The Marine Alliance for Science and Technology for Scotland, which brings together eight Scottish universities for research and training, will receive the money over seven years.
Professor Ian Boyd, of the University of St Andrews, which is involved, said: "Scotland has some of the richest and most diverse seas in the world.
"The extent to which we are able to maximise the benefits from Scotland's seas, while ensuring that this is done sustainably, is going to rest on finding innovative solutions, and these will come from basic research."
The seas around Scotland are home to about 40,000 species and can harness 10% of Europe's potential tidal power.
Eight professorships and 13 lectureships will be created by the new organisation, which will have a graduate academy at its core.
The latest grant of £17.4 million was announced by the Scottish Funding Council before the alliance's official launch in Edinburgh today.
Environment Secretary Richard Lochhead said: "As we move towards an era where renewable energy will be even more vital in our fight against climate change our seas will only become more important.
"It's clear that our leading research institutions have a vital role to play in placing Scotland at the forefront of international marine research."
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