ST. JOHN’S, Newfoundland, Aug. 13, 2019 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. (TSX-V: PNG) (OTCQB: KRKNF) (“Kraken” or the “Company”), is pleased to announce that, its wholly owned subsidiary, Kraken Robotic Systems Inc, has delivered its ThunderFish® 300 Autonomous Underwater Vehicle (AUV) to its test partner, Defense Research and Development Canada (DRDC) in Halifax, Nova Scotia. Final sea acceptance testing was completed on August 8th. The delivery to DRDC was facilitated by a $1 million contract award under the Canadian government’s Build in Canada Innovation Program.
Kraken CEO Comments
Karl Kenny, Kraken's President & CEO said, “We are continuing development of the ThunderFish® platform to bring significant new features to the vehicle including increased size, endurance and payload capacity including the integration of our AquaPix® Multi-Spectral Synthetic Aperture Sonar and SeaVision® 3D laser scanner sensors. Our next generation ThunderFish® will meet the increasing demands for mapping, imaging, underwater operational awareness and payload delivery for a variety of commercial and military missions. The ThunderFish® will also be a key technology component in our OceanVision™ project under Canada’s Ocean Supercluster initiative. We are very pleased to successfully deliver our first pre-commercial sale of ThunderFish® to DRDC.
Marine Robotics Market Opportunity
In 2016, the marine robotics market was valued at approximately US$2 billion and is expected to reach over US$9 billion by 2025. According to a recent study by Global Info Research, defense applications generate nearly 60% of all AUV sales. Commercial applications generate approximately 25% of AUV sales, while the ocean science / research applications generate 15% of the AUV market revenue. AUVs will be increasingly used in the commercial sector, primarily because of the expense of using piloted remotely operated vehicles and the associated support ship costs. Increased AUV functionality and growing demand from the offshore energy sector are significant drivers for adopting AUVs.
Oil & gas production is rapidly making a shift to deeper subsea regions. Working in this environment makes inspection and monitoring much more difficult and raises unique challenges and environmental issues. Large AUVs, such as Kraken’s ThunderFish, can be used for deep water mapping and surveying applications, including inspections of subsea asset infrastructure.
North America currently holds the largest share of the AUV market. The increasing adoption of AUVs for military & defense applications in the USA is driving the growth of the AUV market in North America. However, the rising need for new energy sources in Asia Pacific are expected to create significant opportunities for AUV manufacturers over the coming years.
About ThunderFish®
To view a photo of Kraken’s ThunderFish® 300 Autonomous Underwater Vehicle please visit: https://www.globenewswire.com/NewsRoom/AttachmentNg/d9c9e735-3235-4aea-9a04-79bf895c0192
Kraken’s ThunderFish® AUV is an innovative marine robot designed for ultra-high resolution seabed imaging and mapping applications. It can be used for a wide range of oceanographic and military tasks including underwater surveys, environmental monitoring, habitat mapping, marine archaeology, inspection of submerged structures, searching for downed aircraft and naval mine countermeasures. ThunderFish® carries an array of sensors and custom payload modules, including Kraken’s AquaPix® Synthetic Aperture Sonar. The platform is ideal for monitoring or surveillance tasks where cost efficiency, ease of deployment and operational simplicity matters. Its modular design allows for rapid sensor reconfiguration and battery replacement.
ABOUT DRDC
Defence Research and Development Canada (DRDC) is the Department of National Defence’s science and technology organization. DRDC provides the Canadian Armed Forces, other government departments, and public safety and national security communities with knowledge and technology in areas related to defence and security. DRDC has approximately 1,400 employees across seven research centres within Canada.
ABOUT KRAKEN ROBOTICS INC.
Kraken Robotics Inc. (TSX.V:PNG) (OTCQB: KRKNF) is a marine technology company that is dedicated to the production and sale of software-centric sensors 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 info, please visit www.krakenrobotics.com, www.krakenrobotik.de, www.krakenpower.de. Find us on social media on Twitter (@krakenrobotics), Facebook (@krakenroboticsinc) and LinkedIn.
This news release contains forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Kraken or its subsidiaries and customers to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained in this news release. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information including such risks contained in the Company's management’s discussion and analysis for the fiscal year ended December 31, 2018 and filed with Canadian securities regulators available on the Company's issuer profile on SEDAR at www.sedar.com. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed time frames or at all.
The forward-looking information included in this news release are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking information to reflect new information, subsequent events or otherwise unless required by applicable securities legislation. The reader should not place undue importance on forward-looking information and should not rely upon this information as of any other date. All forward-looking information contained in this press release is expressly qualified in its entirety by this cautionary statement.
Neither the TSX Venture Exchange Inc. nor its Regulation Services Provide (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release, and the TSX Venture Exchange has neither approved nor disapproved the contents of this press release.
For further information, please contact:
Joe MacKay, Chief Financial Officer
(416) 303-0605
jmackay@krakenrobotics.com
Greg Reid, Chief Operating Officer
(416) 818-9822
greid@krakenrobotics.com
Sean Peasgood, Investor Relations
(647) 955-1274
sean@sophiccapital.com
Glenda Leyte, Marketing Manager
(709) 757-5757 extension 288
gleyte@krakenrobotics.com