THE UK's only female-founded wave energy company has secured more than half a million in funding to scale up its technology.
Aberdeen-based ZOEX secured £531,000 in funding including investment from Equity Gap, one of Scotland’s leading angel investment syndicates, Strathclyde University 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.
Founded by entrepreneur, CEO Ash Penley, ZOEX aims to replace diesel generators with "clean, cost-effective wave power".
The 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, Penley has raised more than a million in public and private funding for the venture.
Wave energy 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 $19.8bn by 2032, ZOEX is hoping to position itself to lead in both niche and large-scale markets.
Commenting on the project, Penley 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.”
