Ocean Sun enters public trading

Norwegian floating solar specialist Ocean Sun has been admitted to trading on Merkur Market, operated by the Oslo Stock Exchange.

Ocean Sun's floating solar technology (Courtesy of Ocean Sun)
Ocean Sun’s floating solar technology (Courtesy of Ocean Sun)

Ocean Sun has developed a floating power system with solar panels mounted on a thin hydro-elastic membrane.

Recently, Ocean Sun raised NOK 150 million (€13.74 million) through a private placement, consisting of NOK 100 million (€9.15 million) in new shares, and NOK 50 million (€4.58 million) through sale of existing shares.

The placement attracted strong interest from Nordic and international investors and was well oversubscribed, Ocean Sun reported.

“I am very pleased with the investor interest we have received in the placement. We see multiple growth opportunities within floating solar. A listing on Merkur Market facilitates a foundation to leverage years of development and testing, as well as pursue growth opportunities going forward”, said Chief Executive Officer of Ocean Sun, Børge Bjørneklett.

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The shares in the offering were sold at NOK 18 (€1.65) per share, corresponding to an equity value of NOK 810 million (€74.19 million), according to Oslo Stock Exchange.