ST. JOHN’S, NEWFOUNDLAND, July 7, 2020 /GLOBE NEWSWIRE/ — Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), Canada’s Ocean Company, is pleased to announce that NSP Maritime Link Inc. (NSPML), has joined Kraken’s OceanVision™ project. NSPML is an indirect wholly owned subsidiary of Emera Inc., a multi-national energy company. OceanVision™ is a cross-sectoral pilot project designed to advance subsea technology and Robotics-as-a-Service (RaaS) capability. Along with providing expertise and knowledge of critical subsea infrastructure, NSPML will contribute over $500,000 during the term of the project.
NSPML owns and operates the Maritime Link infrastructure, which includes twin 177 km subsea 500 MW HVDC power cables that cross the seafloor between Newfoundland and Labrador and Nova Scotia. Its participation in the OceanVision™ project will help support Inspection, Maintenance and Repair operations through demonstrations and testing of Kraken’s leading technology platforms such as Synthetic Aperture Sonar, Multi-Spectral Synthetic Aperture Sonar, SeaVision® 3D Laser Scanning System, KATFISH™ towed sonar, and ThunderFish® XL Autonomous Underwater Vehicle.
Kraken sees the addition of Emera as another opportunity to develop its RaaS business under the umbrella of the OceanVision™ funded pilot project. Other examples of recurring revenue RaaS opportunities that Kraken are currently pursuing include the digital twinning inspection of mooring chains, underwater ship hulls and offshore energy infrastructure.
Karl Kenny, Kraken President and CEO said, “A digital twin is a virtual replica of a physical entity which often evolves through inspection data gathered by sensors. It can be used to provide alerts of potential problems using predictive AI algorithms. Data quality has been one of the main barriers for digital twinning in the offshore energy sector. Kraken has addressed this shortfall by developing ultra-high definition sonar, 3D laser imaging, underwater data acquisition systems and AI software for predictive analytics. We expect dramatic growth in this market. A recent Markets ndMarkets research report estimates that the global digital twin market was worth US$3.8 billion in 2019 and is projected to reach US$35.8 billion in value by 2025.”
Offshore Data Collection Campaign Update
Kraken has recently completed its second offshore data collection campaign for the OceanVision™ project, which included deploying the KATFISH™ towbody to conduct ultra-high definition seabed imaging and mapping on the Grand Banks of Newfoundland. Kraken will be conducting another data collection survey in the fall and will also mobilize its joint venture vessel, the R/V Ocean Seeker, with a KATFISH™ and Autonomous Launch and Recovery System to support Robotics-as-a-Service operations and demonstrations.
OceanVision™ is a three-year, $19 million project and was the first Technology Leadership Project approved by Canada’s Ocean Supercluster. Along with NSPML, other industry partners on this project include Petroleum Research Newfoundland and Labrador, Ocean Choice International and Nunavut Fisheries Association. The project will focus on the development of new underwater technologies and products that will support the creation of Robotics-as-a-Service and predictive analytics business models. Through OceanVision™, Kraken will be able to support inspection and survey requirements for numerous applications such as mooring chains, subsea infrastructure, underwater hull inspections and offshore wind turbines.
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 St. John’s, Newfoundland with offices in Dartmouth, Nova Scotia; Toronto, Ontario; Bremen & Rostock, Germany; and Boston, Massachusetts. Kraken is ranked as a Top 100 marine technology company by Marine Technology Reporter. 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:
Joe MacKay, Chief Financial Officer
Greg Reid, Chief Operating Officer
Sean Peasgood, Investor Relations
Shauna Cotie, Marketing Manager
(709) 757-5757 x 241