Hello, everybody, and welcome to this Q2 and first half 2024 presentation from Ocean Sun. My name is Karl Lawenius, CFO of Ocean Sun, and this has been a quarter and a half year full of very important events and good milestones on our further journey. You all know him by now, our new CEO, Kristian Tørvold. So without further ado, I will give the floor to him.
Thank you, very much, Karl. This presentation talk about Ocean in brief, as usual, operations and business updates, and then the financials side. Shortly, our proprietary technology for floating FPV and floating PV. We have still low CapEx due to the lowest material use. We have fast and easy installation and the transportation, which, of course, makes our unit very efficient. High seaworthiness, water cooling, et cetera, makes us currently the best floating solar technology on the market. In terms of operations and business development, we're still very focused on our strategic priorities that I introduced last time we met. We are increasing our revenue through market focus.
Focus is then on hydropower reservoirs, but also after the Sun Siyam Resorts contract, we have seen a lot of increased interest from from resorts, which is becoming also a very interesting market for us. Continuous technology improvement and cost reduction, of course, very, very important. We are spending a lot of time working on our technology, especially in relation to BOOST project, and we have hired a new CPO who's coming in in November, who will be taking charge of this. Lastly, improve the customer experience during installation and operations. A lot of work has been done at the Banja, and to work with our biggest installation there, 2 MW, to keep improving and learning how to operate it more and more efficiently.
We also hired a new COO, Carl Petter Lehne, who's coming in in September, actually, to work on this. Our projects are many of them you've seen before. Sierra Brava in Spain is commissioned and operating very well. Our installation in Banja, Albania is also operating well, and we're in good dialogue with Statkraft there. Our BOOST project in Spain is being worked on, and we expect to relaunch in Q4 this year. Our project in Magat, Philippines, is operating now very well after more than five years in operations, and we are beating the estimates, and we're very proud of that installation. New on this list is Valsfjord in Norway, which is a project built by Inseanergy, our good partner focused on the aquaculture industry in Norway.
In terms of business updates, we have three new pre-feasibility studies that are ongoing in Brunei, Hong Kong, Turkey. All are very interesting markets for us, and we're also seeing that the pre-feasibility package is very interesting for our customers. So this is a good source of revenue for us and a good way to sort of get our projects ready while the customer is working on permitting. We have signed the license agreement with Canopy Power for Sun Siyam Resorts installation, 2 MW, which of course is a huge milestone for us. We were excited to see that resorts are now ready to start building floating solar, and as many of these are close to the equator, they have a reef that makes waves smaller. It's a fantastic location for Ocean Sun to be.
We have completed the design and produced our first N-type PV module at the GCL's factory in China. This is a top-of-the-line, PV module that we're very proud of. Spent a lot of years improving it and changing it and adapting it. We also now have our own production line in, at GCL's factory, of more than a capacity of about 400 MW a year. So, we have, a lot of available modules for our upcoming projects. We have hired a new COO and CPO, starting in September and November, respectively, as I mentioned, and we have received new funding from Innovation Norway, NOK 4 million, for focusing on operations of our installations. New, this, presentation is that we have talked more about the pipeline. I think it's important that our investors know what we're working on.
H ere, we have tried to give a good picture. Of course, a lot of focus is on the Southeast Asia, what is going on there, and we're very excited to keep working on the continuation of the Magat pilot in Philippines. But there's also good projects ongoing in Singapore and Malaysia and other countries in Southeast Asia. In Europe, we also have several projects ongoing, and we're seeing mostly pilots for now, and these will be with big customers in the big reservoirs, so we are very positive about the progress in Europe. In America, so a lot of focus is on Brazil, where we're seeing big reservoirs again, very big customers interested in testing our technology and putting out pilots there as well.
In Northeast Asia, of course, still a very interesting market. Also, a couple of pilots there that are being worked on. All these projects in the pipeline are very well. They have shorter timelines, a lot of the expectations in terms of licenses and in terms of how we can expect to build them faster is already in place, and many of them have already signed the pre-feasibility studies. I'd say there are three points that are important to include to these slides. First of all, our good cooperation with Inseanergy, who's doing very good work, also helped by the Enova grants in the aquaculture industry in Norway. We're very excited about that cooperation.
We are also very excited about that unlocking on building this pipeline will give us big or potentially big orders in the future because these are all smaller projects with bigger operators in bigger reservoirs that can be continued as we keep building. And lastly, although this is 36 MW, but if you were to build all 36 MW and including the pre-feasibility studies and service fees and these contribution projects with this pipeline, Ocean Sun would actually break even. So with that, I would like to give it back to Karl to talk about the finances.
Thank you, Kristian. That is, of course, extra pleasant for me to hear. Now, looking a bit into the financials for this quarter and first half year, we had a revenue of 10 million NOK in the first half. That's an increase of more than 100% from year on year, and the result ended at NOK 6.7 million negative. In the revenue, we have about NOK 4 million, which comes from various projects, license fees, the Acciona project in Spain, and pre-feasibility studies. And remaining six comes from these contribution grants, where we have with the Research Council, Innovation Norway, and also the BOOST project.
The cash flow in the quarter ended at - 9.4 million, and with that, we had a cash position of NOK 37.3 million at the quarter end. That is a good solid balance that can support our continuous journey, and we are also looking at increased revenue going into next year. We have a good position to continue. With that, we open up for Q&A. Kristian, if you take the floor here, I will, as always, read the questions. Okay, so first question is, with the relatively small pipeline in Northeast Asia, is it still worth it having the China office?
Yeah, that's a good question. Of course, working in the China- the Chinese FP market is the biggest in the world, so we really wanna be there with our solution. But our office there is also very focused on supply chain, and improving our suppliers and of course, improving the price. But also from an ESG perspective, I think it's very important to have people on the ground there who can work with and find suppliers that meet our requirements.
Now over to the Inseanergy cooperation or partnership. Have you built any projects with Inseanergy so far?
We mentioned one project in Valsfjord, and that was completed this spring. And we have a very good cooperation with Inseanergy, very happy with working with them, and yeah, we see good things to come in that cooperation.
Next question: What is the status on the Acciona project? Are they satisfied?
Yeah, they are very satisfied. The system has been shown a lot in different media. There's been influencers and KOLs up there taking videos for the Spanish audience. They've been very happy. They've now been on holiday for next last month, so they're all coming back now with updates. We're very excited about the cooperation with them, and seems to be that we're meeting their requirements and expectations.
Next question. What is this, can you give some more information about this project on the operations and performance, research project?
Yeah. So, as we have mentioned already, of course, it's focused on several aspects of our solution. One quite interesting one is in terms of the collection of rainwater. Our floater has a big area on the membrane that can capture rainwater, and we are able to utilize that either for cleaning, but also in bigger projects in the future. We could, you know, the owner could potentially sell this rainwater to land, because on, like in the Maldives, where there's a huge lack of freshwater, rainwater collection is important.
Very good. And that was the last question.
All right, so thank you very much, everyone, for watching, and we're excited about the quarters to come. There is a lot going on in Ocean Sun, and we have new people coming in and a lot of drive, so I'm excited to see what the next quarter has to offer, so thank you very much.