Kraken Robotics Systems Inc. has landed a major contract to provide new sonar systems for the Royal Danish Navy.
The contract, worth $40 million, is the biggest one to date for the company, which has offices in St. John’s and Halifax.
Kraken Robotics is a publicly-traded company, listed on the Toronto Stock Exchange (TSX-V: PNG, OTCQB: KRKNF)
“ST. JOHN’S, N.L. — Kraken Robotics, Inc., is liking what’s reflected in the rear-view mirror.
The publicly-traded Mount Pearl-based marine technology company released financial results for the first three months of this year and they show a healthy increase in revenue that helped Kraken record its first-ever profit.
Overall revenue for the quarter was $6.4 million compared to $1.4 million in the same period in 2019,. Earnings before interest, taxes, depreciation and amortization was $1.3 million, compared to a loss of $300,000 in the same quarter a year ago.
That led to $700,000 in net income for the quarter. A year ago, there had been a loss of $900,000 over the same period.”
“In the midst of the global pandemic, when it seems the world is standing still, people and businesses are still focusing on the future.
One group is playing a big role to help companies and entrepreneurs build ocean-based business ideas that will create jobs and bring new money to the economy.
Canada’s Ocean Supercluster, born in 2018 from a marriage of private investors and government funding and based in Atlantic Canada, is setting out to increase the value of this nation’s ocean economy by $14 billion and 3,000 new jobs over the next 10 years.
Ocean industries in Canada contribute about $30 billion a year to the economy and make up 1.5 percent of the country’s gross domestic product.
Kendra MacDonald, chief executive officer of the Ocean Supercluster, said the goal is to build ocean enterprises to three percent of GDP, putting Canada on par with the average for marine industries in other countries.”
Ocean technology companies – most located in Atlantic Canada – are getting access to a new $35-million fund to help keep the sector afloat during the economic downturn caused by the COVID-19 pandemic.
The Accelerated Oceans Solutions Program is in addition to the Ocean Supercluster, the joint business and federal government program designed to promote innovation in ocean technology.
Individual projects that receive funding under Accelerated Oceans Solutions will be shorter in duration and eligible for less money than the core Ocean Supercluster program, “Technology Leadership.”
The Ocean Seeker slipped into Halifax harbour largely unnoticed earlier this month. The 20-metre long aluminum catamaran is tied up at a former coast guard base in Dartmouth where it will spend the winter.
Despite the low-key arrival, Ocean Seeker represents a milestone for a major Canadian program to promote the ocean economy.
In the coming months, the former RCMP patrol vessel, owned by Kraken Robotics of St. John’s, will undergo a $2-million retrofit to carry sophisticated sonars and lasers capable of capturing detailed images of the ocean floor.
“Mapping of the nearshore and surf zone environments is vital for marine safety, security, and environmental/archeological protection. The conventional method of surveying in shallow water with manned survey vessels is challenging and often hazardous because the risk of running aground is high.
Utilizing unmanned vehicles such as Autonomous Underwater Vehicles (AUVs) significantly reduces the risks while increasing operational efficiency. Man-portable AUVs are quickly becoming recognized as ideal shallow water survey platforms due to their ease of handling and rapid deployment. Operators can deploy several unmanned AUVs at once, which decreases both the deployment and survey time. For shallow water operations, the ideal imaging sonar must fit on a small AUV while providing the sophisticated technology needed to operate in the shallow water environment.”
On a February day in 2018, federal Innovation Minister Navdeep Bains made a pitch: A made-in-Canada Silicon Valley that would create thousands of jobs and usher in an unprecedented era of innovation and progress.
Five groups would be part of the nearly $1-billion supercluster program, aimed at growing the economy by $50 billion and creating 50,000 jobs over a decade.
Ocean Infinity’s Kongsberg Hugin autonomous underwater vehicles (AUV) have achieved significant endurance milestones during testing thanks to new pressure tolerant batteries from Kraken Robotics.
The vehicles performed several missions to greater than 5,000 meters and an unprecedented mission of over 100 hours without recharging, while running a full survey payload. As a result, using Kraken batteries, Ocean Infinity can operate increased survey ranges to nearly 700 line-kilometers per deployment.
JSK Naval Support has announced a collaboration with marine technology company Kraken Robotic Systems Inc. to develop an enhanced autonomous underwater sonar solution.
The two companies will combine expertise in open mission systems and unmanned underwater systems to develop the solution. Utilising an autonomous underwater vehicle (AUV) from Kraken will give JSK’s advanced sonar technology KraitArray increased scalability and adaptability, providing an innovative capability suitable for the Canadian Navy, as well as an export solution.
Offshore equipment is built to endure, but nothing lasts forever in the extreme conditions of undersea operations. Even with protective coatings, all metal eventually corrodes in salt water, which is why offshore industries need to vigilantly inspect their assets on a regular basis.