Kraken Robotics receives $13 million of subsea battery orders

• Kraken Robotics (TSXV:PNG) has received orders totalling C$13 million for its SeaPower subsea batteries from existing clients
• These batteries are encased in a proprietary polymer, which eliminates the need for a pressure housing or oil compensation, freeing up space that can be used to further increase energy capacity
• SeaPower batteries have been sold to clients worldwide and integrated into large and extra-large class uncrewed underwater vehicles
• Kraken Robotics stock last traded at C$1.62 per share

Kraken Robotics (TSXV:PNG) has received orders totalling C$13 million for its SeaPower subsea batteries from existing clients.

Based out of St. John’s, Newfoundland and Labrador, the developer of complex subsea sensors, batteries and robotic systems added that these batteries are encased in a proprietary polymer, which enables greater energy density.

This polymer eliminates the need for a pressure housing or oil compensation, freeing up space that can be used to further increase energy capacity.

Rated for depths up to 6,000 metres, the subsea batteries can provide up to twice the energy density and weigh nearly half per kilowatt-hour (kWh) than traditional pressure-housed batteries.

“With underwater robotics, there are always design trade-offs between size, weight, power and cost requirements,” company president and CEO Greg Reid said in a statement. “To increase endurance, designers typically need to increase the size and weight of a vehicle. But with Kraken’s SeaPower batteries, they can get the best of both worlds, providing some of the highest energy density and most cost-effective subsea energy storage systems available. Our batteries are in active use worldwide, and have been field proven by customers in commercial and defence, often doubling the endurance of their vehicles when compared to alternative solutions.”

SeaPower batteries have been sold to clients worldwide and integrated into large and extra-large class uncrewed underwater vehicles (UUVs). The team is currently developing energy solutions for small and medium sized UUVs and intends to reveal more details on this over the next 12 months.

Kraken Robotics is a marine technology company providing complex subsea sensors, batteries and robotic systems.

Kraken Robotics stock (TSXV:PNG) last traded at C$1.62 per share and has risen nearly 150 per cent since the year began.

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(Top photo: Kraken Robotics)