Norwegian floating solar developer Ocean Sun AS reported a first-half net loss of NOK 10.2 million on Wednesday, despite ending the second quarter with NOK 21.1 million in cash following an oversubscribed NOK 20 million share issue.
The company’s first-half operating income totaled NOK 4 million, primarily from research grants. Ocean Sun’s stock fell 8.3% to $0.45, marking its lowest point in the past 52 weeks, which spans from $0.45 to $3.20.
Chief Executive Kristian Tørvold said the share issue significantly strengthened the balance sheet, with the majority of funds contributed by existing shareholders. The board had previously concluded that focusing on resort and utility-scale opportunities while securing capital to execute the strategy was the most attractive path forward.
Ocean Sun’s floating solar projects in resorts, including a Maldives installation, are priced at 15 to 17 U.S. cents per kilowatt-hour, compared with 25 cents or more for diesel power. The company estimates the global resort market for floating solar exceeds $1 billion, with utility-scale licensing opportunities potentially reaching 77 gigawatt-peak worldwide.
The firm also secured NOK 2.1 million in EU Horizon funding for a La Palma demonstrator project combining floating solar with desalination. Construction is set to begin next year, with a payback period of 2 to 4 years for resort investments and power stability expected for more than 20 years.
Ocean Sun is targeting a first project with ACEN-Silverwolf in Southeast Asia for later this year. Floating solar component costs range from $700,000 to $1 million per megawatt-peak, depending on project size and battery requirements.
Ocean Sun’s ticker, OSUN, reflects its focus on floating solar technology, a segment gaining traction in remote and island markets where diesel power remains costly.
