Update Regarding the Magat Pilot Project

06 Dec 2024 11:29 CET

The 220 kWp Magat Floating Solar pilot project is located in Ramon, Isabela
province in the Philippines and owned by SN Aboitiz Power (SNAP). It has been in
stable operation over the past five years, consistently outperforming the
land-based reference system. However, the pilot recently sustained structural
damage due to a direct hit from the Typhoon Nika (international name: Toraji).

The typhoon was a direct hit, and wind speeds up to 210 km/h were observed in
the area. A root cause analysis has been conducted and gives a clear picture of
the sequence of events and show that the system withstood the forces for two
hours before the mooring was damaged. Further, the root cause analysis indicate
that Ocean Sun’s design improvements made over the past five and a half years
since the system was installed should have prevented the situation. As such, the
pilot has served its purpose, and there are ongoing discussions with SNAP
regarding the way forward.

Kristian Torvold, CEO Ocean Sun, commented, "The direct hit from Nika was what
we have been waiting for over the past 5 years, exposing the system for its
design limits. Despite the mooring failure we are pleased the root cause
analysis indicates strong resilience and that our current design would have
persisted in the typhoon. We view the pilot as a success and look forward to
future installations together with SNAP in the Philippines”

The Ocean Sun solution has undergone five and a half years of rigorous research
and development, since the Magat pilot was installed. The product is today
significantly different from what was installed in 2019, incorporating numerous
enhancements that will be implemented in the continuation of this project. The
technical and operational insights gained from the Magat pilot have been crucial
in maturing Ocean Sun's technology, design, and O&M procedures.

About Ocean Sun: 

By combining Norwegian maritime expertise and knowledge within photovoltaics,
Ocean Sun has 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

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