Ocean Sun admitted to trading

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Oslo, 26 October 2020 – The renewable energy company Ocean Sun has today been admitted to trading on Merkur Market (ticker code: OSUN-ME).

Ocean Sun has developed a floating power system with solar panels mounted on a thin hydro-elastic membrane. “Our technology offers renewable energy at world-beating cost levels enabled by the water body’s cooling effect, which lowers the solar panels’ operating temperature and increases their power output”, explains the company.

Recently, Ocean Sun raised NOK 150 million through a private placement, consisting of NOK 100 million in new shares and NOK 50 million through sale of existing shares. The placement attracted strong interest from Nordic and international investors and was well oversubscribed, reported Ocean Sun.

“I am very pleased with the investor interest we have received in the placement. We see multiple growth opportunities within floating solar. A listing on Merkur Market facilitates a foundation to leverage years of development and testing, as well as pursue growth opportunities going forward”, said Chief Executive Officer Børge Bjørneklett.

The shares in the offering were sold at NOK 18 per share, corresponding to an equity value of NOK 810 million.

Ocean Sun admitted to trading on Merkur Market

Photo: Thomas Brun / NTB

About Ocean Sun

By combining the Norwegian maritime expertise and knowledge within silicon photovoltaics, Ocean Sun has developed an innovative solution to global energy needs. The patented technology is based on solar modules mounted on hydro-elastic membranes and offers cost and performance benefits unseen in any other floating PV system today. With offices in Oslo, Singapore and Shanghai, Ocean Sun is embarking on its vision to be the world's leading technology provider of floating solar. oceansun.no

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