UK’s first female-founded wave energy firm raises $700K to advance its tech

Aberdeen-based ZOEX Power has secured £531,000 (around $715,000) in funding to support the development of its wave energy converter (WEC) technology. The round includes investment from angel syndicate Equity Gap, alongside backing from the University of Strathclyde and Scottish Enterprise.

The investment unlocks an additional £196,000 from Innovate UK, allowing ZOEX to scale its WEC platform and conduct extended real-sea trials.

The company’s 100 kW full-scale prototype, previously tested in Aberdeen Harbour, will be deployed at a site in Ordu, Turkey, for year-round testing under different seasonal conditions. The site is operated by OREN Enerji, a renewable energy subsidiary of Ordu Municipality.

Founded by CEO Ash Penley, ZOEX is the UK’s only female-founded wave energy company. It aims to displace diesel generators in remote marine locations with modular wave power systems targeting aquaculture, offshore wind, oil and gas, and port infrastructure.

The newly secured funds will be used to validate the technology’s reliability and survivability ahead of planned commercial deployment by the end of 2025.

ZOEX’s link-arm system is designed to attach to existing marine infrastructure and features impact-resistant floats, a submerged survival mode, and no mechanical end stops for durability in harsh environments.

“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,” said Penley.

According to ZOEX, the company is supported by Glasgow-based Malin Group and Applied Renewables Research, providing marine engineering and wave modelling support from prototype to commercialisation.

“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,” added Fraser Lusty, Managing Director of Equity Gap.

According to ZOEX, the global wave and tidal energy sector is expected to grow from $1.3 billion in 2024 to $19.8 billion by 2032. The company said it aims to position itself in both niche and grid-scale segments of this expanding market.

“Our investment in Zoex underscores our commitment to creating an internationally competitive energy transition industry in Scotland,” said Derek Shaw, Director of Entrepreneurship and Investment at Scottish Enterprise.

“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.”

In July 2024, ZOEX finished the installation of its 100 kW wave energy device at the Port of Aberdeen, South Harbour.

The same year in June, Aberdeen-based Sealand Projects finished a factory acceptance test (FAT) for the ZOEX WEC in Forres, Scotland. The wave energy device was tested at the AJ Engineering and Construction Services facility.