Ocean Sun
Ocean Sun is a Norwegian floating solar technology company that licenses and deploys a patented hydro-elastic membrane floating photovoltaic system, serving utilities, aquaculture operators, island communities, and resort developers across more than ten countries.
- Company typePrivate
- Founded2016
- HeadquartersLysaker, Norway
- Headcount11–50
- GTM typeB2B
- OfferingHardware or Manufacturing
What Ocean Sun does
Ocean Sun AS is a Norwegian floating photovoltaic (FPV) technology company founded in 2016 and headquartered in Lysaker, Norway, with regional operations in Singapore and Shanghai. The company's core product is a patented hydro-elastic membrane floating solar system in which PV modules rest directly on a flexible PVC membrane floating on water, enabling passive convective cooling and 5-10% higher energy yield than land-based or air-gap pontoon systems. The portfolio is structured in three tiers (sheltered waters, semi-exposed/utility/aquaculture, and offshore exposed) with platform capacities ranging from approximately 160 kWp to 668 kWp per floater; the OS-48 model (~300 kWp) sits within the utility-grade band. The membrane, engineered to withstand wind speeds up to 275 km/h and certified to NS9415 marine standards, is designed for a 20+ year operational life with replaceable components, and the company holds granted US and European patents plus DNV GL Statement of Conformity (2020) and the world's first Bureau Veritas type certificate for floating solar (2025).
Ocean Sun monetizes its technology through a capital-light licensing model combined with direct project deployment and EU-funded R&D. Revenue streams include technology licensing royalties (with partners such as Sunneng Technology in China, Keppel in Singapore, MP Quantum in Greece/Cyprus, EN Technologies in South Korea, and ACEN-Silverwolf for Asian markets), direct hardware sales and integration services for named customers (Soneva Secret Maldives, Mowi Chile, Emilsen Fisk Norway, ACCIONA Energía Spain, Statkraft Albania, Sunseap Singapore, SPIC China, Keppel Singapore), and non-dilutive EU Horizon Europe funding (Isla Bonita in the Canary Islands and the EROS research project). The company serves four primary verticals: utilities and power companies, aquaculture operators, island and coastal communities, and resort/hospitality operators.
The company has 11-50 employees, has raised approximately NOK 100 million in equity (October 2020) and pursued additional private placements in 2025-2026, and was admitted to trading on the Oslo Stock Exchange's Merkur Market. Q4 2025 revenue was NOK 4.9 million (driven by the Soneva Secret Maldives delivery), with a NOK 4.4 million quarterly loss and NOK 15.8 million cash on hand, indicating the company remains in an early commercial scaling phase, building out a 36 MWp pipeline across 13 projects in more than ten countries.
Ocean Sun firmographics
Firmographics- Name
- Ocean Sun
- Legal name
- Ocean Sun AS
- Website
- https://oceansun.no
- Company type
- Private
- Founded year
- 2016
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Ocean Sun is a Norwegian floating solar technology company that licenses and deploys a patented hydro-elastic membrane floating photovoltaic system, serving utilities, aquaculture operators, island communities, and resort developers across more than ten countries.
- Ownership category
- akta.pro rank
Ocean Sun industry classification
Industry- Product category
- Floating Solar Photovoltaic Systems
- NAICS
- Solar Electric Power Generation (221114)
- akta.pro primary industry
- Solar Project Development & IPP (Utility-Scale & Rooftop) (EUAMABAA)
- akta.pro secondary industries
- Utility-Scale PV EPC (Engineering, Procurement & Construction) (EUACAGAB), Solar EPC & Construction (Utility-Scale, Rooftop, Balance of System) (EUAMABAB)
Keywords
Where Ocean Sun is headquartered
LocationHeadquarters
- HQ city
- Lysaker
- HQ country
- Norway
- HQ region
- Europe
Offices3 records
Markets served
Ocean Sun business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Technology or R&D, Personnel, Supply Chain, Operations, Marketing or Sales, Infrastructure
Revenue model
- Technology Licensing: Capital-light licensing model where Ocean Sun licenses its proprietary floating solar technology to regional developers and partners. Partners fund project construction while Ocean Sun provides technology, design expertise, and ongoing support. Supports utility-scale deployments across multiple markets.
