Tillkännagivande • Jun 18
Ocean Sun AS Receives EU Funding Of NOK 2.1 Million As Part Of Isla Bonita Project Ocean Sun AS has been awarded EU funding of approximately NOK 2.1 million as part of the Isla Bonita project. The project aims to accelerate the transition towards sustainable, climate-resilient island communities by deploying and scaling innovative ocean- and water-related solutions. With an overall EU contribution of approximately EUR 13.5 million, the Isla Bonita project is coordinated by Plocan and brings together a broad consortium of research institutions, industry partners and public authorities to implement demonstration projects across several island regions in Europe. Ocean Sun will lead the La Palma demonstrator, a flagship initiative located at the port of Tazacorte in the Canary Islands. The demonstrator builds on the technical and operational learning from the BOOST project and represents the next step in Ocean Sun’s work to adapt floating solar technology for exposed coastal and island environments. The system will combine renewable energy from an Ocean Sun FPV installation with desalination technologies in an integrated solution. Located in the rough seas of La Palma, the 310 kWp FPV demonstrator will provide a relevant test site for further research, validation and operational improvement in exposed conditions. The integration with a desalination unit will also demonstrate a replicable model for island and coastal regions facing high electricity costs and water scarcity. Ocean Sun will be responsible for design and deployment of the floating solar system, implementation of an automated cleaning solution, and integration of a rainwater collection system for operational use. Ocean Sun’s allocated contribution is EUR 190,000 and excludes CAPEX related to the demonstrator. The EU support enables Ocean Sun and its partners to continue advancing floating solar in demanding marine environments, building on prior experience while further improving a solution already commercially available for island and resort markets seeking alternatives to expensive and volatile fossil fuels. Tillkännagivande • May 24
Ocean Sun AS has filed a Follow-on Equity Offering in the amount of NOK 20 million. Ocean Sun AS has filed a Follow-on Equity Offering in the amount of NOK 20 million.
Security Name: Common Shares
Security Type: Common Stock
Securities Offered: 40,000,000
Price\Range: NOK 0.5
Transaction Features: Rights Offering Board Change • May 20
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Director Tron Engebrethsen was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Dec 30
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Director Tron Engebrethsen was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Tillkännagivande • Dec 22
Ocean Sun AS, Annual General Meeting, May 06, 2026 Ocean Sun AS, Annual General Meeting, May 06, 2026. Tillkännagivande • Dec 03
Ocean Sun AS has completed a Follow-on Equity Offering in the amount of NOK 8.99724 million. Ocean Sun AS has completed a Follow-on Equity Offering in the amount of NOK 8.99724 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 4,498,620
Price\Range: NOK 2
Transaction Features: Subsequent Direct Listing Tillkännagivande • Feb 11
Ocean Sun Appoints Kristin Husby Mork as Chief Commercial Officer, Effective April 2025 Ocean Sun announced the expansion of its leadership team with the appointment of Kristin Husby Mork as Chief Commercial Officer, effective April 2025. Kristin brings a wealth of experience in the energy sector, having served as Commercial Director at TechnipFMC, leading the New Energy discipline. Her role involved building up the New Energy business area, which focuses on CCS, floating offshore wind, and hydrogen. Prior to that, she was a project manager at Equinor, responsible for establishing Equinor's foothold in Asia with regards to offshore wind. Kristin's expertise in commercial strategy, project execution, and market positioning will be invaluable to Ocean Sun as continue to expand offerings. She holds an MBA in Finance from NHH and a M.Sc. in Mathematics, Physics, and Informatics from NTNU. Tillkännagivande • Dec 18
Ocean Sun AS, Annual General Meeting, May 06, 2025 Ocean Sun AS, Annual General Meeting, May 06, 2025. Reported Earnings • Nov 09
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: kr2.61m (up 80% from 3Q 2023). Net loss: kr5.02m (loss widened 9.0% from 3Q 2023). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 55% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Aug 23
