UK's First Woman-led Wave Energy Startup Raises $700K to Propel Technology Development

• ZOEX Power, a company based in Aberdeen, has raised £531,000, or roughly $715,000 

• Its wave energy converter (WEC) technology development will be aided by the funding 

Aberdeen-based ZOEX Power has secured £531,000 in fresh funding to accelerate the advancement of its wave energy converter (WEC) technology. The investment round included contributions from Scottish Enterprise, the University of Strathclyde, and angel investor group Equity Gap. The company will be able to scale its WEC platform and conduct extensive real-sea trials thanks to this funding, which unlocks an additional £196,000 from Innovate UK. 
 
In collaboration with OREN Enerji, a renewable energy company under the Ordu Municipality, the company will now deploy its 100 kW full-scale prototype for year-round testing in Ordu, Turkey, after it was previously tested at Aberdeen Harbour. The location provides a variety of seasonal conditions that are perfect for putting the technology through its paces. 

ZOEX Power, the only female-founded wave energy company in the UK, was founded by Ash Penley, its CEO. The company wants to support industries like aquaculture, offshore wind, oil and gas, and port operations by replacing diesel generators in remote marine environments with modular wave power systems. 

The new investment will assist ZOEX in verifying the robustness and functionality of its technology, opening the door for commercial implementation by the end of 2025. The link-arm design of the ZOEX WEC system allows it to be connected to already-existing marine infrastructure. Its durability in harsh ocean conditions is increased by its impact-resistant floats, submerged survival mode, and lack of mechanical end stops. 

According to Ash, "this funding represents a significant milestone for ZOEX and women in marine energy." Our technology is designed to function efficiently and sustainably at scale, not just to survive. Equity Gap, Scottish Enterprise, and the University of Strathclyde are partners who share our vision for a clean and resilient energy future, and we are delighted to have their ongoing support. 

"We support exceptional founders and daring innovation—ZOEX exemplifies both," said Fraser Lusty, Managing Director of Equity Gap. We are honored to support Ash's mission as she leads a globally relevant solution. ZOEX wants to become a player in both niche markets and grid-scale segments of the wave and tidal energy industry, which is expected to grow from $1.3 billion in 2024 to $19.8 billion by 2032. 

"Our investment in ZOEX reflects our strategy to foster a globally competitive renewable energy sector in Scotland," said Derek Shaw, Director of Entrepreneurship and Investment at Scottish Enterprise. We are fostering innovation that will drive the energy transition by assisting trailblazing businesses like ZOEX. 
A major step toward full-scale deployment was taken in July 2024 when ZOEX successfully installed its 100 kW wave energy unit at South Harbour, Port of Aberdeen.