Kraken Announces $3.5m of Contract, Funding Awards
Kraken Robotics announced a new contract for subsea batteries and new funding support totalling $3.5 million.
Kraken received a subsea battery order totalling $1.5 million and funding awards for $2 million. It expects to fulfill this battery contract in 2021, while the funding awards are for projects that will be executed over the coming 12-36 months.
An existing defense industry customer is acquiring additional SeaPower batteries for a contract value of $1.5 million, the customer’s fourth order of Kraken batteries.
In addition, Kraken was awarded $2 million of funding awards across three projects. Work on these projects will be carried by Kraken’s acoustic signal processing team in Canada, Kraken’s AI and Machine Learning team in Bremen, Germany and Kraken’s subsea power team in Rostock, Germany.
Execution of the contracts for deliveries of our SeaScout systems to the Danish and Polish navies continues and is on track and on budget. First shipments under these contracts will occur in Q4 this year.