Aberdeen-based ZOEX, the UK’s only female-founded wave energy company, has secured £531,000 in new funding to advance its clean energy technology toward commercial deployment.

The funding round includes investment from Scottish angel syndicate Equity Gap, the University of Strathclyde, and Scottish Enterprise. The private investment also unlocks a further £196,000 from Innovate UK, enabling ZOEX to accelerate development of its patented wave energy converter system.

The company’s 100kW full-scale prototype – tested last year in Aberdeen Harbour – is set to be deployed in Ordu, Turkey, where it will undergo a year-long sea trial. The goal is to evaluate performance across seasonal conditions and validate the technology’s durability in a real-world marine environment ahead of its planned commercial rollout in late 2025.

Founded by award-winning entrepreneur Ash Penley, ZOEX aims to help decarbonise the blue economy by replacing diesel generators with clean, scalable wave power. The system is engineered for flexible deployment across sectors such as aquaculture, offshore wind, oil and gas, and remote coastal infrastructure.

Backed by Glasgow-based marine engineering specialists Malin Group and Applied Renewables Research Ltd, ZOEX is also working with Turkish partner OREN Enerji A.S – a renewable energy subsidiary of Ordu Municipality – which is providing a permitted test site for the sea trials.

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The ZOEX system features a patented link-arm design that can be mounted to a variety of marine structures. Its compact build and robust survivability features, including impact-resistant floats and a submerged survival mode, are designed to perform in harsh sea conditions.

Commenting on the project, ZOEX founder and chief executive Ash 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.”

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