A FEMALE-FOUNDED wave energy company has secured £531,000 funding to help scale development of new clean technology.
Aberdeen-based Zoex’s funding includes investment from Equity Gap, 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.
The company says that the 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 entrepreneur 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.
To date, CEO Ash has raised over a million in public and private funding for the venture.
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.
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 $1.3bn in 2024 to $19.8bn 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.
