ST. JOHN’S, Newfoundland and Labrador, Feb. 16, 2021 (GLOBE NEWSWIRE) — Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), Canada’s Ocean Firm™, is happy to announce a brand new contract for subsea batteries and new funding assist totalling $3.5 million.
Kraken has obtained a subsea battery order totalling $1.5 million and funding awards for $2.0 million. The Firm expects to meet this battery contract in 2021, whereas the funding awards are for tasks that can be executed over the approaching 12-36 months. Attributable to confidentiality causes, our clients and companions can’t be named however are characterised beneath:
- An present protection trade buyer is buying extra SeaPower® batteries. The contract worth is $1.5 million. That is the shopper’s fourth order of Kraken batteries.
- Kraken has been awarded $2.0 million of funding awards throughout three tasks. Work on these tasks can be carried by Kraken’s acoustic sign processing group in Canada, Kraken’s AI and Machine Studying group in Bremen, Germany and Kraken’s subsea energy group in Rostock, Germany.
Execution of the contracts for deliveries of our SeaScout® methods to the Danish and Polish navies continues and is on observe and on finances. First shipments beneath these contracts will happen in This autumn this yr.
Merchandise and Service-Associated Replace:
Underwater Car Platforms
Our SeaScout® product consisting of the KATFISH™ towed underwater car, Tentacle Winch®, and Autonomous Launch & Restoration (ALARS) is predicted to be a key progress driver. Throughout 2020, we accomplished profitable sea trials of the total SeaScout® system on board our Ocean Seeker vessel after which used the system offshore for 3 weeks as a part of our fall OceanVision™ marketing campaign.
Whereas stay buyer demos in 2020 had been impacted by the Covid pandemic and the ensuing journey challenges, we did land 2 vital contracts totalling over $40 million to provide the SeaScout® methods to the Danish and Polish navies.
We see various vital alternatives worldwide for this platform as clients search for an answer providing main value and efficiency metrics. We’ve got a powerful pipeline of worldwide pursuits with army (NATO and allied navies) and industrial corporations. Given the place we’re within the gross sales cycle with a number of of those clients, we really feel assured in our skill to ship vital progress from the SeaScout® platform in 2021 and onwards.
Artificial Aperture Sonar Sensors
Kraken continues to see rising curiosity in our AquaPix® MINSAS sensors, and particularly an curiosity by quite a few AUV producers to judge and combine Kraken’s MINSAS of their AUV choices to clients. Teledyne Gavia not too long ago built-in Kraken’s MINSAS on their Gavia AUV in Iceland and famous “The elevated vary and determination and related increased Space Protection Fee of MINSAS over conventional methods can considerably develop the capabilities of Teledyne Gavia AUV methods for a wide range of duties for naval, scientific and industrial purposes.” Thus far, Kraken has seen its Aquapix® sensors built-in on greater than 15 totally different underwater car platforms from a wide range of producers.
In 2020, Kraken accomplished growth of a brand new, low-power, man moveable AquaPix® MINSAS sensor, and made its first two product deliveries to the USA Navy beneath the International Comparative Check program. Finish consumer analysis continues in Q1 2021 and Kraken expects this new product to be effectively obtained throughout various North American and worldwide protection alternatives. We consider our AquaPix® MINSAS sensor is gaining traction because it has been bid and is being included into quite a few RFI and RFP responses from bigger protection corporations and AUV producers on notable upcoming packages.
Kraken is happy that the Canadian RMDS (Distant Minehunting and Disposal System) program seems to lastly be changing into a actuality because the RFP is predicted to be launched in Q1 of this yr. The acknowledged goal of this program is: to develop a modular, stand-off Naval Mine Countermeasures functionality, designed to offer the total spectrum of Naval Mine Searching operations and contribute to underwater area consciousness. RMDS will generate the aptitude to detect, classify, localize, reacquire, determine, and eliminate sea mines and Underwater Improvised Explosive Units, that pose a menace to Canadian and allied pursuits or impede the conduct of maritime operations. The RMDS undertaking intends to leverage confirmed Industrial off the Shelf unmanned methods and Autonomous Underwater Car (AUV) know-how. These RMDS payloads will include modular sub-systems which might be moveable and deployable. The Canadian authorities preliminary estimate for this contract ranges from $20 million to over $40 million. Kraken intends to companion with a number of massive protection contractors on this bid.
In subsea stress tolerant batteries and thrusters, 2020 was a more difficult yr as non-defense clients slowed their spending and an anticipated ramp in thruster gross sales with a brand new buyer was impacted by the Covid pandemic on the shopper’s product demand. Kraken did nevertheless see continued progress with protection clients and is engaged on a number of R&D initiatives with these clients. Kraken can be working in direction of US Navy and offshore vitality certification for its batteries which is able to enhance the corporate’s alternatives within the protection and industrial markets. As famous above, Kraken not too long ago obtained its fourth order from a US protection buyer. Going ahead in 2021, Kraken is seeing indicators of elevated alternatives for battery gross sales and new orders from its notable thruster buyer. Throughout This autumn 2020, Kraken Energy moved into 10,000 sq. foot of manufacturing and workplace area on the new Ocean Expertise Campus in Rostock, Germany. This facility offers area for extra battery and thruster manufacturing in addition to the flexibility to insource deep sea rated stress testing which ought to enhance margins and buyer supply instances.
