Welcome to the presentation of Ocean Sun's second quarter results. My name is Kristian Tørvold, and I am the CEO of Ocean Sun. Here you see the current status of our Maldives project. Installation of the floaters has taken longer than originally planned, but we are forging ahead now. Today, as always, we will first talk about Ocean Sun in brief before we go through the highlighted updates and project developments. Karl will present the financials. Ocean Sun's proprietary technology is the world's best FPV technology. It offers low CapEx due to the low material use, fast and easy installation, and lean transportation. It sees high efficiency due to the PV modules being on water and water cooled. The structure, derived from Norwegian maritime heritage, offers a seaworthy solution. We're in the final stages of constructing the Suniva Secret power plant in the Maldives, with completion targeted for Q3.
This is our first deployment of the OS70, an impressive 74-meter diameter floating solar ring, making it the largest and most cost-effective structure we've built to date. Despite the site's logistical challenges, including limited space and equipment, the installation is nearing completion. Thanks to Ocean Sun's 2 MWp floating solar system and a 3 MWh battery pack, the resort will shift from relying on diesel to running on renewable energy 90% of the time. It is not just a smart investment, but it's a major win for reducing air and noise pollution. We're excited to replicate this model with partners such as Canopy Power across island nations and resorts in the Maldives, Caribbean, and Pacific, all waiting for an enabling solution like Ocean Sun. Alotta has successfully launched two installations using Ocean Sun's patented floating solar technology, one in Norway and one in Chile.
These projects target the fish farming industry, where replacing diesel with solar power offers both environmental and economic benefits. The end customers include well-known companies like Mowi and Emerson Fiske, highlighting the market's readiness for sustainable solutions. Built by Alotta and their partners, these installations demonstrate the benefit of Ocean Sun's licensing model, showing that when partners master the build and commissioning process, they can scale independently and effectively. It's a promising step for Ocean Sun and towards greening the aquaculture industry. In other business updates, we have signed an MOU with the Zhytomyr municipality in Ukraine and the EPC HICC. This is an ongoing and collaborative process where we are working closely with our Ukrainian partners to assess the potential for a future 25 MWp installation. The assessment will likely be partially covered by funds earmarked for Ukraine reconstruction and development. We're looking forward to start this important work.
In terms of websites, our previous website has served us well, but has also become quite outdated. We're now thrilled to unveil a fresh new site next week, one that better reflects our advanced technical capabilities and the innovative direction we're heading with a clear call to action. Lastly, we're approaching the prototyping phase of our cleaning robot and anticipate beginning tests of the world's first autonomous cleaning system in Q4. This innovation is set to disrupt markets frequently affected by sand and dust events, such as in Southern Europe, Africa, and the Middle East, regions that are also prime for Ocean Sun deployment due to the efficient cooling of our modules. Soon, we'll be enabling the cleanest and coolest solar panels in the world. Project-wise, there's only been minor changes since last quarter. Two Alotta projects have been deployed, and new initiatives are entering the pipeline.
Our focus remains steady and clear. We're concentrating on tier two opportunities, including promising engagement with Caribbean islands and resort developments. Progress in India continues, and we've now secured a supply of PV modules tailored for the Ocean Sun solution, an essential step towards unlocking the Indian market and scaling our presence there. In all, we're seeing strong momentum in Ocean Sun, with more projects underway and increased activity across key regions. We've sharpened our internal processes and clarified our focus. The energy is high, and we're generally excited about the upcoming quarters. With that, I'll leave it to Karl to talk about the financials.
Thank you, Kristian. In the first half year of 2025, we had a revenue of NOK 3.8 million, which overall resulted in a NOK 9.8 million loss for the first half year. This was further amplified a bit by negative working cash flow effects and a deposit paid for a guarantee to our new rental agreement for the office lease. As such, the cash flow ended at NOK- 12.3 million . That leaves us with a cash balance of NOK 17.2 million going out of the quarter. In light of this and the positive developments to the pipeline and operational excellence and technology, we have started the process of acquiring new funds to support further expansion. With the positive and committed owners that we have, we are confident that this will be successful. With that, we open up for Q&A.
Thank you, Karl. Any questions?
Any questions?
We have one here. Any updates on the collaboration with Canopy Power?
Yes. We, of course, are working closely with Canopy Power in the Maldives. That is our first project together, and it's a very, very important project for both of us. Canopy Power in Australia has also been doing very well. They have progressed several of the dialogues, and we're hoping to see positive results from these efforts in the coming quarters.
OK, what is the current status in Brazil?
The Brazilian market is ever-expanding. There are many opportunities there that are opening up and starting now. We are still working on our first pilot that we hope to start installation of by the end of this year. This is, of course, an R&D pilot together with our partner Wapé in Rio, and it will be an exciting opportunity for us both to test new technology, but also to enter the Brazilian market in an efficient way.
Thank you. There is a lot of focus on the ocean, but what about hydro?
Our projects this quarter have been focused on the ocean, but that doesn't mean that we've changed our focus away from hydropower reservoirs. Still, hydropower reservoirs is where we will most likely see the largest installations, and this is a market that is developing, although not as fast as we initially thought. We see countries like Malaysia, and we see Turkey and India all now en masse putting floating solar on reservoirs. We're excited about focusing on hydropower reservoirs, and we're definitely not losing that focus.
there any updates on the project in mainland Spain? I guess that refers to the Acciona demo.
We have a demo outside of Madrid with Acciona that is performing well. It's now one of six technologies being tested by Acciona, and the results are promising. We're hoping, of course, that Acciona will take these results and start building more power plants using Ocean Sun technology, but we will leave that up to them to decide on their timeline.
Perfect. That was the last question.
All right. That concludes the second quarter presentation. Thank you very much for tuning in, and we'll see you next quarter.