Inseanergy gears up for fundraising campaign

Outlook & Strategy

March 24, 2023, by Amir Garanovic

Inseanergy, a Norwegian company developing floating solar solutions for aquaculture industry, has announced the upcoming fundraising campaign to prepare for further growth and internationalization.

Inseanergy’s floating solar unit (Courtesy of Inseanergy/Photo by Kristin Stoylen)

Inseanergy said it plans to launch a share issue on Folkeinvest platform, which provides options to buy and sell shares in unlisted companies.

Launched in 2020, Inseanergy is a company that supplies energy systems that are based on renewable energy sources such as solar, wind and hydrogen.

The company has designed its floating solar technology to fit the needs of the aquaculture sector, as it can be installed on recycled fish cages, and used in combination with onshore power supply to reduce the use of diesel generators that traditionally power fish farms.

“Through a successful validation program including piloting of our floating solar power plant, SUB Solar, followed by deliveries to solid customers, we are now conducting a share issue to prepare ourselves for further growth and internationalization,” Inseanergy said on social media.

The floating solar system is particularly suitable in combination with hybrid system solutions combining batteries and downsized diesel generators, to make it even more environment-friendly, according to the company.

After several successful pilots, the company’s SUB Solar system is already being delivered to commercial customers from the aquaculture sector, including Hofseth International, Gadus Group, and Bjørøya.

In January 2023, Inseanergy partnered up with the world’s largest producer of equipment for the farming industry AKVA Group. The companies will work together on the supply and integration of green energy solutions to the aquaculture industry.

More recently, Inseanergy settled a patent dispute with another Norwegian floating solar developer Ocean Sun. The parties entered into a license agreement on commercial terms, which saw Inseanergy acknowledging Ocean Sun’s patent rights, while the agreement also ensured full freedom of operation for Inseanergy.