Aberdeen-based ZOEX Ltd, the UK’s only female-founded wave energy company, is riding a wave of investment success after securing £531,000 funding including investment from Equity Gap, one of Scotland’s leading angel investment syndicates, The University of Strathclyde and Scottish Enterprise.
The private investment by Equity Gap has been matched by Scottish Enterprise unlocking a contribution of £196,000 from Innovate UK, enabling the company to scale development of its wave energy converter technology.
The 100kW full scale prototype, which was tested in Aberdeen Harbour last year, will now be transported to Ordu, Turkey and tested there for a year to assess the seasonal performance differences.
These newly secured funds will support long-term sea trials to validate the technology’s reliability in real-world marine environment before commercially deploying at the end of 2025.
Founded by award-winning entrepreneur, CEO Ash Penley, ZOEX is on a mission to help the blue economy to decarbonise by replacing diesel generators with clean, cost-effective wave power. Designed with versatility in mind, the ZOEX system can be deployed across various blue economy sectors such as aquaculture fish farms, offshore wind, oil and gas, and remote ports and harbours.
ZOEX is supported by Glasgow-based Malin Group, experts in end-to-end marine solutions, and Applied Renewables Research Ltd, which brings wave energy modelling and commissioning expertise from prototype to commercialisation. International interest is growing, with vital project partner OREN Energi A.S, a renewable energy subsidiary of Ordu Municipality in Turkey; providing the project with a consented site in Ordu which has ideal met-ocean data essential for testing the technology.
To date, Penley has raised over a million in public and private funding for the venture. Her journey from a career in oil and gas to founding a clean-tech company in a male-dominated industry is a story of innovation, grit, and purpose. Commenting on the project, she 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 added: “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 said “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 innovative link-arm design allows it to mount onto any marine structure, giving it a major edge over competitors focused on single-use applications. Its compact form and survivability features – including impact-resistant floats, submerged survival mode, and no mechanical end stops – make it ideal for harsh sea conditions.
Wave energy is unique because it is the most concentrated form of renewable energy on earth, with power density much higher than wind and solar energy. With the global wave and tidal energy market projected to grow from $1.3 billion in 2024 to $19.8 billion by 2032, ZOEX is positioning itself to lead in both niche and large-scale markets. The system has been engineered to deliver near-term economic returns while laying the foundation for longer-term grid-scale deployment.
For more information, visit the ZOEX website here.
