Kraken Robotics Receives $13 Million of Subsea Battery Orders
ST. JOHN'S, Newfoundland and Labrador, Oct. 16, 2024 (GLOBE NEWSWIRE) -- 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:
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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, 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 Marketing
erica.kierstead@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/2d5b5103-6268-4bd2-805e-e13460a8721f.