Robotics as a Service (RaaS)
Whereas Kraken has traditionally been targeted on new product growth and product gross sales, with the launch of OceanVision™, a 3-year, $19 million undertaking funded by the OceanSupercluster, trade companions and Kraken, we’re at present growing a RaaS enterprise. Underneath OceanVision™, Kraken continues to develop new sensor and underwater car applied sciences and trial and take a look at them throughout a number of offshore know-how demonstration campaigns. We anticipate a busy 2021 within the subject with offshore campaigns deliberate for the Spring (beginning in Might) and Fall (beginning in September). It will embrace the acquisition of ocean information from offshore Nova Scotia and Newfoundland and Labrador as we proceed to display our applied sciences to our trade companions within the fishing, oil and gasoline, cleantech and ocean survey industries.
Along with offering full-service capabilities from our analysis vessel Ocean Seeker, Kraken is commercially partnering with bigger service corporations to bid on varied offshore service alternatives, throughout each survey and inspection alternatives. Kraken has quite a few industrial pursuits in survey and inspection RaaS masking offshore oil and gasoline and offshore wind in North America, South America and Europe.
As a part of our progress plans in providers, Kraken is recruiting devoted personnel and including new tools to service a buyer base domestically and internationally and can be recruiting a senior rent to guide the Firm’s providers enterprise.
As well as, Kraken is actively evaluating varied accretive acquisition alternatives. Kraken’s preliminary service alternatives are targeted on the info acquisition entrance utilizing its trade main survey and inspection applied sciences. Over time, the corporate expects to construct out a whole service providing together with information acquisition, information interpretation and predictive analytics to allow a full providing for offshore website characterization, vital subsea infrastructure surveillance, and asset integrity administration.
Analysis and Improvement Efforts:
Kraken continues to take a position vital assets in R&D. The next is a standing replace on a few of our key R&D packages masking revolutionary sensor applied sciences and new underwater car growth:
- Multi-Spectral SAS: Improvement of our subsequent era Multi-Spectral Artificial Aperture Sonar continues, with first sea trials anticipated this coming summer season. This product will present a singular functionality, enabling simultaneous ultra-high-resolution acoustic imagery and buried object detection from the identical sensor. Kraken expects industrial availability of Multi-Spectral SAS in 2022.
- Software program:
- Seamless SAS – Seamless SAS is a sophisticated processing method which permits SAS processing on a ping-by-ping foundation. This permits the end-user to construct SAS photos in along-track lengths which customized match their mission planning, as an alternative of ordinary 50 m along-track tiles. Seamless SAS makes for sharper imagery as intensities aren’t averaged over tiles and offers a greater visible illustration of the seafloor. Kraken expects industrial availability of seamless SAS in Q2, 2021.
- Nadir Hole Filler – Much like sidescan sonar, SAS has a protection hole instantly beneath the platform often known as the nadir hole. Different nadir hole protection applied sciences have been fielded utilizing real-aperture sonar know-how, nevertheless these different applied sciences have the distinct drawback of low-resolution and thus aren’t corresponding to extremely excessive definition SAS imagery. In late 2020, Kraken launched a singular hole discount method that mixes a short-range SAS designed to scale back the nadir hole, with a 3D laser profiler to offer full nadir hole protection. Outcomes demonstrated centimetric (SAS and laser) decision throughout the entire nadir hole with a excessive velocity towed SAS system working at 10 m altitude. When mixed, the sensors can present full swath protection that ends in a really vital enhance in space protection fee.
- New Sonar Knowledge Codecs – As a part of Kraken’s dedication to steady enchancment and supporting the most recent know-how developments, Kraken is in growth of a local HDF5 output format for the MINSAS line of sensors. By offering this output, it permits the operators and MCM analysts to make use of their present PMA toolkits and ATR, permitting simpler integration of Kraken methods into present information workflows and authorities packages. Kraken expects HDF5 assist to be accomplished in Q2, 2021.
- SeaVision® 3D Laser Scanner for non-contact mooring chain inspection: In collaboration with a serious worldwide oil and gasoline firm, Kraken’s growth of a singular, non-contact mooring chain inspection device continues, with commercialization scheduled for Q2, 2021. This device can be utilized to assist present offshore oil and gasoline inspection necessities, in addition to upcoming offshore wind inspection necessities. This new platform will present millimetre degree accuracy to create 3D digital twin level clouds of vital subsea infrastructure. It is going to additionally considerably cut back the price of mooring chain inspections, which have to be inspected frequently.
- ThunderFish® AUV: Persevering with growth of ThunderFish® XL, a subsea resident, massive payload hovering AUV as a part of the OceanVision™ undertaking. Kraken expects first in-water trials of ThunderFish® XL within the second half of 2021.
- Dive LD AUV: Kraken will take supply of the DIVE LD AUV in Q2, 2021. This long-range survey AUV will combine Kraken’s AquaPix® MINSAS 120 sensor in addition to Kraken’s SeaPower® batteries. Kraken will use the Dive LD AUV in its RaaS providing, offering turnkey survey and inspection capabilities for offshore clients.
ABOUT KRAKEN ROBOTICS INC.
Kraken Robotics Inc. (TSX.V:PNG) (OTCQB: KRKNF) is a marine know-how firm devoted to the manufacturing and sale of software-centric sensors, subsea batteries and thrusters, and underwater robotic methods. The corporate is headquartered in St. John’s, Newfoundland with workplaces in Dartmouth, Nova Scotia; Toronto, Ontario; Bremen & Rostock, Germany; Copenhagen, Denmark; and Boston, Massachusetts. Kraken is ranked as a Prime 100 marine know-how firm by Marine Expertise Reporter. For extra info, please go to www.krakenrobotics.com, www.krakenrobotik.de, www.krakenpower.de. Discover us on social media on Twitter (@krakenrobotics), Fb (@krakenroboticsinc) and LinkedIn.
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For additional info, please contact:
Joe MacKay, Chief Monetary Officer
Greg Reid, Chief Working Officer
Sean Peasgood, Investor Relations
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