Aberdeen-based ZOEX Ltd, the UK’s only female-founded wave energy company, has secured £531,000 in funding to support the next stage of its clean technology development.
The funding round includes private investment from Equity Gap, a Scottish angel investment syndicate, as well as backing from the University of Strathclyde and Scottish Enterprise. This investment also unlocks a £196,000 contribution from Innovate UK, allowing ZOEX to scale up its wave energy converter technology.
The company’s 100kW prototype, which was tested in Aberdeen Harbour last year, will be transported to Ordu, Turkey for a year-long deployment. The trials are aimed at assessing seasonal performance differences and validating the technology in a real-world marine environment. Commercial deployment is targeted for the end of 2025.
ZOEX, founded by CEO Ash Penley, focuses on replacing diesel generators with clean wave power for use in sectors such as aquaculture, offshore wind, oil and gas, and remote ports. The company is supported by Glasgow-based Malin Group and Applied Renewables Research Ltd, and is working with Turkish partner OREN Enerji A.S, which is providing a permitted test site in Ordu.
Penley, who transitioned from a career in oil and gas to launching a clean-tech startup, said: “This investment is a huge step forward for ZOEX and for women in marine energy. Our technology has been designed not just to survive at sea, but to thrive efficiently, sustainably, and at scale. We’re grateful for the latest backing from Equity Gap, Scottish Enterprise and The University of Strathclyde, who share our vision for a cleaner, more resilient energy future.”
Fraser Lusty, Managing Director of Equity Gap, commented: “At Equity Gap, we’re focused on backing bold innovation and exceptional founders. ZOEX ticks both boxes. Ash has built a solution with global potential, and we’re proud to play a part in helping this technology reach the market.”
Derek Shaw, Director of Entrepreneurship and Investment at Scottish Enterprise, added: “Our investment in ZOEX underscores our commitment to creating an internationally competitive energy transition industry in Scotland. By supporting ambitious companies in areas such as wave energy we can help them drive innovation and capitalise on the significant economic opportunities linked to the shift from the production and consumption of fossil fuels to sources of renewable energy.”
ZOEX’s wave energy system features a patented link-arm design that can be mounted on a variety of marine structures. Its compact form and survivability features—such as impact-resistant floats and a submerged survival mode—are designed for use in harsh sea conditions.
Wave energy is considered the most concentrated form of renewable energy, with higher power density than wind and solar. The global wave and tidal energy market is expected to grow from $1.3 billion in 2024 to $19.8 billion by 2032. ZOEX is positioning itself to serve both niche applications and broader grid-scale energy markets.
