Ocean Sun has signed our second agreement to license its proprietary floating
solar technology to the EPC Sunneng Technology for the construction of a 0.5 MWp
FPV pilot connected to a wind turbine in Haiyang, off the coast of Shandong
Province, China. The project is fully funded by State Power Investment
Corporation (SPIC), a Chinese state owned powerplant investor and the world's
largest PV asset owner. This is Ocean Sun's first truly offshore installation,
and the first offshore wind and solar hybrid project utilizing SPICs existing
power infrastructure.

"We are excited to enter this license agreement, which opens the large market
for offshore solar and wind power combined. Shandong Province is projecting
42GWp floating solar installations in the next few years, and Ocean Sun will now
be a contender for parts of this volume. These waters see annual typhoons with
challenging sea state, and all involved parties are aware of the risks. In all
circumstances, Ocean Sun will improve our product with learnings from this
exposed site." - Says Børge Bjørneklett, CEO and founder of Ocean Sun.  

"After close cooperation with Ocean Sun for the pilot project in Yantai, we are
pleased to act as EPC for the pilot project invested by SPIC in Haiyang. The
offshore pilot is scheduled to be constructed this summer, and we expect to
finalize the ongoing 1MW nearshore pilot in Yantai soon thereafter. Winning this
contract shows the strength of the Sunneng and Ocean Sun cooperation" - Says
Zhang Hui, CEO and founder of Sunneng Technology.

Once the pilot has shown its robustness through one typhoon season, the
remaining wind turbines at this location will also connect 0.5MWp floaters to a
total 20MWp project in 2023. This is one of several SPIC-owned wind powerplants
in the area. 

Ocean Sun has been present in China since 2018 and established a Chinese
subsidiary in 2020 with a current staff of 3 people. Approximately 70% of the
world's installed floating solar capacity to date is in China. 

About SPIC:

SPIC a major electricity generation company in China, and the world. It has
presence in 46 countries and regions, and 130,000 employees, with businesses
covering power project investment, EPC, power plant services.  

 
About Sunneng:

Sunneng Technology is a Beijing based renewable energy developer. Led by Zhang
Hui, the company has successfully developed several GW of wind and solar power
in China. 

About Ocean Sun:

By combining Norwegian maritime expertise with photovoltaics, Ocean Sun offers a
bold solution to our global energy needs. The patented technology is based on
solar modules on membranes giving cost and performance benefits.