UK’s only female-founded wave energy firm bags £531k funding

Aberdeen-based wave energy company ZOEX Ltd has secured funding to the tune of £531,000 ($717,000) to scale development of its wave energy converter technology.

The funding includes investment from Equity Gap, a Scottish angel investment syndicate, The University of Strathclyde and Scottish Enterprise. Innovate UK also made a contribution of £196,000 ($265,000).

ZOEX, the UK’s only female-founded wave energy company, is led by CEO Ash Penley, who has to date raised over a million in public and private funding for the venture.

The company's energy converter includes the patent-pending double link arm mechanism, which makes it unique and able to tap wave energy in oceans with lower wave heights. It also includes several survivability features such as impact-resistant floats, submerged survival mode, and no mechanical end stops.

According to ZOEX, the system can be deployed across various sectors such as aquaculture fish farms, offshore wind, oil and gas, and remote ports and harbours.

A 100kW full scale prototype was tested in Aberdeen Harbour last year and will now be transported to Ordu, Turkey, for further testing and assessments.

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ZOEX is aiming for commercial deployment at the end of 2025.

Penley commented in a release on the funding announcement: “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.”

ZOEX is supported by Glasgow-based marine solutions firm Malin Group and Applied Renewables Research Ltd, which will provide wave energy modelling and commissioning expertise.

OREN Energi A.S, a renewable energy subsidiary of Ordu Municipality in Turkey and project partner, ensured site content was granted in Ordu, a location with the met-ocean data essential for testing the technology.

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The wave energy system has been engineered to deliver short-term economic returns, with the view towards achieving grid-scale deployment in the long-term.

Ultimately, the company is looking to tap into the growing wave energy market, which is expected to grow from $1.3 billion in 2024 to $19.8 billion by 2032, they state.