Ocean Sun has signed a Memorandum of Understanding (MoU) with the Ukrainian
Zhytomyr City Territorial Community and the Turkish HICC Heavy Industry
Construction Co., initiating a strategic collaboration to explore the deployment
of floating solar power (FPV) in Ukraine.

The MoU, formalized during a ceremony hosted by the Norwegian-Ukrainian Chamber
of Commerce in Kyiv July 31st, marks the beginning of a multi-phase process. The
first stage will focus on environmental and technical feasibility studies,
stakeholder engagement, and permitting activities for a potential FPV
installation in Zhytomyr.

Pending the outcome of these studies and successful financing, the project
envisions the development of a floating solar power plant with a capacity of up
to 25 MWp in the coming years. The installation would provide clean electricity
directly to the Zhytomyr municipal grid, helping reduce transmission losses and
supporting local energy resilience.

"Ocean Sun is proud to contribute to the rebuilding of Ukraine's energy
infrastructure. Through our patented floating solar solution, we aim to support
a sustainable and forward-looking energy transition. This MoU marks the
beginning of a collaborative journey, and we look forward to working closely
with our Ukrainian partners to assess the potential for a future installation,"
said Kristian Tørvold, CEO of Ocean Sun AS.

"We are grateful to Ocean Sun, HICC Heavy Industry Construction Co, and our
international partners for their trust and shared vision of the future of
Zhytomyr and Ukraine as a city and a country with a strong green economy. The
signing of this Memorandum confirms Zhytomyr's openness to technological
innovation and constructive dialogue with leading players in the renewable
energy market. We have a lot of analytical and technical work ahead of us, and
we are ready for it. I am convinced that this cooperation will bring mutually
beneficial results." said Galina Shymanska, secretary of the Zhytomyr City
Council.

"HICC has been established in Ukraine for more than 7 years providing
construction services to various wind and solar power projects. We find the
opportunity to work with Ocean Sun's patented technology and the Zhytomyr City
very exciting. It is time to rebuild Ukraine both faster and to the better",
said Ergün Seçmeer, CEO of HICC.


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