Funding deal for female wave energy pioneer – Daily Business

Aberdeen-based Zoex, the UK’s only female-founded wave energy company, has secured a £531,000 investment to support sea trials ahead of taking its product to market at the end of this year.

The funding will support CEO Ash Penley’s system for replacing diesel generators with clean wave power.

A 100kW full-scale prototype, which was tested in Aberdeen Harbour last year, will now be transported to Ordu, Turkey for the next stage of its development that will validate the technology’s reliability in the marine environment.

The funding is from investment syndicate Equity Gap, The University of Strathclyde and Scottish Enterprise and unlocks a contribution of £196,000 from Innovate UK.

Ms Penley said Zoex is on a mission to decarbonise the “blue economy” and the system can be used in industries such as aquaculture fish farms, offshore wind, oil and gas, and remote ports and harbours. 

Zoex is supported by Glasgow-based marine company Malin Group and Applied Renewables Research to progress the technology from prototype to commercialisation.

International interest is growing, with project partner Oren Energi AS, a renewable energy subsidiary of Ordu Municipality in Turkey, providing the project with the site in Ordu.

Ms Penley, who was born in Turkey and is based in Scotland, has a background in oil and gas. She has raised more than a £1 million in public and private funding for the Zoex venture.

She 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.”

The global wave and tidal energy market is projected to grow from $1.3 billion in 2024 to $19.8 billion by 2032.