Kraken Announces C$2.8 Million of Contracts, Provides Update

Kraken Robotics (TSXV:PNG,OTCQB:KRKNF) has announced new contracts for batteries, sonar sensors, and support totalling C$2.8 million.

As quoted in the press release:

New Contracts

Kraken has recently received orders from four US companies and one Canadian company totalling $2.8 million. The Company expects to fulfill these contracts in the first half of 2020. Due to confidentiality reasons, our customers cannot be named but are characterized below:

• A new customer primarily targeting the defense industry will be using Kraken SeaPower® batteries in its autonomous underwater vehicles (“AUVs”). Kraken currently expects another battery order from this customer in Q3 of this year.

• An existing defense industry customer is acquiring additional SeaPower® batteries. This is the customer’s third order of Kraken batteries.

• An existing customer, a large defense contractor, is acquiring another AquaPix® MINSAS sensor.

• An existing Canadian commercial customer contracted Kraken for further offshore asset inspection using Kraken’s SeaVision® laser scanning services.

• An existing commercial customer contracted Kraken for offshore support.

Click here to read the full press release.