As part of the UK government's regional growth fund initiative, CTruk has been given the money to build an advanced composite technology centre in Essex, south-east England.
The new centre will be located on the River Colne and will include training facilities. It will be able to train 15 apprentices for the "next generation of modern boat builders".
The company also said the centre will help with building larger boats to "meet the complex demands of wind farms further offshore".
CTruk said the £1 million funding would help attract £7.3 million (€9.84 million) in private funding for the construction of the centre. Work on the centre is expected to begin in the spring.
The centre will also be used to move CTruk into non-marine manufacturing in the long-term, the company said.