Kraken Robotics Receives $34 Million of SeaPower Battery Orders
Company to Open New Battery Production Facility to Meet Defense Market Demand
ST. JOHN'S, Newfoundland and Labrador, Feb. 26, 2025 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. ('Kraken' or the 'Company') (TSX-V: PNG, OTCQB: KRKNF) announces that it has received orders totaling $34 million for SeaPower™ pressure tolerant batteries from three clients. In addition, Kraken has signed a lease to open a new battery production facility in Nova Scotia to meet rising defense market demand for uncrewed underwater vehicles (UUVs).
'With the emergence of new larger classes of UUVs and greater adoption of these platforms in naval fleets, reliable subsea power requirements are increasing,' said Greg Reid, President and CEO of Kraken Robotics. 'These new orders illustrate the robust customer demand we have for Kraken's SeaPower batteries across the U.S., Europe, and Asia Pacific.'
One order, totaling $31 million, represents Kraken's largest battery order to date. The client, who cannot be named at this time, provides UUVs to the defense industry. Two commercial clients with UUVs also placed orders totaling $3 million.
'We have new battery form factors that will be released in late 2025 that are generating strong interest across several vehicle manufacturers,' said Mr. Reid. 'This will allow us to address a segment of the market that we have not previously had solutions for – small and medium-sized UUVs. Once completed, our new facility will allow us to triple our current battery production capacity.'
Kraken's new manufacturing facility will provide approximately 60,000 square feet of office and production space and is expected to be operational toward the end of 2025. With this new capacity, Kraken will be in an improved position to meet growing customer demand in the subsea power domain with manufacturing from both Canada and the original facility in Germany. Kraken's subsea lithium polymer batteries are delivering extended endurance and reduced costs to customers who are providing important national security and commercial subsea survey and inspection work.
Key Highlights on New Manufacturing:
Strategic Expansion: Kraken is investing $10 million in a new manufacturing facility to expand its subsea power leadership. The facility is located near many current customers in the U.S. northeast, providing shorter delivery times and enhanced customer support capabilities. This initial expansion provides a reduced risk path to technology transfer of skills and intellectual property from the German facility to the North American market. As Kraken expands its presence in the United States, this will allow for an easier transition for additional manufacturing south of the Canadian border. This new facility will include multiple 6,000-meter rated pressure testing tanks allowing Kraken to increase total subsea battery production to almost $200 million annually, once fully operational.
Commitment to Innovation: Kraken's commitment to innovation is evident in the substantial investment in R&D and new product development, a key to continued growth. Building on the region's strengths in industrial infrastructure, Kraken plans to create at least 200 permanent new advanced manufacturing jobs over the next four years and 25 temporary construction jobs to retrofit the new facility. The expansion will provide meaningful, sustainable employment opportunities for years to come, with a focus on working with local stakeholders to develop programs aimed at skills diversification for local talent. The new facility will be situated in the largest industrial park east of Montreal and north of Boston and be able to access talent from the multiple technical schools and universities in the region. Kraken will continue with its presence at the Center for Ocean Ventures and Entrepreneurship (COVE) where they design autonomous launch and recovery systems for use on crewed and uncrewed naval vessels.
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.
