Ocean Sun commenced legal proceedings in Norway against Inseanergy AS in august
2022, claiming Inseanergy's solution for floating solar power infringed upon
Ocean Sun's patent rights. Ocean Sun is the holder of exclusive patent rights to
a solution for floating solar power in Norway, as well as in a number of other
jurisdictions. Inseanergy disputed the infringement claim and filed a
counterclaim to revoke Ocean Sun's patent. The lawsuit was scheduled to be heard
by Oslo District Court over four days, from 13 to 16 March 2023. In addition,
Inseanergy has filed notice of opposition to the European Patent Office against
the validity of Ocean Sun's European Patent.

The parties have now reached a settlement agreement, following which the parties
have entered into a licence agreement on commercial terms. The agreement
concerns the patent in dispute as well as other related patents and patent
applications, and is not limited to Norway, but covers all jurisdictions where
the patents are in force or applied for. Inseanergy thus acknowledges Ocean
Sun's patent rights, while the agreement also ensures Inseanergy full freedom to
operate. As part of the agreement Inseanergy withdraws the notice of opposition
to the European Patent Office.

Ocean Sun and Inseanergy are pleased to have resolved this matter with a
positive result for both parties and look forward to continuing their respective
efforts to promote floating solar power.