Now 28% undervalued after recent price drop Over the last 90 days, the stock has fallen 50% to €0.15. The fair value is estimated to be €0.21, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 491% in a year. Earnings are forecast to grow by 34% in the next year. Tillkännagivande • Aug 16
Ocean Sun AS Announces the Appointments of David Knutsen as Chief Product Officer and Carl Petter Lehne as Chief Operating Officer, Effective October/November 2024 Ocean Sun AS announced the expansion of its leadership team with the appointments of David Knutsen as Chief Product Officer (CPO) and Carl Petter Lehne as Chief Operating Officer (COO), effective October/November 2024. David Knutsen brings over a decade of experience in the maritime industry, having played a pivotal role in the development of the world’s first floating LNG transfer system as Co-founder and CTO of ECOnnect Energy AS. His expertise in marine technology and experience in product development and scaling innovative solutions will be invaluable to Ocean Sun as continue to expand offerings. David holds a Master’s degree in Marine Technology from the Norwegian University of Science and Technology (NTNU). Carl Petter Lehne joins Ocean Sun after a successful tenure at Metier, where he led the Industry and Infrastructure Group. With a rich background in managing complex infrastructure projects, including key roles at Multiconsult engineering projects, Carl Petter brings a deep understanding of best practices in project development, management and execution. His knowledge will be instrumental in guiding Ocean Sun through its current scale-up phase. Carl Petter holds a Master’s degree in Civil Engineering with a focus on Marine Technology and Geotechnical Engineering from the Technical University of Denmark (DTU). Buy Or Sell Opportunity • Aug 07
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 43% to €0.16. The fair value is estimated to be €0.21, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 491% in a year. Earnings are forecast to grow by 34% in the next year. New Risk • Jun 14
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €9.26m (US$9.91m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Revenue is less than US$1m (kr4.3m revenue, or US$403k). Market cap is less than US$10m (€9.26m market cap, or US$9.91m). Minor Risk Currently unprofitable and not forecast to become profitable next year (kr10m net loss next year). New Risk • May 16
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next year. Trailing 12-month net loss: kr15m Forecast net loss in 1 year: kr10m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Revenue is less than US$1m (kr6.6m revenue, or US$614k). Minor Risks Currently unprofitable and not forecast to become profitable next year (kr10m net loss next year). Market cap is less than US$100m (€13.5m market cap, or US$14.6m). Reported Earnings • Apr 24
Full year 2023 earnings released: kr0.41 loss per share (vs kr0.40 loss in FY 2022) Full year 2023 results: kr0.41 loss per share (further deteriorated from kr0.40 loss in FY 2022). Net loss: kr18.7m (loss widened 2.8% from FY 2022). Revenue is forecast to grow 89% p.a. on average during the next 2 years, compared to a 4.1% growth forecast for the Construction industry in Europe. Tillkännagivande • Feb 16
Ocean Sun AS Announces CEO Changes Ocean Sun AS announced that the director for North-East Asia, Kristian Tørvold is appointed to the role of CEO to the company, while the current CEO and founder, Børge Bjørneklett, leaves the company. The Board of Directors believe no-one is better positioned than Kristian Tørvold to lead the company in scaling up. As a member of Ocean Sun´s management team for 5 years, Kristian has played a leading role in building up the North-East Asia office before relocating to Norway. His understanding of the important Asian market, combined with his varied skills in operations and business development, make him very well qualified for leading Ocean Sun. Reported Earnings • Feb 09
Full year 2023 earnings released Full year 2023 results: Net loss: kr18.4m (loss widened 1.3% from FY 2022). Revenue is forecast to grow 49% p.a. on average during the next 2 years, compared to a 4.6% growth forecast for the Construction industry in Europe. Reported Earnings • Nov 12
Third quarter 2023 earnings released Third quarter 2023 results: kr0.10 loss per share. Net loss: kr4.60m (loss widened 5.0% from 3Q 2022). Revenue is forecast to grow 77% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Construction industry in Germany. New Risk • Aug 25
New major risk - Revenue and earnings growth Earnings have declined by 22% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 22% per year over the past 5 years. Revenue is less than US$1m (kr2.5m revenue, or US$233k). Minor Risk Market cap is less than US$100m (€17.5m market cap, or US$18.9m). Reported Earnings • Aug 23
