Ocean Sun AS ("Ocean Sun") has entered into a non binding memorandum of
understanding (MoU) with ACEN-Silverwolf Pte Ltd ("ACEN-Silverwolf"), a joint
venture renewables platform between ACEN Renewables International Pte. Ltd.
("ACRI"), the international investment arm of ACEN Corporation (ACEN:PSE) and
Silverwolf Capital Limited, to establish a strategic framework for the
deployment of Ocean Sun's floating solar technology across selected Asian
markets.
Subject to securing relevant approvals and finalization of the definitive
documentation, the parties intend to enter into a binding collaboration
framework with a focus on accelerating the development and deployment of utility
scale floating solar installations in freshwater reservoirs and inland water
bodies.
Ocean Sun will leverage its patented technology and established maritime
expertise to support this collaboration complemented with ACEN-Silverwolf's
strong credentials in renewable energy and regional project development
experience.
This MoU reflects Ocean Sun's continued product development, including updated
designs for freshwater installations to support cost competitive utility scale
deployment.
Kristian Torvold, CEO of Ocean Sun AS, commented:
"This MoU establishes a clear pathway to scale Ocean Sun's floating solar
technology together with a highly experienced renewable energy developer. It
supports our capital light licensing strategy in the utility segment and
provides a structured route from pilot projects to utility scale deployment,
particularly in competitive freshwater environments."
Kelvin Yuen, Chairman of ACEN-Silverwolf, said:
"Ocean Sun brings a floating solar technology that has been developed and
refined over many years, with a clear focus on robustness and suitability for
freshwater installations. For ACEN-Silverwolf, this is an important
consideration as we assess technologies that can be deployed at scale across our
portfolio, and the MoU provides a structured way to support and deploy Ocean
Sun's technology in that context."
About ACEN-Silverwolf
ACEN-Silverwolf Pte Ltd is a joint venture between ACRI and Silverwolf Capital
Limited focusing on developing and delivering impactful renewable energy
solutions in Asia. ACEN-Silverwolf and its group companies own and operate over
100MW of commercial and industrial (C&I) renewable energy assets across China,
Hong Kong, Malaysia, Thailand, and Singapore.
ACEN (PSE:ACEN), the Ayala group's listed energy company, is one of the
fastest-growing renewable energy companies in Asia Pacific, with the Philippines
as its core and largest market. It also has a significant presence in Australia,
Vietnam, India, and Lao PDR, along with strategic investments in Indonesia and
other markets. The company currently has ~7 GW of attributable renewable energy
capacity spanning projects in operation, under construction and committed
projects.
As a developer, builder, and operator, ACEN leverages its agility and
collaborative approach to accelerate the energy transition. The company has 100%
renewable energy generation and aims to achieve Net Zero greenhouse gas
emissions by 2050-turning bold ambitions into real impact for businesses,
communities, and indigenous groups.
About Ocean Sun:
By combining Norwegian maritime expertise and knowledge within photovoltaics,
Ocean Sun as developed an innovation that offers a bold solution to our global
energy needs. The patented technology is based on solar modules mounted on
hydro-elastic membranes and offers cost and performance benefits not seen in any
other floating PV system today. With offices in Oslo, Singapore and Shanghai,
Ocean Sun is embarking on its vision to be the world's leading technology
provider of floating solar.
For further details, please contact:
Kristian Tørvold, CEO of Ocean Sun, +47 97088847
Karl Lawenius, CFO of Ocean Sun, +47 45633881
e contact: \
Kristian Tørvold\, CEO of Ocean Sun\, +47 97088847\
Karl Lawenius\, CFO of Ocean Sun\, +47 45633881\