LINKS:www.krakenrobotics.com
SOCIAL MEDIA:LinkedIn www.linkedin.com/company/krakenrobotics Twitter www.twitter.com/krakenrobotics Facebook www.facebook.com/krakenroboticsinc YouTube www.youtube.com/channel/UCEMyaMQnneTeIr71HYgrT2A Instagram www.instagram.com/krakenrobotics
FORWARD-LOOKING STATEMENTSCertain 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:
Erica Hasenfus, Director of Marketingerica.hasenfus@krakenrobotics.com
Joe MacKay, Chief Financial Officer(416) 303-0605jmackay@krakenrobotics.com
Greg Reid, President & CEO(416) 818-9822greid@krakenrobotics.com
Sean Peasgood, Investor Relations(647) 955-1274sean@sophiccapital.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9b13fa9c-acc2-45fc-a94c-50118cd910b2Sign in to access your portfolio

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
17 minutes ago
- Yahoo
G Mining Ventures Files NI 43-101 Technical Report for Oko West Gold Project in Guyana
BROSSARD, QC, June 9, 2025 /PRNewswire/ - G Mining Ventures Corp. ("GMIN" or the "Corporation") (TSX: GMIN) (OTCQX: GMINF) announces that the Corporation has filed a technical report (the "Technical Report") prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI-43-101") in respect of the feasibility study (the "FS" or the "Study") for its wholly owned Oko West gold project ("Oko West" or the "Project"), located in Guyana. The Technical Report, titled "Feasibility Study NI 43-101 Technical Report, Oko West Gold Project," has an effective date of April 28, 2025, with an issue date of June 06, 2025, and was authored by independent Qualified Persons and is in accordance with NI 43-101. The Qualified Persons ("QPs") are Paul Murphy, P. Eng. having overall responsibility for the Report including capital and operating costs. Neil Lincoln, P. Eng. having responsibility for metallurgy, recovery methods and process plant operating costs. Christian Beaulieu, MSc, of Minéralis Consulting Services is responsible for property description, geology, drilling, sampling and the mineral resource estimate. Alexandre Burelle, P. Eng. is responsible for the mining method and capital and operating costs related to the mine and the economic analysis. Kevin Leahy, of ERM Ltd., is responsible for the environment and permitting aspects. The full Technical Report is available under the Corporation's profile on SEDAR+ ( and on the Corporation's website at About G Mining Ventures Corp.G Mining Ventures Corp. (TSX: GMIN) (OTCQX: GMINF) is a mining company engaged in the acquisition, exploration and development of precious metal projects to capitalize on the value uplift from successful mine development. GMIN is well-positioned to grow into the next mid-tier precious metals producer by leveraging strong access to capital and proven development expertise. GMIN is currently anchored by the Tocantinzinho Mine in Brazil, supported by the Gurupi Project in Brazil and the Oko West Project in Guyana — all with significant exploration upside and located in mining-friendly jurisdictions. Cautionary Statement on Forward-Looking InformationAll statements, other than statements of historical fact, contained in this press release constitute "forward-looking information" and "forward-looking statements" within the meaning of certain securities laws and are based on expectations and projections as of the date of this press release. Forward-looking statements contained in this press release include, without limitation, those related to the section entitled "About G Mining Ventures Corp.". Forward-looking statements are based on expectations, estimates and projections as of the time of this press release. Forward-looking statements are necessarily based upon several estimates and assumptions that, while considered reasonable by the Corporation as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect. Such assumptions include, without limitation, those relating to the price of gold and currency exchange rates, those outlined in the Technical Report and those underlying the items listed in the above section entitled "About G Mining Ventures Corp.". Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. There can be no assurance that, notably but without limitation, (i) GMIN will achieve its objectives for Oko West, notably to bring the Project into commercial production, or (ii) GMIN will use TZ and Oko West to grow GMIN into the next intermediate producer, or (iii) the exploration upside of GMIN's properties will lead to additional mineral resources and reserves, as future events could differ materially from what is currently anticipated by the Corporation. In addition, there can be no assurance that Brazil and/or Guyana will remain mining friendly and prospective jurisdictions. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. Readers are cautioned not to place undue reliance on these forward-looking statements as a number of important risk factors and future events could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements. All of the forward-looking statements made in this press release are qualified by these cautionary statements and those made in the Corporation's other filings with the securities regulators of Canada including, but not limited to, the cautionary statements made in the relevant sections of the Corporation's (i) Annual Information Form dated March 27, 2025, for the financial year ended December 31, 2024, and (ii) Management Discussion & Analysis. The Corporation cautions that the foregoing list of factors that may affect future results is not exhaustive, and new, unforeseeable risks may arise from time to time. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law. View original content to download multimedia: SOURCE G Mining Ventures Corp Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data


