ST. JOHN’S, NEWFOUNDLAND – 1 AUGUST 2018 /GLOBE NEWSWIRE/ – Kraken Robotics Inc. (TSX-V: PNG) (OTCQB: KRKNF), is pleased to announce that Ocean Infinity has agreed to purchase $9 million of Kraken’s deep-sea batteries with delivery dates expected between Q4 2018 and Q4 2019. Kraken will arrange for these batteries to be built by Kraken Power GmbH (“Kraken Power”), an entity in which Kraken currently holds a 19.9% interest. The first purchase order has been issued for $2.5 million and the subsequent purchase order of $6.5 million is expected in early Q1 2019.
Kraken CEO Comments
Karl Kenny, Kraken’s President and CEO, said, “We are very pleased to receive this large battery order from Ocean Infinity to provide pressure tolerant battery technology to their AUVs. Kraken added this battery technology to our product portfolio through an investment in Kraken Power GmbH in Q2 2017, pursuant to which we acquired our current 19.9% ownership position (see press release dated May 17, 2017). Under the terms of our agreement with Kraken Power, we can increase our ownership to 75% from 19.9% by exercising the conversion option on our convertible note and paying an additional €200,000. Since May 2017, Kraken Robotics has introduced Kraken Power to several new military and commercial customers and Kraken Power has successfully delivered initial orders. Kraken Power’s unique pressure tolerant gel encapsulation technology for lithium polymer batteries provides an attractively priced, eco-friendly and superior alternative to oil compensated batteries currently used for subsea battery applications. Given the success of this relationship to date, Kraken expects to exercise its right to acquire the additional 55.1% ownership interest in Kraken Power at some point prior to the end of Q4 2018.”
Ocean Infinity CEO Comments
Oliver Plunkett, Ocean Infinity President & CEO said, “At Ocean Infinity, we own and operate the world’s most technologically advanced seabed data acquisition assets, capable of operating to extreme depths of up to 6,000 metres. In our drive to add value for our clients we are constantly striving to push the boundaries of what can be achieved with technology. Maximising underwater endurance is a critical aspect of our operational model. We invested considerable effort in understanding the current state of development in deep sea battery technology. Kraken’s pressure tolerant gel encapsulation process is simply brilliant. Using their technology, we can increase our energy capacity by over 50% in the same physical form factor as our existing conventional batteries. From an operational perspective this gives us considerable flexibility to optimise mission plans, increase area coverage, manage weather impact and ultimately increase value for our customers.”
About Ocean Infinity
Ocean Infinity is a new generation offshore ocean survey and ocean exploration company using a fleet of autonomous underwater vehicles. Ocean Infinity provides a comprehensive seabed exploration system that is highly efficient and permits multi-tasking. Their comprehensive range of on-board systems and equipment permit continuous operation through to project completion, which gives them the capability to inspect, repair or recover discoveries made during a survey, eliminating the need for a second vessel. Their approach dramatically increases productivity and reduces downtime – saving clients time and money with their ’one stop shop’ multi-purpose vessel.
About Kraken Robotics Inc.
Kraken Robotics Inc. (TSX.V:PNG) (OTCQB: KRKNF) is a marine technology company that is dedicated to the production and sale of software-centric sensors and underwater robotic systems. The company is headquartered in St. John’s, Newfoundland with offices in Dartmouth, Nova Scotia; Toronto, Ontario; Bremen, Germany; and Fairfax, Virginia. 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.
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For further information, please contact:
Sean Peasgood, Investor Relations
Greg Reid, Chief Financial Officer
Glenda Leyte, Marketing Manager
(709) 757-5757 extension 288