Kraken Robotics Systems Inc ( (TSE:PNG) ) has shared an update.
Kraken Robotics has announced receiving $34 million in orders for its SeaPower batteries, driven by increased demand from the defense sector for uncrewed underwater vehicles. To meet this demand, Kraken is opening a new battery production facility in Nova Scotia, which will triple its production capacity and support its strategic expansion into the North American market. This expansion is expected to enhance Kraken’s industry positioning by allowing for shorter delivery times and improved customer support, while also facilitating technology transfer from its German facility. The new facility will bolster Kraken’s ability to deliver innovative subsea power solutions, thereby strengthening its leadership in the subsea power domain.
More about Kraken Robotics Systems Inc
Kraken Robotics Inc. operates in the underwater technology industry, specializing in the development and production of advanced subsea power solutions, including pressure-tolerant batteries for uncrewed underwater vehicles (UUVs). The company focuses on serving the defense market and commercial subsea survey and inspection sectors across the U.S., Europe, and Asia Pacific.
YTD Price Performance: -13.03%
Average Trading Volume: 913,944
Technical Sentiment Consensus Rating: Sell
Current Market Cap: C$596.5M
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