Kraken Announces Partnership Agreement with Greensea Systems

ST. JOHN’S, NEWFOUNDLAND – 06 APRIL 2020 /GLOBE NEWSWIRE/ – Kraken Robotics Inc. (TSX-V: PNG) (OTCQB: KRKNF) (“Kraken” or the “Company”), is pleased to announce that it has entered into a Partnership Agreement with Greensea Systems, Inc., creator of OPENSEA, an open architecture robotic platform. This partnership will expand upon the collaborative efforts already undertaken between the two companies to rapidly advance the capabilities of marine robotics. Under the agreement, Greensea will support development, integration, and testing work with Kraken across several of Kraken’s technology platforms.

The companies have worked together over the last twelve months to utilize the OPENSEA Platform and provide a robust, modular, and extensible software architecture for Kraken’s autonomous underwater vehicles and towed systems.

This Partnership Agreement simplifies contracting between the companies and allows for on-going collaboration for software and hardware technologies. Greensea will support Kraken in maturing on-going programs and accelerating new commercial offerings, including supporting Kraken’s R&D programs under the scope of the OceanVision project.

The companies also intend to work together specifically in the areas of seabed residency and hull inspection and have already demonstrated successful efforts by integrating Kraken sensors into the Greensea OPENSEA Platform and Greensea hardware products, including the newly developed Greensea Hull Crawler system. The first phase of this work was completed in February 2020, with the integration of Kraken’s SeaVision® 3D RGB Underwater Laser Scanner into a prototype of the Greensea Crawler (see photo below). The system was fielded in Florida and demonstrated inspections of a real-world vessel.

 

Kraken Management Quote

Karl Kenny, Kraken’s President & CEO stated: “We originally began working with Greensea in 2018, when we were looking to expand the capabilities of our ThunderFish® AUV platform. Throughout that project, I was very pleased to observe how well our teams worked together, the synergies between culture and capability, and to see the full capabilities of the Greensea software architecture in action. Since then, we have expanded our work together to include the KATFISH system, and integration of our SeaVision laser scanner. This partnership agreement will allow Kraken to engage Greensea in a larger capacity and enables a framework for ongoing collaboration and cooperation.”

 

Greensea Management Quote

“The partnership we have signed is very significant. It is a relationship formed between the most disruptive, agile, and aggressive technology developers in the industry”, stated Ben Kinnaman, CEO of Greensea. “Greensea’s powerful open architecture software platform combined with Kraken’s sensor technology, vehicles, and services will create the next generation of robotics for the subsea industry. The value this partnership creates will drive business for both of our companies.”

 

ABOUT GREENSEA SYSTEMS, INC.

Greensea Systems, Inc. is a global leader in advanced robotic systems for high-level tasking, interoperability, and intervention. Greensea’s OPENSEA® operating platform provides a fully-distributed, open software framework for highly integrated systems across all brands of sensors, devices, and equipment while cutting-edge technologies for navigation and autonomy elevate system intelligence. One cohesive operator interface, Workspace, fuses system data into a comprehensive command and control center for streamlined workflow and improved productivity. Greensea’s commercial products are easily customizable and all systems are fully supported with documentation and knowledgeable, field-experienced engineers. Greensea has deployed 800+ systems (2018) fielded across manned, unmanned, surface, and subsea. For more information, please visit https://greensea.com

 

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, 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 and Rostock Germany; and Boston, Massachusetts. Kraken is ranked as a Top 100 marine technology company by Marine Technology Reporter and is ranked as a top technology company on the TSX-V for 2020. 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:

Joe MacKay, Chief Financial Officer

(416) 303-0605

jmackay@krakenrobotics.com

 

Greg Reid, Chief Operating Officer

(416) 818-9822

greid@krakenrobotics.com

 

Sean Peasgood, Investor Relations

(647) 955-1274

sean@sophiccapital.com

 

Shauna Cotie, Marketing Manager

(709) 757-5757 extension 241

scotie@krakenrobotics.com