Ocean Sun’s shares dropped 8.3% to $0.45 on Wednesday, nearing the lower bound of its 52-week range of $0.45 to $3.20, after the floating solar developer reported a first-half net loss of NOK 10.2 million.
The company ended the second quarter with NOK 21.1 million in cash, following an oversubscribed NOK 20 million share issue primarily backed by existing shareholders. Operating income for the period totaled NOK 4 million, largely derived from research grants. Kristian Tørvold, CEO, described the share issue as a move that “significantly strengthens our balance sheet.”
Ocean Sun’s first-half results reflect its strategic pivot toward two core growth areas: resort-scale floating solar systems and utility-scale freshwater licensing, following a review with Fearnley Securities. Carl Petter, COO and CFO, noted the quarter was “about putting capital in place and positioning Ocean Sun for execution and growth.”
The company highlighted project milestones across multiple regions. Construction has begun on its first project in Brazil, following grid connection approval in spring 2024. A memorandum of understanding with ACEN-Silverwolf for a Southeast Asian project is targeted for later this year. In the Maldives, Ocean Sun signed two additional MOUs over the summer, targeting a market estimated at $600 million across roughly 200 diesel-dependent resorts. Globally, the resort-scale floating solar market could exceed $1 billion, while utility-scale licensing opportunities are projected at 77 gigawatt-peak.
Ocean Sun also secured NOK 2.1 million in EU funding for a demonstrator project in La Palma, with construction slated to begin next year. The company estimates floating solar component costs between $700,000 and $1 million per megawatt-peak, with installations in resorts priced at 15 to 17 U.S. cents per kilowatt-hour—below the 25 cents or more charged by diesel power in many locations.
