Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), Canada’s Ocean
Company™, is pleased to announce that it has signed a cooperation
agreement with SH Defense (SHD) of Denmark covering the design and
sale of containerized mine countermeasure and other subsea
surveillance sensor and robotic solutions.
SHD is an international company developing,
producing and servicing hydraulic, electric and mechanical system
solutions, including containerized multi-mission module systems for
the worldwide naval industry. SHD manufactures The Cube™, a next
generation evolution of StanFlex containers.
The benefits of such containerized modules are
numerous and include:
- Unused modules can
be stored in controlled conditions, reducing the need for
preventative maintenance,
- Ships do not need
to be taken out of service when equipment requires
maintenance,
- New systems can be
installed on vessels by fitting them to a module, instead of
refitting the entire ship,
- When a ship is
removed from service, the modules can be reused by other vessels,
and
- The
multi-role ships can be quickly re-equipped for other roles.
Karl Kenny, Kraken President and CEO said,
“Kraken is very pleased to co-operate with SHD for containerized
subsea surveillance payloads for the naval and commercial marine
industry. These modular payloads will include Kraken surveillance
systems and SH container modules. SH Defense will globally promote
and sell containerized subsea surveillance solutions with a variety
of Kraken’s surveillance solutions. In Canada, Kraken, supported by
SHD, will promote, sell, deliver, install and service SHD
hydraulic, electric and mechanical system modular containerized
solutions to the Royal Canadian Navy, Canadian Coast Guard and
commercial industry.”
SH Defense Video of Containerized MCM
Solution
Today’s global naval operating environment
requires navies to increase not only their range into new operating
theaters like the Arctic, but also to extend their platform
capabilities and to operate more autonomous and remotely piloted
systems to provide enhanced maritime domain awareness and
operational capabilities. Ship builders are designing in this
flexibility and interoperability by including flexible
accommodation for containerized mission systems and an Offshore
Patrol Vessel (OPV) is an example of this.
An OPV is a surface ship designed for coastal
operations, including both defence (i.e. naval mine
countermeasures) and constabulary roles. By
using containerized solution modules that can be rapidly
exchanged, these warships can deploy with mission agility and
quickly convert to tackle a range of other roles such as maritime
security, border control, anti-smuggling, counter-terrorism,
disaster relief and more.
OPVs are the fastest growing segment of
nation-owned fleets and worldwide demand for OPVs has proliferated
in recent years. OPVs allow governments to share platforms
across government agencies as seen in Canada with the AOPS
design being shared between the Royal Canadian Navy and the
Canadian Coast Guard. Tensions from the Mediterranean Sea to the
South China Sea, coupled with the multiple low-cost capabilities
offered by OPVs, are key factors behind their increasing
success. For waters in the Middle East, OPVs are seen as one
of the main solutions to growing piracy concerns and efforts to
protect economic interests.
Market analysts, Market Watch, estimate that in
2020 the global Offshore Patrol Vessels market was valued at over
US$24 billion and is expected to reach over US$44 billion by the
end of 2026, growing at a CAGR of 8.7% during the period.
The market for OPVs is buoyant as countries seek
to modernize, upgrade and replace platforms to keep pace with
technology change and the evolving threat spectrum. When coupled
with rapidly exchangeable containerized payloads, OPV
will enable nations to move quickly and easily between roles
and missions. Further,
containerized mission specific payloads can quickly be
shared between other platforms within a country's existing
fleet or of an allied nation.
The relationship between Kraken Robotics and SH
Defence is focused on the agility required for future maritime
operations by bringing together two leading capabilities and
companies to make this possible: Kraken Robotics and their
autonomous mission systems, and SH Defence with their standardized
containerization capability and container handling products.
LINKSwww.krakenrobotics.com
SOCIAL MEDIALinkedIn
Twitter Facebook
YouTube Instagram
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.
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 OTCQB has neither
approved nor disapproved the contents of this press release.
For further information, please contact:Joe MacKay, Chief
Financial Officer(416) 303-0605jmackay@krakenrobotics.com
Greg Reid, Chief Operating Officer(416)
818-9822greid@krakenrobotics.com
Sean Peasgood, Investor Relations(647)
955-1274sean@sophiccapital.com
Kraken Robotics (TSXV:PNG)
Historical Stock Chart
From Mar 2024 to Apr 2024
Kraken Robotics (TSXV:PNG)
Historical Stock Chart
From Apr 2023 to Apr 2024