Kraken Announces $3 Million of Government of Canada Funding for ThunderFish® XL Development
ST. JOHN’S, Newfoundland, Aug. 31, 2020 (GLOBE NEWSWIRE) — Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), Canada’s Ocean Company, is pleased to announce that it will receive a $2,909,891 non-refundable financial contribution from the National Research Council of Canada’s Industrial Research Assistance Program (NRC-IRAP). The funding will be received over a 26-month project period and will be used to support the development of Kraken’s seabed resident ThunderFish® XL Autonomous Underwater Vehicle (TFXL AUV).
Building from the previous development efforts of the ThunderFish® Alpha AUV, the ThunderFish® XL AUV will be larger and with an increased depth rating, have a larger payload capacity and have longer mission endurance. Most importantly, the ThunderFish® XL will have key capabilities that are lacking with similar underwater vehicles in the industry today. These include: 1) the ability to transition from high-speed survey mode to “zero” speed hovering mode in-mission; 2) through-the sensor acoustic, laser and optical target detection, image recognition and inspection; and, 3) using onboard sensors to improve vehicle navigational accuracy.ThunderFish® XL will be depth rated to 6,000 metres and carry an array of sensors and custom payload modules, including Kraken’s AquaPix® Synthetic Aperture Sonar, SeaVision® 3D laser profiler, SeaThrust® rim-driven thrusters and SeaPower® pressure tolerant batteries. All of these will be integrated with advanced artificial intelligence algorithms onboard the vehicle. In addition, the modular design will allow for rapid sensor reconfiguration and battery replacement. Finally, Kraken will develop a conceptual design for a robust and autonomous multi-modal docking solution allowing TFXL to function as a seabed resident AUV that can run a wide variety of missions from its underwater docking station.It should be noted that the ThunderFish® XL is significantly different from the more common “long endurance” AUVs that are prevalent today. Notable differences include:A much longer period of time in water;Period of deployment involves multiple missions;Vehicle may be completely shut down between missions;Typically utilizes a subsea docking structure for safety; andTypically involves charging and/or data download/communications while at dock. Kraken CEO Comments
Karl Kenny, Kraken’s President and CEO said, “The National Research Council of Canada Industrial Research Assistance Program (NRC-IRAP) has been an invaluable partner to Kraken for many years. We sincerely appreciate their commitment to help us further develop our ThunderFish® XL AUV. AUVs have evolved from an emerging, niche technology to a viable solution and an established part of underwater operations in both military and commercial applications. By combining our advanced sensor technologies with cutting edge artificial intelligence algorithms, it is our objective to deliver a cost-effective AUV solution that is truly autonomous as opposed to being simply automated. TFXL is a rectangle shaped, hovering AUV being developed for subsea resident applications. In the AUV space, Kraken is focused on using our in-house developed AUVs and procured AUVs to build a fleet of vehicles capable of providing Robotics as a Service rather than having a primary focus on selling AUVs. We expect that this will provide Kraken with a unique and valuable market position.”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; 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:Greg Reid, Chief Operating Officer
[email protected] Sean Peasgood, Investor Relations
[email protected] Shauna Cotie, Marketing Manager
(709) 757-5757 x 241
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