Hamilton Spectator
20 minutes ago
- Hamilton Spectator
AtkinsRéalis signs nuclear collaboration agreement with France's EDF
MONTREAL - Engineering firm AtkinsRéalis Group Inc. has signed a nuclear collaboration with Électricité de France. The company says the agreement with the French company expands an existing partnership in an effort to work together to respond to new nuclear reactor opportunities around the world. The deal includes potential collaboration on engineering support, equipment, operations, installation and commissioning, and co-operation between the global technology centres of both organizations. It also includes potential collaboration around waste management and fuel production. The companies will continue to compete on reactor technology vendor selection processes where appropriate. AtkinsRéalis's nuclear business includes its Candu Energy Inc. subsidiary. This report by The Canadian Press was first published June 9, 2025. Companies in this story: (TSX:ATRL)
Yahoo
24 minutes ago
- Yahoo
PS&S Sponsors Drinking Water Project in Nicaraguan Village
Firm Helps Non-Profit, 'Green Empowerment,' Construct a Micro Utility; 100 Families to Get Safe Drinking Water in El Paraisito WARREN, N.J., June 09, 2025 (GLOBE NEWSWIRE) -- Approximately 300 residents of a small farming community in Nicaragua will soon have access to clean, safe drinking water thanks to PS&S' sponsorship of non-profit organization, Green Empowerment's, construction of a micro-utility. El Paraisito, located in the municipality of Pueblo Nuevo, Estelí, is within Nicaragua's dry corridor, a region highly vulnerable to water scarcity. Currently, the residents of El Paraisito rely on community wells which are located far from homes, lack proper protection, and receive little to no maintenance. This creates risks to community health and well-being as well as demands hours of work each day for women and children to collect water. 'Green Empowerment asked if we could help the citizens of El Paraisito and we said 'yes,'' said PS&S President and CEO, John Sartor. 'As an architecture and engineering firm, we understand water utilities and, while we are not responsible for design and construction, PS&S has lent financial assistance.' In partnership with FEDICAMP, an association of 'campesino' (small farmer) community groups dedicated to increasing economic opportunities & living conditions in rural Nicaragua, the Green Empowerment team is constructing a community-wide water system that will utilize electric pumping, gravity-fed distribution, filtration and chlorination. The system will feature a machine-drilled well, a pipeline network connecting to a storage tank, a water treatment system, a two-mile distribution network, and metered household connections, bringing clean potable water to every household in the community. 'Working with an engineering firm like PS&S, who really gets both the technical side of things and the heart of our mission, is a win-win for us and for the people of El Paraisito,' said Green Empowerment Executive Director, Andrea Johnson. 'Partnerships like this really matter. Small and mid-size firms can support a project from start to finish.' Johnson noted that the project includes comprehensive training on system maintenance and management. Community members will help build the infrastructure, elect a water committee, and vote on a monthly water tariff, setting them up to successfully manage the system for years to come. 'This important project is a way for us to help a good cause in a country that has connections to our area with sizable Nicaraguan American communities in Hudson, Bergen and Passaic counties as well as many other parts of the Tri-state area,' concluded Sartor. According to census data, the New Jersey, Pennsylvania and New York Marketing Statistical Area (MSA) has the fourth largest Nicaraguan American population in the United States after Florida, California and Texas. About PS&S Founded in 1962, PS&S has evolved into a unique best-in-class architecture, engineering, surveying, and environmental consulting firm, providing design and consultation services to a wide range of public, corporate, institutional and commercial clients. PS&S is ranked among the top national design firms by Engineering News Record (and among the top 15 national engineering firms in pharmaceuticals). Recognized both for its breadth of services and depth of expertise, PS&S is the single source for planning, permitting and design at the local, State and Federal levels. To learn more, please visit Media Contact: Deborah Kostroun201-403-8185deborah@ A photo accompanying this announcement is available at