ST. JOHN’S, NEWFOUNDLAND, June 11, 2021 /GLOBE NEWSWIRE/ — Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), Canada’s Ocean Company, is pleased to announce that its wholly owned subsidiary, Kraken Robotic Systems Inc, has signed a Cooperative Research and Development Agreement (CRADA) with Naval Surface Warfare Center, Carderock Division (NSWCCD). Under the CRADA, the Battery Certification and Integration Branch, Code 636 of NSWC Carderock, will test Kraken’s pressure tolerant lithium-ion batteries. The testing is expected to take four months to complete and is expect to start in calendar Q3 of this year.
Subsea Battery Testing Details
Code 636 possesses capabilities and expertise covering all aspects of power source development and deployment, ranging from generation of the initial battery design, through development and prototyping, acquisition and testing, to introduction to the Fleet. Code 636 also manages and implements the Navy’s Lithium Battery Safety Program in conjunction with the Program Authority, Naval Sea Systems Command (NAVSEA) Code SEA05Z34.
Kraken Robotics has developed and produces a pressure-tolerant lithium-ion battery design that employs passive propagation resistance to thermal runaway battery casualties. NSWCCD, utilizing its experience in Navy safety requirements, will conduct safety tests on the newest variant of Kraken Robotics’ pressure-tolerant lithium-ion battery design. Results of the testing can be used to inform further design iterations as well as to promote interest in the battery design by US Navy program offices who might benefit from having this battery technology for use in current and future underwater systems. The proposed tests will be carried out in accordance with NAVSEA INST 9310.1c, NAVSEA Technical Manual S9310-AQ-SAF-010, and the NAVSEA High-Energy Storage System Safety Manual, SG270-BV- SAF-010.
ABOUT KRAKEN ROBOTICS INC.
Kraken Robotics Inc. (TSX.V:PNG) (OTCQB: KRKNF) is a marine technology company dedicated to the production and sale of software-centric sensors, subsea batteries and thrusters, and underwater robotic systems. The company is headquartered in Newfoundland with offices in Canada, U.S., Germany, Denmark, and Brazil. Kraken is ranked as a Top 100 marine technology company by Marine Technology Reporter.
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:
Joe MacKay, Chief Financial Officer
Greg Reid, Chief Operating Officer
Sean Peasgood, Investor Relations