Industry M&A – L3 Acquires Ocean Water Power

L3 Technologies acquired Open Water Power, Inc. on May 19, 2017. The terms were not disclosed. The business will be renamed L3 Open Water Power and will be integrated into L3’s Sensor Systems business segment. Based in Somerville, Massachusetts, Open Water Power is developing safe and high-energy-density undersea power generation technologies for use by Unmanned Undersea Vehicles (UUVs) and other maritime platforms. Its breakthrough technology enables safe power generation solutions for UUVs and results in significant safety and endurance improvements over current technologies. Additionally, the company’s capabilities complement and are applicable to L3’s existing portfolio of maritime platform, sensor and payload offerings. “The acquisition of Open Water Power aligns with L3’s disciplined growth strategy by adding an important new technology to our portfolio in the growing UUV market,” said Michael T. Strianese, L3’s Chairman and Chief Executive Officer. https://finance.yahoo.com/news/l3-acquires-open-water-power-130000482.html    

Digitalization Driving Value Creation

Statoil is establishing a digital center of excellence and launching a roadmap with specific programs for digitalization to improve the safety, security and efficiency of Statoil operations. Towards 2020 Statoil expects to invest NOK 1-2 billion in new digital technologies, accelerating the digital roadmap work. Digital technologies will also be part of other Statoil technology and research projects. One area of focus is robotics and remote control whereby Statoil is looking to increase the operational regularity, reduce costs and improve safety and security by reducing human activity in physically intensive activities. https://www.statoil.com/en/news/digitalisation-driving-value-creation.html

Kraken Announces Executive Appointment

  ST. JOHN’S, NEWFOUNDLAND – 18 May 2017   Kraken Sonar Inc. (TSX-V: PNG) is pleased to announce that Mr. Neil Riggs has joined the company as Senior Project Manager. Neil graduated from Memorial University of Newfoundland with a BSc degree, major in physics and a BEng (Mechanical).  He has over 40 years of experience in research and development, product development, project and program management and operations in ocean technology companies.  He most recently spent 5 years with the Autonomous Ocean Systems Laboratory (AOSL) of Memorial University where he was the project manager of a $5.7 million underwater robotics program. Neil is a member of the Professional Engineers and Geoscientists – Newfoundland and Labrador (PEG-NL), a former member of the executive of the NL Section of IEEE and one of the two founders of the Oceanic Engineering Society (OES) Chapter in Newfoundland “We are thrilled to have Neil join the Kraken…

Full-Color Underwater 3D Images from Kraken Robotik

Bremen Invest looks at Kraken Robotik GmbH a new German startup. They discuss the company’s new 3D imaging sensor with millimeter accuracy for underwater industrial activities and deep sea exploration. The first prototype of a camera with brand new sensor technology was built in Canada and presented to industry professionals at the Ocean Business conference in Southampton, United Kingdom, in April. Dr. Jakob Schwendner, the Managing Director of Kraken Sonar Inc.’s German subsidiary, completed a doctorate in robotics in Bremen. For the past ten years he has worked at the German Research Center for Artificial Intelligence (DFKI). The robotics expert is familiar with extreme environments and the challenges they pose, having spent many years researching space robotics. https://www.wfb-bremen.de/en/page/bremen-invest/investing-in-bremen-full-colour-3d-images-under-water

Kraken Makes Strategic Investment in Kraken Power GmbH

German Provider of Specialized Deep Sea Components for Underwater Robotics ST. JOHN’S, NEWFOUNDLAND and ROSTOCK, GERMANY – 17 May 2017 /Marketwired/ – Kraken Sonar Inc. (TSX-V: PNG) is pleased to announce that it has acquired a minority interest in ENITECH Subsea GmbH of Rostock, Germany; and that the company has been renamed Kraken Power GmbH. Under the agreement, Kraken has taken a 19.9% equity interest and provided a €110,000 convertible loan. The loan pays interest at 5% per annum and has a term of three years. Through the conversion of the loan to equity and a further investment capped at €200,000, Kraken can choose to increase its ownership stake to 75% of the common shares of Kraken Power GmbH. Kraken Power GmbH, led by Dr. Carl Thiede, has been working on pressure tolerant technology and products for the subsea market for the past 10 years. They are internationally recognized for…

Kraken Receives $745,000 for Underwater Robotics

Non-Dilutive Capital to Support ThunderFish™ Autonomous Underwater Vehicle Program JOHN’S, NEWFOUNDLAND ‐ (Marketwired – 15 May 2017) –  Kraken Sonar Inc. (“Kraken”) (TSX‐V: PNG) is pleased to announce that its wholly‐owned subsidiary, Kraken Sonar Systems Inc. has been awarded a non‐refundable financial contribution of $745,950 by the Research & Development Corporation (RDC) of Newfoundland and Labrador. The funding will support development of Kraken’s ThunderFish™ Autonomous Underwater Vehicle (AUV) program. The ThunderFish™ program will combine smart sonar, laser and optical sensors, advanced pressure tolerant battery and thruster technologies and cutting edge artificial intelligence algorithms integrated onboard a cost effective 6,000 metre depth rated AUV.   Computer Generated Rendering of Kraken’s ThunderFish™ AUV   Karl Kenny, President and CEO of Kraken said, “We are very grateful to RDC for their support of our efforts and appreciate their thorough review of our development program. This funding will help maintain the excellent momentum we have been building…

New Ideas for AUVs

AUVs (autonomous underwater vehicles) are increasingly being used for pipeline surveys and other offshore applications. But they hold potential for wider use, which is dependent on operators pushing for advances. “We’ve been at this thing for 20 years; a large number of the technology elements have been there for 15 years. It’s just that the offshore industry has not consistently pursued them.” Speaking at a technical session on the opening day of the Offshore Technology Conference, Andy Hill, Global Geohazards Technical Authority at BP, added that most technical papers continue to “look at what we know we can do” instead of taking a view of the future with the already-existing capabilities. https://www.spe.org/en/ogf/ogf-article-detail/?art=2945

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