- Kraken Robotics (TSXV:PNG) received C$11 million in new orders for its SeaPower pressure-tolerant batteries for uncrewed underwater vehicles, increasing orders year-to-date to C$45 million
- Production will triple thanks to a new facility in Nova Scotia slated to begin operations in 2025
- Kraken is a marine technology company providing complex subsea sensors, batteries and robotic systems to clients in over 30 countries
- Kraken Robotics stock has added 101.82 per cent year-over-year and 428.57 per cent since 2020
Kraken Robotics (TSXV:PNG) received C$11 million in new orders for its SeaPower pressure-tolerant batteries for uncrewed underwater vehicles (UUVs), increasing orders year-to-date to C$45 million. The company collected C$69.58 million in revenue in 2023 and over C$60 million through the first three quarters of 2024, with Q4 results remaining pending.
The lithium-based SeaPower batteries differentiate themselves from competing technologies by requiring no pressure housing or oil compensation, relying instead on a proprietary silicon polymer matrix to withstand up to 660 Bar – equivalent to a depth of 6,000 metres – and deliver industry leading energy density.
According to Thursday’s news release, the company sees further growth ahead propelled by a new facility in Nova Scotia that will more than triple production, as well as new product launches planned for 2025 to increase market share in small and medium-class UUVs. These initiatives are supported by Kraken’s recent profitability, generating C$5.5 million in net income in 2023, followed by over C$6.4 million in 2024 through Q3 ended September 30.
Thursday’s news follows C$34 million in battery orders from three clients announced in February, including Kraken’s largest order to date.
About Kraken Robotics
Kraken is a marine technology company providing complex subsea sensors, batteries and robotic systems to clients in over 30 countries.
Kraken Robotics stock (TSXV:PNG) is down by 4.72 per cent trading at C$2.22 per share as of 11:34 am ET. Investors have gained 101.82 per cent year-over-year and 428.57 per cent since 2020.
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(Top photo of Kraken’s SeaPower pressure-tolerant subsea battery: Kraken Robotics)
