Scotland-based startup ZOEX Ltd, the UK’s only wave energy company founded by a woman, has raised £531,000 to boost the next phase of its clean tech development.
The funding round brings together private investment from angel syndicate Equity Gap, along with contributions from the University of Strathclyde and Scottish Enterprise. This latest raise has also unlocked a further £196,000 from Innovate UK, giving ZOEX the resources it needs to scale up its wave energy converter technology.
The company’s 100kW prototype, which completed testing in Aberdeen Harbour in 2023, will now be transported to Ordu, Turkey, for a year-long real-world trial. The deployment will evaluate seasonal performance and gather operational data in a live marine setting, ahead of a planned commercial launch by late 2025.
Founded by CEO Ash Penley, ZOEX is developing wave-powered alternatives to diesel generators, targeting applications in aquaculture, offshore wind, oil and gas, and remote coastal locations. The firm works in partnership with Glasgow-based Malin Group and Applied Renewables Research Ltd, and has teamed up with Turkish company OREN Enerji A.S, which is providing access to a permitted test site in Ordu.
Penley, who shifted from a career in oil and gas to launch the marine energy start-up, 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.”
Director of Entrepreneurship and Investment at Scottish Enterprise Derek Shaw 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.”
The company’s wave energy system uses a patented link-arm design, which can be attached to various marine platforms. Its compact build and survival features including impact-resistant floats and a submerged mode are designed for tough sea conditions.
Wave energy is recognised as the most concentrated form of renewable energy, offering greater power density than both wind and solar. The global wave and tidal energy sector is forecast to expand from $1.3 billion in 2024 to $19.8 billion by 2032. ZOEX is aiming to tap into both specialist off-grid markets and wider grid-scale power demand.
