Norway's Ocean Sun pockets USD 10.7m for floating solar R&D

Norwegian floating solar technology firm Ocean Sun SA has raised NOK 100 million (USD 10.7m/EUR 9.2m) gross from a private placement of new stock aimed at financing its research and development (R&D) initiatives.

The company has allocated 5.55 million new shares at NOK 18 apiece, it said on Thursday. The deal was “well oversubscribed” and attracted strong interest from international institutional investors and Norwegian and Nordic institutions and family offices. As previously announced, the fresh capital will be used to finance Ocean Sun’s R&D efforts, support growth and cover working capital and general corporate needs.

Separately, company shareholders of the Norwegian firm have conducted a secondary offering of 2.77 million existing shares. Gross proceeds of NOK 50 million were raised from this sale.

Ocean Sun has also applied for admission of its shares to trading on the Merkur market of the Oslo stock exchange. The starting date is expected to be October 26, 2020.

Ocean Sun's patented technology is based on dual-glass crystalline silicon modules installed on large floating structures. The modules are supported by a thin hydro-elastic polymer membrane suitable for near-shore and semi-sheltered waters. The systems are wave and wind resistant.

(NOK 1.0 = USD 0.107/EUR 0.091)

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