chain here in Britain."
The plans depend on the installation of an interconnector cable to energy from Lewis to the mainland, with work on that unlikely to start until after 2017.
Angus Campbell, leader of Comhairle nan Eilean Siar, said: "The Western Isles are home to one of the best wave energy resources in Europe, if not the world, and our community is determined to maximise the benefits from this resource."
Aquamarine used a methodology for calculating the impact of renewable energy projects constructed by consultants from ABP Marine Environmental Research and Risk & Policy Analysts. All the estimates include direct and indirect jobs and economic impact.