Second quarter 2023 earnings released Second quarter 2023 results: Net loss: kr3.90m (loss narrowed 9.9% from 2Q 2022). Revenue is forecast to grow 87% p.a. on average during the next 2 years, compared to a 5.0% growth forecast for the Professional Services industry in Europe. Buying Opportunity • Aug 02
Now 22% undervalued Over the last 90 days, the stock is up 12%. The fair value is estimated to be €0.69, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 139% over the last year. Earnings per share has grown by 3.3%. Revenue is forecast to grow by 909% in a year. Earnings is forecast to grow by 97% in the next year. Buying Opportunity • Jul 06
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be €0.65, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 139% over the last year. Earnings per share has grown by 3.3%. Revenue is forecast to grow by 909% in a year. Earnings is forecast to grow by 97% in the next year. New Risk • Jun 21
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Revenue is less than US$1m (kr2.8m revenue, or US$263k). Minor Risks Currently unprofitable and not forecast to become profitable next year (kr508k net loss next year). Market cap is less than US$100m (€24.2m market cap, or US$26.4m). Buying Opportunity • May 25
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 22%. The fair value is estimated to be €0.62, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 253% over the last year. Earnings per share has grown by 3.3%. Revenue is forecast to grow by 583% in a year. Earnings is forecast to grow by 97% in the next year. Tillkännagivande • May 06
Ocean Sun AS Elects Erik Løkke-Øwre as A Member of the Board On 04 May 2023, Ocean Sun AS at its AGM, elected Erik Løkke-Øwre as a member of the Board for a period of one year. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Director May Salberg was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Tillkännagivande • Sep 18
Ocean Sun AS Announces Change of Chief Operating Officer Ocean Sun AS appointed Ivar Blekastad as its new Chief Operating Office starting 3rd of October 2022. Mr. Blekastad has more than 15 years of experience from the PV industry and in-depth knowledge of the entire value chain. He has spent the last 10 years of his career at Norwegian Crystals, serving in a variety of roles including COO, CCO and CPO. Before that, Blekastad worked for four years at Rec Solar as a VP of Operations and seven years at Hydro as a plant manager. Mr. Blekastad holds an MSc in Reliability and Risk Analysis from the University of Stavanger. Ocean Sun’s current COO, Nenad Keseric, will leave the company at the end of September. Breakeven Date Change • Sep 06
Forecast to breakeven in 2024 The analyst covering Ocean Sun expects the company to break even for the first time. New forecast suggests losses will reduce by 67% per year to 2023. The company is expected to make a profit of kr4.00m in 2024. Average annual earnings growth of 98% is required to achieve expected profit on schedule. Reported Earnings • May 13
First quarter 2022 earnings released First quarter 2022 results: kr0.11 loss per share. Net loss: kr4.83m (loss widened 30% from 1Q 2021). Over the next year, revenue is forecast to grow 2,762%, compared to a 11% growth forecast for the industry in Germany. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Director Anne Skrivarhaug was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Tillkännagivande • Feb 04
Ocean Sun AS Announces Management Changes The current CFO of Ocean Sun AS, Karl Lawenius, will be away on pateity leave in the period betweeeen 28th of February and 31st of July 2022. The Company announced that Roar Jakobsen has accepted to fill the position as Interim CFO for the entire period that Lawenius is away. Jakobsen, who will be engaged as a consultant, has significant experience from the CFO role from previous positions in Brady Energy Norway AS, Norema ASA and Edda Media Buskerud AS. Tillkännagivande • Sep 24
Fearnley Securities AS acquired additional 5.3% stake in Ocean Sun AS (OB:OSUN) from Arnt Emil Ingulstad. Fearnley Securities AS acquired additional 5.3% stake in Ocean Sun AS (OB:OSUN) from Arnt Emil Ingulstad on September 21, 2021. Arnt Emil Ingulstad entered into a 6 month lock-up undertaking with Fearnley Securities AS for its remaining shareholding of approximately 5.7%.
Fearnley Securities AS completed the acquisition of additional 5.3% stake in Ocean Sun AS (OB:OSUN) from Arnt Emil Ingulstad on September 21, 2021. 