Photo: Ocean Sun's floating solar technology connected to offshore wind turbine in China (Courtesy of Ocean Sun)

Ocean Sun boosts third quarter revenues

Norwegian floating solar company Ocean Sun has reported an increase in revenues for the third quarter of the fiscal year 2022, as opposed to the same period a year earlier.

Ocean Sun's floating solar technology connected to offshore wind turbine in China (Courtesy of Ocean Sun)
Ocean Sun’s floating solar technology connected to offshore wind turbine in China (Courtesy of Ocean Sun)

According to the company, its revenue for the third quarter of 2022 amounted to NOK 1.1 million (€107,200), in contrast with NOK 0.2 million (€19,500) reported for the period last year.

Ocean Sun said the recorded revenue relates to license fees paid from the agreement with MP Quantum in Greece, and for the contract with Chinese state-owned enterprise State Power Investment Corporation (SPIC), in addition to service revenue related with the SPIC contract in China.

Other income relates to recognized contribution from research grants, the company noted.

During the quarter, Ocean Sun also recognized revenue from Skattefunn, grants from Innovation Norway (Green Platform) and the Research Council of Norway.

Other operating expenses for the company have included NOK 0.3 million (€29,230) in non-recurring cost during the quarter, and NOK 1.3 million (€127,000) in 2022 year to date for an interim CFO.

Cash flow from operations amounted to NOK 0.7 million (€68,200) in the quarter. The operating loss of NOK 4.4 million (€428,700) was offset by repayments on material purchased on customers behalf and a prepayment of EIC grant for the BOOST project.

Total cash and cash equivalents as per September 30, 2022, amounted to approximately NOK 68.4 million (€6.66 million). According to Ocean Sun, the cash position of the company is sound.

Equity ratio amounted to 89.6% and the group had no interest-bearing debt, Ocean Sun reported, adding it is well capitalized with available liquidity to support future growth.

To remind, SPIC recently commissioned the world’s first offshore floating solar power plant integrated with offshore wind turbine, at a site located off the coast of China’s Shandong Province using Ocean Sun’s floating solar technology.

Owned by SPIC, and constructed by Sunneng Technologies, the system started commercial operations on the October 31, after a two-week construction period.

The two Ocean Sun’s floating solar units were constructed on shore and towed 30 km off the coast of Hayiang to its final position where the mooring was installed.

Once the test period is completed, the intention is to connect floating solar to other wind turbines at the location in the Yellow Sea. Pending successful results, the accumulated capacity of Ocean Sun floating solar installations will be 20MWp in 2023, the company noted.

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