ST. JOHN’S, Newfoundland, May 09, 2023 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), announces that it has received a purchase order for subsea batteries valued at $16 million. Deliveries will occur in 2023 and 2024. The purchase order includes a significant advance payment. With this order Kraken has now received more than $30 million of purchase orders in the last 6 months for its SeaPower® subsea batteries. Since the beginning of 2022, Kraken has announced more than $120 million of contracts providing us solid visibility for our strong growth trajectory we are on.
Kraken’s SeaPower® 6000-meter rated pressure tolerant batteries are based on Kraken’s unique pressure tolerant gel encapsulation technology for lithium polymer batteries. This provides an attractively priced, environmentally friendly, and superior energy density alternative to the traditional oil compensated batteries commonly used for deep subsea battery applications. Kraken’s hot swappable batteries are modular and include an integrated battery management system within each battery module which provides a very high level of redundancy and safety.
ABOUT KRAKEN ROBOTICS INC.
Kraken Robotics Inc. (TSX.V:PNG) (OTCQB: KRKNF) is a marine technology company providing complex subsea sensors, batteries, and robotic systems. Our high-resolution 3D acoustic imaging solutions and services enable clients to overcome the challenges in our oceans - safely, efficiently, and sustainably. Kraken Robotics is headquartered in Canada and has offices in North and South America and Europe. 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:
Stephen Griffin, Group Marketing Manager
Joe MacKay, Chief Financial Officer
Greg Reid, President & CEO
Sean Peasgood, Investor Relations