Ocean Infinity Invest $2.3 Mln in Kraken

Toronto listed marine technology company Kraken Robotics Inc. announced a non-brokered private placement offering with ocean survey and exploration company Ocean Infinity Ltd. whereby Ocean Infinity will acquire 11,520,000 units in Kraken which, upon completion, will result in Ocean Infinity owning 9.99 percent of Kraken’s issued common shares.

The companies began their relationship in 2017 when Ocean Infinity awarded a $3 million contract for Kraken’s AquaPix to be integrated onboard Its HUGIN autonomous underwater vehicles (AUV).

It was announced in May this year that Ocean Infinity would help Kraken to develop an ultra-wideband acoustic remote sensing system for seafloor imaging and mapping.

The investment comes as the companies are negotiating the terms of a non-binding memorandum of understanding to expand their strategic alliance for cooperation in maritime robotics technology, products and services.

Karl Kenny, Kraken’s President and CEO, said, “Today’s announcement of an investment by industry innovator Ocean Infinity is yet another solid step in our journey to build our maritime robotics platform. We are excited to partner with Ocean Infinity, a current customer, as we focus our combined energies serving a broader range of customers with industry-leading solutions. Ocean Infinity has clearly demonstrated their ability to apply their considerable resources and expertise to not only enter but also transform the ocean survey and exploration industry.”

Oliver Plunkett, Ocean Infinity’s President and CEO, said, “At Ocean Infinity, we work diligently to understand our customers’ needs and invest in innovation to ensure success. Our relationship with Kraken represents a powerful opportunity to develop important new sensor, system and data analytics capabilities for our industry."