Kraken Robotics Receives $13 Million of Subsea Battery Orders
16 October 2024 - 9:30PM
Kraken Robotics Inc. ("Kraken" or the "Company") (TSX-V: PNG,
OTCQB: KRKNF) announces that it has received orders totalling $13
million for SeaPowerTM subsea batteries from existing clients.
Rated for depths up to 6,000 meters, Kraken’s subsea batteries
provide up to twice the energy density and weigh 46% less per kWh
than traditional pressure-housed batteries.
"With underwater robotics, there are always
design trade-offs between size, weight, power and cost
requirements,” said Greg Reid, President and CEO of Kraken
Robotics. “To increase endurance, designers typically need to
increase the size and weight of a vehicle. But with Kraken's
SeaPower batteries, they can get the best of both worlds, providing
some of the highest energy density and most cost-effective subsea
energy storage systems available. Our batteries are in active use
worldwide, and have been field proven by customers in commercial
and defense, often doubling the endurance of their vehicles when
compared to alternative solutions."
ABOUT SEAPOWER BATTERIES
Kraken’s SeaPower batteries enable greater
energy density through the use of a proprietary polymer to encase
the batteries. This polymer eliminates the need for a pressure
housing or oil compensation, freeing up space that can be used to
further increase energy capacity.
SeaPower batteries have been sold to clients
worldwide and integrated into large and extra-large class uncrewed
underwater vehicles (UUVs). Kraken is presently developing energy
solutions for small and medium sized UUVs, more details around
which will be announced over the next 12 months.
Why Choose
Kraken’s SeaPower?
- Market-Leading Energy
Density: Enables extended, more complex
missions.
- High
Reliability: Specially designed for critical naval
operations.
- Fast
Charging: Reduces downtime significantly, enhancing
operational efficiency.
Figure 1: Kraken SeaPower Subsea
Battery
ABOUT KRAKEN ROBOTICS INC.
Kraken Robotics Inc. (TSX.V:PNG) (OTCQB: KRKNF)
is a marine technology company providing complex subsea sensors,
batteries, and robotic systems. Our high-resolution 3D acoustic
imaging solutions and services enable clients to overcome the
challenges in our oceans - safely, efficiently, and sustainably.
Kraken Robotics is headquartered in Canada and has offices in North
and South America and Europe. Kraken is ranked as a Top 100 marine
technology company by Marine Technology Reporter.
LINKS:www.krakenrobotics.com
SOCIAL MEDIA:
LinkedIn www.linkedin.com/company/krakenrobotics 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, purchase order values and the performance
of the Company’s products. 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,
currency exchange rates, amendment, cancellation or breach of
contract, failure of the Company’s products to perform as expected,
changes in market, competition, 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 Kierstead, Director of
Marketingerica.kierstead@krakenrobotics.com
Joe MacKay, Chief Financial Officer(416)
303-0605jmackay@krakenrobotics.com
Greg Reid, President & CEO(416)
818-9822greid@krakenrobotics.com
Sean Peasgood, Investor Relations(647)
955-1274sean@sophiccapital.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/2d5b5103-6268-4bd2-805e-e13460a8721f.
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