- Direct Project Development: Direct engagement on specific projects where Ocean Sun provides complete floating solar systems and deployment services. Includes technology supply, installation oversight, and integration support for projects ranging from pilot installations to commercial deployments.
- EU Research Project Funding: Participation in EU Horizon Europe projects (Isla Bonita, BOOST) providing non-dilutive funding for technology demonstration and R&D activities. Received approximately NOK 2.1 million for La Palma demonstrator and NOK 8 million for EROS research project.
- Equity Capital Raises: Private placement of new shares to raise equity capital for working capital, operations, and expansion. Recent placements include NOK 10 million at 78% premium (Q4 2025) and contemplated NOK 9-18 million raise at NOK 2.00 per share.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Unit Pricing | Multi-year contract | Tier 1: Optimized for sheltered waters including lakes, small reservoirs and ponds |
| Unit Pricing | Multi-year contract | Tier 2: Balanced performance and affordability for large reservoirs and sheltered nearshore |
| Unit Pricing | Multi-year contract | Tier 3: High-capacity installations for offshore exposed and nearshore conditions |
| One time/ perpetual license | Pay-as-you-go | Private Placement Shares |
Go-to-market motion4 records
Distribution channels5 records
Marketing channels7 records
Ocean Sun product offering
Product offeringCore offering
Ocean Sun manufactures and licenses a patented floating solar photovoltaic (FPV) platform in which solar PV modules rest directly on a flexible hydro-elastic PVC membrane that floats on the water surface, enabling passive cooling for higher energy yield. The offering is delivered in three configurations (Tier 1 for sheltered lakes/reservoirs, Tier 2 for semi-exposed utility/aquaculture use, Tier 3 for offshore exposed sites) and ships as flat-packed modular floaters supporting installations from approximately 200 kW pilots up to 668 kWp utility-scale systems. The company sells both hardware and technology licenses to utilities, hydropower operators, resort developers, aquaculture companies, governments, and industrial customers across Europe, Asia, the Americas, and Africa.
Product overview
Ocean Sun offers a patented floating solar technology platform based on hydroelastic membrane design. The core system allows PV modules to rest directly on water surfaces, providing natural convective cooling for 5-10% higher energy yield than land-based installations. The product line is organized into three tiers: Tier 1 (sheltered waters/lakes/reservoirs), Tier 2 (semi-exposed/utility/aquaculture), and Tier 3 (offshore/exposed nearshore/government-scale). The OS-48 model (~300 kWp) and utility-scale floaters up to 668 kWp represent specific capacity configurations for different project scales.
Differentiator
Problem solved
Functional benefit
Products and services
- Ocean Sun Floating Solar System (Hydro-Elastic Membrane Platform) Patented floating solar photovoltaic system using a hydro-elastic PVC membrane that lets PV modules rest directly on the water surface, providing passive cooling that yields 5-10% more energy than land-based systems. Targets utilities, hydropower operators, resort developers, aquaculture operators, governments, and industrial customers deploying from approximately 200 kW pilots to 668 kWp utility-scale floaters.
- OS-48 System Platform Ocean Sun's utility-scale floating solar floater model with approximately 300 kWp nominal capacity designed for benign-water sites with wave heights up to 1 m. Supports side-by-side modular expansion for phased utility-scale deployments.
- Technology Licensing Program Licensing of Ocean Sun's patented hydro-elastic membrane floating solar technology to regional developers and EPCs who fund project construction and execute local market deployment. Licensees include Sunneng Technology (China), Keppel (Singapore), MP Quantum Group (Greece/Cyprus), and EN Technologies (South Korea), with combined deployments covering Asian and Mediterranean markets.
Quantifiable outcome
- 5-10% higher energy yield compared to land-based solar installations due to direct water cooling
- +6 more outcomes
Companies that use Ocean Sun
Customer profileNamed customers12 records
Segments6 records
Ideal customer profiles4 records
Ocean Sun technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature7 records
Ocean Sun partnerships and signals
Strategic signalPartnerships
24 partnerships are on record, tiered minor, core and major.
- InnoseaminorConsortium partner in BOOST offshore floating solar demonstrator project off Gran Canaria coast. Maritime engineering consultancy contributing to offshore technology qualification.
