Kraken Announces $2.2 Million of Subsea Batteries and Sonar Contracts & Project Funding
ST. JOHN’S, Newfoundland, March 04, 2021 (GLOBE NEWSWIRE) — Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), Canada’s Ocean Company™, is pleased to announce new contracts for subsea batteries and synthetic aperture sonar and new funding support totalling $2.2 million.
Kraken has received new orders totalling $0.7 million and funding awards for $1.5 million. Due to confidentiality reasons, our customers and partners cannot be named but are characterized below:An existing U.S. defense industry customer is acquiring additional SeaPower® batteries. This is the customer’s second order of Kraken batteries. Delivery will occur in the first half of 2021.A defense customer in the Southern Hemisphere has awarded Kraken a contract for an AquaPix MINSAS120 sensor for integration into the customer AUVs. Due to the modularity and advanced integrated motion sensors of the MINSAS, Kraken is expecting an additional contract for a custom payload section that will allow for easy transfer of the MINSAS system between the customers AUVs from two different AUV manufacturers. This is an industry unique capability of Kraken’s SAS systems. Delivery will occur in 2021.Kraken has been notified of $1.5 million of funding awards across two projects. Germany’s Federal Research Minister announced in February that the Ocean Technology Center, Rostock, was one of seven clusters that will receive up to a total of €450 million over nine years. The Ocean Technology Center, Rostock, is expected to receive up to a total of €45 million of this funding. As part of the Ocean Technology Center campus in Rostock, Kraken Power will start two projects in Q4 of this year. These projects cover expanded thruster size and power range and new subsea battery and subsea charging solutions. The projects will last for 36 months.
ABOUT KRAKEN ROBOTICS INC.Kraken Robotics Inc. (TSX.V:PNG) (OTCQB: KRKNF) is a marine technology company dedicated to the production and sale of software-centric sensors, subsea batteries and thrusters, and underwater robotic systems. The company is headquartered in St. John’s, Newfoundland with offices in Dartmouth, Nova Scotia; Toronto, Ontario; Bremen & Rostock, Germany; Copenhagen, Denmark; and Boston, Massachusetts. Kraken is ranked as a Top 100 marine technology company by Marine Technology Reporter. For more information, please visit www.krakenrobotics.com, www.krakenrobotik.de, www.krakenpower.de. Find us on social media on Twitter (@krakenrobotics), Facebook (@krakenroboticsinc) and LinkedIn.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, please contact:Joe MacKay, Chief Financial Officer
[email protected]Greg Reid, Chief Operating Officer
[email protected]Sean Peasgood, Investor Relations