A female-founded Scottish clean energy company has secured more than half a million pounds in funding to accelerate the development of its innovative wave energy technology, including backing from the University of Strathclyde.
Aberdeen-based ZOEX Ltd, the UK’s only female-founded wave energy company, has secured £531,000 from a consortium of investors including angel investment syndicate Equity Gap, Scottish Enterprise, and the University of Strathclyde. The funding includes a £196,000 contribution from Innovate UK.
The investment will support the scale-up and long-term testing of ZOEX’s 100kW full-scale wave energy converter prototype, following successful trials in Aberdeen Harbour. The technology will now be tested to evaluate year-round performance and operational resilience in diverse sea conditions.
The University of Strathclyde is providing support through its Strathclyde Inspire Entrepreneurs Fund (SIEF), which bridges the early-stage funding gap by providing investments alongside third party, lead investors to University-related enterprises.
Technical support
Strathclyde’s Department of Naval Architecture, Ocean & Marine Engineering (NAOME) also provided technical support, testing a scaled model of the wave energy device in the University’s Kelvin Hydrodynamics Laboratory to show its viability. Professor Atilla Incecik reviewed the results of the sea trials of the device in Aberdeen Harbour, while Professor Erkan Oterkus carried out structural analysis of the large-scale device and its support system.
ZOEX, which was awarded a Stephen Young Entrepreneurship Award for Emerging Entrepreneurs by the University, was founded by former oil and gas executive Ash Penley. Her company aims to replace diesel generators in the blue economy with clean, cost-effective wave power. The ZOEX system has been designed for use in offshore wind farms, aquaculture, oil and gas operations, and remote ports and harbours.
Strathclyde’s Head of Investment Anne Henderson, said: “As a socially progressive institution, Strathclyde is committed to supporting diverse individuals at every stage of their entrepreneurial journey.
Our investment in ZOEX, and its founder Ash Penley, reflects this commitment and our belief that diversity is a key strength for driving innovation and finding solutions to society’s greatest challenges.
ZOEX’s unique link-arm design is designed for survivability, and features impact-resistant floats, a submerged survival mode, and robust internal mechanisms suited to harsh sea conditions.
The global market for wave and tidal energy is projected to grow from $1.3 billion in 2024 to nearly $20 billion by 2032. ZOEX’s technology is positioned to serve both niche and large-scale markets, with the potential to deliver near-term economic returns and long-term impact on global energy resilience.
Energy future
Ms 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.”
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 drive innovation and capitalise on significant economic opportunities.”