- Technological Institute of the Canary Islands (ITC)minorConsortium partner in EU-funded offshore floating solar projects in Canary Islands. Regional technology institute providing local expertise and infrastructure support.
- Oceanic Platform of the Canary Islands (PLOCAN)minorConsortium partner in EU-funded offshore floating solar projects. Ocean research platform providing testing infrastructure for offshore conditions.
- ACEN-Silverwolf (ACEN Renewables International + Silverwolf Capital)coreNon-binding MoU signed May 2026 to deploy utility-scale floating photovoltaic arrays across Asian markets targeting freshwater and inland water reservoirs. Ocean Sun provides patented hydro-elastic membrane technology; ACEN-Silverwolf contributes regional project development expertise. Partnership supports Ocean Sun's capital-light licensing strategy in utility segment. Targets expansion in Vietnam, Malaysia, and Australia.
- Canopy PowerminorPartnership for Soneva Secret Maldives 2MWp floating solar project. Canopy Power provides off-grid power solutions for island resorts combining floating solar with energy storage.
- CandelaminorPartnership launching floating solar-powered charging for electric vessels. Part of 'Sun to Sea Ecosystem' for clean water mobility combining Ocean Sun's floating solar with Candela's electric vessel technology.
- Bureau Veritas SAcoreIssued world's first type certificate for floating solar technology to Ocean Sun, acknowledging cutting-edge technology and establishing industry standards for FPV certification.
- HICC Heavy Industry Construction Co.minorMoU with Ukrainian Zhytomyr City Territorial Community and Turkish HICC Heavy Industry Construction Co. to explore deployment of floating solar power in Ukraine. Strategic collaboration to assess FPV potential in Eastern European market.
- GCL System Integration (GCL SI)coreJoint marine floating solar project at Soneva Secret resort in Maldives deploying over 4,200 TOPCon marine floating modules. Project supplies up to 90% of resort's clean electricity replacing diesel generators, saving 1 million liters diesel annually. Demonstrates GCL SI's offshore photovoltaic capabilities and Ocean Sun's resort market potential.
- AKVA GroupminorPartnership for Huar Norte floating solar project in Chile powering Mowi's salmon pen. AKVA Group provides aquaculture infrastructure expertise for hybrid energy systems at fish farms.
- Fjord MaritimeminorPartnership for Chile aquaculture floating solar project with Mowi. Fjord Maritime contributes maritime expertise for fish farm energy solutions.
- NHPC LimitedminorDigital MoU signing with India's NHPC Limited to explore floating solar opportunities. NHPC is India's largest hydropower company, opening potential for floating solar deployment at Indian reservoirs.
- State Power Investment Corporation (SPIC)coreWorld's largest PV asset owner commissioned world's first commercial offshore floating photovoltaic power plant (0.5 MWp) integrated with offshore wind in Shandong, China. Uses Ocean Sun's patented technology. First FPV integrated with offshore wind, unlocking hybrid offshore powerplant potential. Plans 20MW expansion in 2023.
- Keppel Infrastructure / Keppel Energy NexuscoreTechnology license agreement for 1.5 MWp floating PV project near Jurong Island, Singapore. Piloting Singapore's first membrane-based nearshore floating PV system as part of 6 million SGD investment in clean energy technology. Keppel Infrastructure provides integrated utilities infrastructure.
- Sunseap Groupcore1.2 MWp floating PV project deployed near island south of Singapore. Full-scale demonstrator comprising two Ocean Sun systems paving way for utility-scale developments in Singapore and Southeast Asia. Part of EDP Renewables portfolio (EDPR). Largest floating solar system in Singapore Strait.
- Sunneng TechnologycoreTechnology license agreement for 1 MWp FPV pilot in Yantai, Shandong, China. Second agreement for 0.5 MWp offshore pilot in Haiyang connected to wind turbine. Projects fully funded by SPIC. First offshore wind and floating solar hybrid project. EPC contractor for Ocean Sun's China operations.
- Statkraftcore2 MWp multi-ring floating solar plant at Banja Hydropower reservoir in Albania. First commercial operation June 2021; Phase 2 expanded to four floaters with total 2MWp. R&D investment by Statkraft based on Ocean Sun's innovative floating solar technology. First sizable installation in southern Europe.
