Aberdeen-headquartered ZOEX Ltd, the UK’s only female-founded wave energy company, has secured £531,000 in new funding to accelerate the development and international testing of its innovative clean technology.
The investment will enable ZOEX’s 100kW prototype wave energy converter—previously trialled in Aberdeen Harbour—to undergo a year-long deployment at a dedicated site in Ordu, Turkey, marking a significant milestone for the company and the UK’s marine renewables sector
The latest funding round brings together private investment from Scottish angel syndicate Equity Gap, the University of Strathclyde, and Scottish Enterprise. This investment also unlocks a further £196,000 from Innovate UK, ensuring ZOEX has the resources to scale its technology and validate its performance in real-world marine conditions.
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.”
Derek Shaw, Director of Entrepreneurship and Investment at Scottish Enterprise, 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.”
Female Leadership and Global Ambition
Founded by CEO Ash Penley, ZOEX stands out as the only wave energy company in the UK led by a woman. Penley, who transitioned from a career in oil and gas to clean technology, 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.”
The ZOEX system employs a patented link-arm design, enabling it to be mounted on a variety of marine structures including aquaculture barges, offshore wind turbines, and harbour installations. Its robust, compact form and survivability features – such as impact-resistant floats and a submerged survival mode – are engineered for harsh sea conditions.
ZOEX is targeting the replacement of diesel generators in sectors like aquaculture, offshore wind, oil and gas, and remote ports. The company’s technology aims to deliver reliable, clean power in environments where traditional renewables like solar are less effective, particularly in northern latitudes and challenging marine settings.
The upcoming year-long sea trials in Ordu, Turkey, will be conducted in partnership with OREN Enerji A.S, a renewable energy subsidiary of Ordu Municipality. The trials are designed to assess the system’s performance across seasons and validate its commercial viability ahead of a planned market launch at the end of 2025.
With the global wave and tidal energy market projected to grow from $1.3 billion in 2024 to $19.8 billion by 2032, ZOEX is positioning itself to serve both niche applications and broader grid-scale energy markets.
