Norway’s Ocean Sun Planning To Launch IPO

Norwegian Floating Solar Specialist Ocean Sun Planning To Launch Initial Public Offering Expecting To Raise NOK 100 Million
07:42 PM (Beijing Time) - 13. October 2020

Key Takeaways

  • Ocean Sun says it plans to launch itself on the multilateral trading facility in Norway called Merkur Market
  • It aims to raise around NOK 100 million through private placement and the round will be open to investors both within and outside the US
  • Net proceeds will be used to expand the organization, fund continued R&D, for working capital and general corporate purposes

The floating solar PV specialist from Norway, Ocean Sun AS is going in to get itself listed on the Merkur Market in Norway, a online multilateral trading facility operated by the Oslo Stock Exchange. It expects the 1st day of trading on or about October 26, 2020, shortly after completion of its private placement.

The company plans to use the net proceeds of approximately NOK 100 million ($11 million) from the exercise to expand the organization, fund continued research and development, as well as for working capital and general corporate purposes. Net proceeds from the secondary shares for the benefit of the selling shareholders.

Application period of the private placement will start from October 12, 2020 and close on October 16, 2020. Private placement will be directed towards Norwegian and international investors outside the US, and to investors in the US.

Ocean Sun says it has patented its innovative technology for solar modules mounted on hydro-elastic membranes to float customized PV modules. In July 2020, it landed itself an agreement to deploy its technology as part of the 2.1 GW floating solar site planned near the Saemangeum tidal flat on the Yellow Sea coast (see South Korea Announces 2.1 GW Floating Solar Project).

Earlier, another Norwegian energy company Statkraft contracted Ocean Sun to develop a 2 MW floating PV plant as a pilot and its success will enable them to deploy the technology further to other Statkraft locations (see Ocean Sun To Develop 2 MW Floating PV For Statkraft).

Meena Nair

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