ROC Technologies Holdings Pty Ltd trading as “WaveX” (ACN 664 986 707) (the Company), is undertaking a capital raising to secure up to A$2,150,000 through the issue of fully paid ordinary shares at an offer price of A$123.00 per share. The Company has already secured A$1,010,000 in commitments. The minimum investment amount is A$100,000; however, the Company reserves the right to accept smaller amounts at its discretion.

The offer is being made pursuant to section 708 of the Corporations Act 2001 (Cth) and is available only to investors who qualify as Sophisticated or Professional Investors. The pre-money valuation of the Company is A$15,000,000. Shares issued under this offer will rank equally with all existing fully paid ordinary shares on issue in the Holding Co, which is the 100% owner of the IPCo and OpCo subsidiaries.

Subject to eligibility requirements and the offer closing prior to 30 June 2025, investors may also qualify for early-stage innovation company (ESIC) tax incentives. Proceeds from the raise will be applied to the construction of a large-scale prototype of the Company’s D-Spar™ wave energy system, matched government grant funding, and the advancement of commercial and technical partnerships.

WaveX is an Australian renewable energy company developing the D-Spar™, a next-generation wave energy system - the first at scale with no underwater moving parts. This patented floating technology represents a paradigm shift in reliability, survivability, and scalability, addressing long-standing challenges in wave energy. By leveraging proven oil and gas supply chains, WaveX enables cost-effective deployment and operation of its patented product — in an industry with over US$80 billion in investment in 2024 alone.

Headquartered in Perth, WaveX has secured over A$2.5 million in non-dilutive funding and is actively engaged with Tier 1 global partners across energy, engineering, and infrastructure. The Company’s technology reduces offshore wind farm downtime from 20% to less than 1%, significantly lowering the Levelised Cost of Energy (LCOE). Led by a high-calibre team of ex-oil&gas professionals, WaveX is positioned to be the first to commercialise the last untapped renewable energy resource, in a global market expected to exceed A$1 trillion by 2040.

While wave energy holds enormous potential to complement offshore wind, support defence applications and remote area power supply for oil and gas operations, existing wave energy systems have failed to scale due to two persistent challenges: a lack of survivability in harsh ocean conditions, and first-of-a-kind designs with complex underwater moving parts prone to failure and lacking scalability. These technical barriers have historically made wave energy unreliable, costly, and commercially unviable at scale.

WaveX has inverted the traditional approach to wave energy conversion. We took a team of oil and gas industry experts from the oil and gas hub of Perth, Australia, and developed a system which solves the perennial wave energy problems of survivability and scalability. With the back-end confidence the solution could be industrialised - WaveX then joined forces with the University of Western Australia to complete the front-end R&D including tank testing, open water scale model testing and numerical modelling.

The D-Spar™ is WaveX’s proprietary wave energy converter designed to operate without any underwater moving parts, a major advancement over legacy wave energy systems. Inspired by already-proven floating oil and gas structures, the D-Spar™ is a durable, low-maintenance platform that floats on the ocean surface and captures energy from wave motion in a highly efficient and survivable manner.

By removing mechanical complexity below the waterline, the D-Spar™ offers a step-change in reliability, safety, and scalability, enabling integration alongside offshore wind farms to improve energy yield and reduce downtime. This design also allows WaveX to utilise existing oil and gas supply chains for rapid and cost-effective deployment, making it one of the most commercially viable wave energy solutions in development today.

WaveX has already secured over A$2.5 million in non-dilutive funding through government grants and R&D incentives, significantly de-risking the Seed Round for investors. This capital has supported early-stage validation, tank testing at UWA, and technical development of the D-Spar™ system.

This match-funding structure ensures that investor capital is highly leveraged, with every dollar invested accelerating WaveX’s commercialisation timeline.

The Company has also received R&D Tax Incentive credits and continues to engage with industry development bodies and innovation programs to further extend its capital runway without excessive dilution.