The regeneration proposals put forward include plans for a ferry terminal with links to South Wales and protected permanent water for boating and other tourist activities such as sailing and wind surfing.
Long Bag Sea Power put forward the proposals to use the Bristol Channel to provide clean renewable energy while combating coastal erosion and possible future flooding.
The company say the lagoon would also provide a protected marina for at least 200 vessels and a dock for berthing mid-sized cruise ships and expedition vessel.
There are also plans for a route along the top of the lagoon wall for pedestrians and cyclists and a tram like system to provide transport from Doniford to Minehead.
John Clyde-Smith, CEO of LongBay SeaPower said: “The project is being driven by local people who not only have extensive local knowledge of the area but a fundamental love of it.
“It is not just about the production of renewable energy but it is a regeneration project of the like the area has not seen.
“West Somerset's tidal range is the second highest in the world.”
Mr Clyde-Smith said the project would be primarily funded by private investment.
Short term construction jobs and direct and indirect long-term employment would be created.
Mr Clyde-Smith added: “The launch of the scheme is the start of a public consultation and we want to hear the views of everybody either via our website, Facebook or future consultation forums.
“The lagoon will be improving our environment for generations and therefore the consultations will be used to create the final design to develop, regenerate and leave a legacy of which we can be proud.”
You can view the brochure here.