- MWP (Mediterranean Water Partnership)minorPartnership joining floating sea water desalination with floating solar power. Combines Ocean Sun's floating PV technology with desalination systems for island water scarcity solutions.
- ACCIONA Energíacore250 kWp floating solar demonstrator at Sierra Brava reservoir in Spain. Part of ACCIONA's testbed for floating solar technology testing real-environment performance, construction methods, operation and maintenance, and environmental monitoring to scale up to commercial application.
- MP Quantum GroupcoreAgreement to develop floating solar in Greece and Republic of Cyprus using Ocean Sun's proprietary technology. First phase is a pilot system with permits acquired within 2021. 2 MWp projects planned targeting inland reservoirs and ocean applications. Alafouzos family-led developer targeting utility-scale deployments.
- Fred Olsen RenewablescoreEC-funded Horizon 2020 project with consortium partners Innosea, Technological Institute of Canary Islands (ITC), and Oceanic Platform of Canary Islands (PLOCAN). 0.25 MWp floating solar power unit off Gran Canaria coast with challenging 10m wave heights. Project qualifies and certifies Ocean Sun's technology for offshore applications. 30-month project with 4 million euro budget.
- EN TechnologiesmajorAgreement with South Korean energy company EN Technologies to deploy Ocean Sun systems as part of 2.1 GWp floating solar site planned near Saemangeum tidal flat on Yellow Sea coast. Major project opportunity in Korean market.
- DNV GLcoreIssued Statement of Conformity for Ocean Sun's floating solar system - first of its kind verification of innovative floating solar design methodology. DNV verified mooring design and structural design for Banja plant.
- GCL (GCL-Poly / GCL Group)majorEarly partnership agreement signed June 2019 for floating solar technology cooperation. GCL is a major Chinese renewable energy company. Partnership paved way for subsequent SPIC projects and China market entry.
Scale indicators12 records
Recent moves8 records
Expansion highlights6 records
Ocean Sun competitors and assessment
Company assessmentMarket position
Strengths4 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Ocean Sun social profiles
Digital presenceOcean Sun compliance and trust
Trust signalCompliance3 records
Ocean Sun financial estimates
Financial estimateRevenue estimate
Valuation estimate
Ocean Sun leadership team
Management profileNumber of profiles
Profiles6 records
Ocean Sun subsidiaries and ownership
Company hierarchySubsidiaries2 records
Ocean Sun funding detail
Funding detailFunding overview
Funding rounds2 records
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Ocean Sun M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Ocean Sun
What does Ocean Sun do?
Ocean Sun manufactures and licenses a patented floating solar photovoltaic (FPV) platform in which solar PV modules rest directly on a flexible hydro-elastic PVC membrane that floats on the water surface, enabling passive cooling for higher energy yield. The offering is delivered in three configurations (Tier 1 for sheltered lakes/reservoirs, Tier 2 for semi-exposed utility/aquaculture use, Tier 3 for offshore exposed sites) and ships as flat-packed modular floaters supporting installations from approximately 200 kW pilots up to 668 kWp utility-scale systems. The company sells both hardware and technology licenses to utilities, hydropower operators, resort developers, aquaculture companies, governments, and industrial customers across Europe, Asia, the Americas, and Africa.
Is Ocean Sun a public or private company?
Ocean Sun is a private company. It is classified as public and is currently operating.
When was Ocean Sun founded?
Ocean Sun was founded in 2016. It employs 11 to 50 people.
Where is Ocean Sun based?
Ocean Sun is headquartered in Lysaker, Norway, in the Europe region.
How does Ocean Sun make money?
Four revenue lines are on record. Technology Licensing is the primary driver. The others are direct Project Development, EU Research Project Funding and equity Capital Raises.
Does Ocean Sun have an API?
No public API is recorded for Ocean Sun.
What industry is Ocean Sun in?
Ocean Sun's product category is Floating Solar Photovoltaic Systems. Its primary akta.pro industry code is EUAMABAA, Solar Project Development & IPP (Utility-Scale & Rooftop), with a secondary code of EUACAGAB, Utility-Scale PV EPC (Engineering, Procurement & Construction). Its NAICS code is 221114.