Plans for harnessing tidal energy have been voted in by Alderney States.
Artist's impression of a double rotor tidal machine
They have agreed to set up a panel to assess an offer from a local company to spearhead the work.
It is hoped the project will be a money-spinner for the island and that it will become recognised as a world leader in sea power technology.
The island's tides are said to be the third fastest in the world with experts predicting the electricity generated could easily its homes.
Alderney's government agreed Wednesday to press ahead with research.
Former States member Colin Williams said it could be a major money spinner for Alderney.
He called for a States-controlled, privately-funded company to investigate the tidal flow patterns and use the data to persuade technology developers to use the island as a research centre.
John Postlewaite, Deputy Chairman of the Policy and Finance Committee, said: "Initially, during the research and development stage, it will mean jobs for people using the island, the shops, hotels and pubs.
"It will possibly boost the economy of the island in quite a dramatic way because there could be quite a few people involved in it."
Guernsey Electricity has already invested £250,000 in research on tidal power.