Aberdeen-based female-founded wave energy company ZOEX Ltd has secured £531,000 in funding to further develop its innovative wave energy technology.

Target Information

ZOEX Ltd, based in Aberdeen, Scotland, is the UK's only female-founded wave energy company. Founded by Ash Penley, a former oil and gas executive, ZOEX aims to revolutionize energy production in the marine sector by developing clean, cost-effective wave energy technology. The company has recently secured £531,000 in funding from a consortium of investors, including Equity Gap, Scottish Enterprise, and the University of Strathclyde, to accelerate the development of its 100kW full-scale wave energy converter prototype, following successful initial trials in Aberdeen Harbour.

The funding will enable ZOEX to scale up its prototype and conduct long-term testing to assess its performance and operational resilience under various sea conditions. The investment includes a significant contribution of £196,000 from Innovate UK, aimed at bridging the funding gap for early-stage technological ventures.

Industry Overview

The global wave and tidal energy market is forecasted to expand significantly, with projections of growth from $1.3 billion in 2024 to nearly $20 billion by 2032. This growth indicates a burgeoning potential for wave energy technologi