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Kraken Robotics Inc. ("Kraken" or the "Company") (TSX-V: PNG, OTCQB: KRKNF) announces it has received purchase orders for synthetic aperture sonar (SAS) and battery products totaling approximately $12 million. Orders for Kraken SAS, KATFISH™ towed SAS spares, and SeaPower™ batteries have been placed by multiple organizations, including Teledyne Marine, Terradepth, and two navies from NATO member countries.
"As we near the end of the calendar year, we are seeing many expected orders coming through before budgets reset, including two new SeaPower battery customers" said Greg Reid, President and CEO of Kraken Robotics. "Clients are from both defence and commercial organizations, highlighting how Kraken's dual-use technology is critical across a variety of applications, from maritime security to offshore energy."
Teledyne Marine placed orders for both Kraken SAS and SeaPower batteries, which will be integrated on their Gavia and SeaRaptor autonomous underwater vehicles (AUVs) for unnamed clients.
Kraken SAS will also be deployed as part of Terradepth's Absolute Ocean operating system, which aggregates multi-domain ocean data for U.S. military and commercial operators. The integration on Terradepth's self-recharging AUV delivers scaled autonomous survey capabilities to its government and offshore energy clients.
Kraken SAS and SeaPower batteries are purposefully designed to be platform agnostic, making these advanced sensors and power systems available for integration on any AUV, from small man-portable systems to XLUUVs. Supporting clients in more than 30 countries worldwide, Kraken Robotics' solutions are exploring and securing our oceans for defence, offshore energy, and marine research applications.
Figure 1: Kraken's Synthetic Aperture Sonar (SAS) systems are designed and manufactured in Newfoundland, Canada.
ABOUT Kraken Robotics Inc.
Kraken Robotics Inc. (TSX.V: PNG) (OTCQB: KRKNF) is transforming subsea intelligence through 3D imaging sensors, power solutions, and robotic systems. Our products and services enable clients to overcome the challenges in our oceans – safely, efficiently, and sustainably.
Kraken's synthetic aperture sonar, sub-bottom imaging, and LiDAR systems offer best-in-class resolution, providing critical insights into ocean safety, infrastructure, and geology. Our revolutionary pressure tolerant batteries deliver high energy density power for UUVs and subsea energy storage.
Kraken Robotics is headquartered in Canada with offices in North America, South America, and Europe, supporting clients in more than 30 countries worldwide.
LINKS:
www.krakenrobotics.com
SOCIAL MEDIA:
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Twitter www.twitter.com/krakenrobotics
Facebook www.facebook.com/krakenroboticsinc
YouTube www.youtube.com/channel/UCEMyaMQnneTeIr71HYgrT2A
Instagram www.instagram.com/krakenrobotics
Certain information in this news release constitutes forward-looking statements. When used in this news release, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "seek", "propose", "estimate", "expect", and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect the Company's current views with respect to future events based on certain material factors and assumptions and are subject to certain risks and uncertainties, including without limitation, changes in market, competition, governmental or regulatory developments, general economic conditions and other factors set out in the Company's public disclosure documents. Many factors could cause the Company's actual results, performance or achievements to vary from those described in this news release, including without limitation those listed above. These factors should not be construed as exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this news release and such forward-looking statements included in, or incorporated by reference in this news release, should not be unduly relied upon. Such statements speak only as of the date of this news release. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange Inc. nor its Regulation Services Provide (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release, and the OTCQB has neither approved nor disapproved the contents of this press release.
For further information:
Erica Hasenfus, Director of Marketing
erica.hasenfus@krakenrobotics.com
Joe MacKay, Chief Financial Officer
(416) 303-0605
jmackay@krakenrobotics.com
Greg Reid, President & CEO
(416) 818-9822
greid@krakenrobotics.com
Sean Peasgood, Investor Relations
(647) 955-1274
sean@sophiccapital.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2d4c8449-276c-4480-a23a-73584cc9f1f9
