The company aims to raise NOK100 million by going public. It will use the funds to expand its overseas operation and reinforce engineering resources in Norway.
Norwegian floating PV specialist Ocean Sun is seeking a listing on the Merkur Market, a multilateral trading facility which has offered small and medium-sized companies access to the Oslo Stock Exchange since 2016.
The company aims to raise NOK100 million ($10.9 million) through the initial public offering. “The funding round is necessary in order for Ocean Sun to expand its operation abroad but also to reinforce local engineering resources in Norway,” Ocean Sun CEO Børge Bjørneklett told pv magazine. “We are involved in several demonstration projects but since they are relatively small we don’t make sufficient revenue yet and we need external financing to progress faster and stronger.”
The net proceeds will also be used for research and development, working capital and general corporate purposes, according to the company.