The FINANCIAL — The renewable energy company Ocean Sun has today been admitted to trading on Merkur Market (ticker code: OSUN-ME).
Ocean Sun has developed a floating power system with solar panels mounted on a thin hydro-elastic membrane. “Our technology offers renewable energy at world-beating cost levels enabled by the water body’s cooling effect, which lowers the solar panels’ operating temperature and increases their power output”, explains the company.
Recently, Ocean Sun raised NOK 150 million through a private placement, consisting of NOK 100 million in new shares and NOK 50 million through sale of existing shares. The placement attracted strong interest from Nordic and international investors and was well oversubscribed, reported Ocean Sun.
“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 Børge Bjørneklett.
The shares in the offering were sold at NOK 18 per share, corresponding to an equity value of NOK 810 million.