Welcome to the presentation of Ocean Sun's third quarter results. My name is Kristian Tørvold, and I am the CEO of Ocean Sun. Today, as always, we'll first talk about Ocean Sun in brief before going through a few updates and project developments. Then Karl will present the financials. Ocean Sun's patented technology is the world's best FPV technology. It offers low CapEx due to low material use, fast and easy installation, and lean transportation. It sees high efficiency due to the PV panels being water-cooled. The structure, derived from Norwegian maritime heritage, offers a seaworthy solution. At Ocean Sun, we are making solid progress with our floating solar solution for islands and nearshore markets. The 2 MW Soneva Secret project in the Maldives is nearing completion, and once announced, this will be the enabling solution for resorts and island nations to convert from diesel gensets to renewable energy.
With Ocean Sun's solution and storage, islands that have been paying NOK 0.30+ per kWh will see a dramatic reduction in energy prices. Reduction in diesel consumption, and reduction in pollution. Through this, we are enabling local infrastructure such as coal storage and other business. At Ocean Sun, we're really excited about providing this opportunity, and we're confident that our robust floating solar technology will be a big part of the solution for thousands of inhabited islands around the world. On that note, we are in several dialogues with Indonesian developers exploring floating solar for their islands. We are also working with key Indonesian energy stakeholders and recently met many of them at the Indonesia-Europe Business Forum in Oslo. It's clear that Indonesia is moving towards greening their islands, and Ocean Sun is looking to be a big part of that.
We also signed an MOU with an Indian counterparty that is also focusing on powering islands in India. Lastly, we showcased our technology at the annual Resort Island Expo in Malé, in the Maldives. The progress we have already had in the market has been very inspirational for the many expo visitors. As mentioned in last quarterly report, Ocean Sun has signed an MOU with the city of Zhytomyr to assess the feasibility of a 25 MWp floating solar project. This initiative aims to support Ukraine's energy recovery and resilience, leveraging Ocean Sun's robust floating solar technology. As part of our commitment, Ocean Sun is participating in the ReBuild Ukraine event in Warsaw in mid-November, joining the Norwegian delegation to engage with stakeholders and further explore opportunities to contribute to Ukraine's sustainable energy future.
In Q3, we also launched our new website, designed to better showcase our technology, project, and value proposition. This new website has already resulted in increased traffic and very positive feedback from partners, clients, and industry stakeholders. Please, I urge you. If you haven't already, go have a look. We have also had considerable progress with our Rio One project in Brazil. This project is focusing on the development of a new fixation method for panels in benign waters. Together with the Norwegian research institution IFE, we have completed a solution that is ready for field testing, and our Brazilian partners have now selected a site for the demonstration system, which is planned for installation early next year. This project will be our first in Brazil, but it will also be an important showcase for the Ocean Sun solution for benign waters globally.
Project-wise, there are only a few changes since last quarter, as we are working to complete the construction of key backlog projects. Our focus remains clear. We are concentrating on tier two opportunities, and we are advancing in the resorts and island markets. Once the Maldives project is commissioned, the world's first of its kind, we are in no doubt that there will be considerable interest for similar opportunities from the Caribbean, Africa, and Southeast Asia. At Ocean Sun, the focus is clear. We are working hard to win and complete more rings on the water. We are confident about what the upcoming quarters will bring.
Yes, taking a quick look on the financials for the quarter, we recorded an income of NOK 2.4 million in Q3, and this includes NOK 300,000 in license revenue from the projects we have completed with our partner, Alotta. Alotta is making good progress with Ocean Sun's technology in the aquaculture sector and announced two new projects, one in Norway and one in Chile, during Q3. We're very excited by this and, like, the progress with decarbonizing the aquaculture industry. The quarterly result ended at - NOK 6.5 million, and thanks to positive working capital effects, the net cash flow was - NOK 5.3 million. That leaves us with a cash position of NOK 11.9 million at the end of the quarter. With that, we open up for Q&A. Let's see if we have any questions here.
Any comments on Aboitiz Power's participation in the GEA-4 auction with the Magat project in the Philippines, as well as updates with your Turkish partner regarding the Manisa Demirköprü Dam ? Sorry about the pronunciation.
That's very good questions. We are working very closely with SNAP in the Philippines. We will hopefully bring more updates on that in the coming months and quarters. In terms of the collaboration with our partner UGIS in Turkey, there is currently a tender for Demirköprü Dam . Yeah, it's about 45 MW, which we are involved with, but there's no tender decisions yet, and the documentation is still not completed.
Good. Rouel is asking, what revenues can we expect Ocean Sun to recognize on each of its projects?
It depends a bit on which project we're talking about. On the project that we're developing in, for example, island resorts and such, we will have revenue both for the pre-engineering. Then we'll have revenue from the license fee, and then we will also have revenue from the on-site supervision during the project. We can consider considerable revenue from these projects, but of course, it depends largely on the size of the project.
Great. The next question is, in the last report, you mentioned that the CPO, David, will leave the company. Have you found a replacement?
Yes, we have found a great replacement who will join Ocean Sun January 1st. We are very excited and will soon also announce who that is. It will be a great contribution to the Ocean Sun team.
Great. A question on Soneva. How many percent of the total power need will the solar plant give in the Maldives?
The 2-MW peak power plant and 3 MWh of battery will run the resort once completed about 90% of the time, leaving the gensets as backup power. The batteries will be fully charged on a sunny day from the 2 MW in about three hours. It is a very efficient system that we're building.
Great. That was the last question.
Thank you very much for this Q3 report and the presentation. Any questions, of course, we are always ready to talk, so please reach out. Thank you.