Kraken Robotics to take over German battery supplier
Kraken has won a $9m contract for deep sea encapsulated lithium ion batteries that will be built by Kraken Power in Bentwisch-Rostock. Kraken Robotics owns 19.9% of the power company, and is planning to acquire a controlling stake in the company.
The batteries will be used by Ocean Infinity, a UK-owned, Houston, Texas-based operator of autonomous underwater vehicles (AUVs) for sub-sea surveys.
“We are very pleased to receive this large battery order from Ocean Infinity to provide pressure tolerant battery technology to their AUVs,” said Karl Kenny, CEO and president of Kraken Robotics. “Kraken added this battery technology to our product portfolio through an investment in Kraken Power GmbH in Q2 2017. Under the terms of our agreement with Kraken Power, we can increase our ownership to 75% from 19.9% by exercising the conversion option on our convertible note and paying an additional €200,000. Since May 2017, Kraken Robotics has introduced Kraken Power to several new military and commercial customers and Kraken Power has successfully delivered initial orders. Kraken Power’s unique pressure tolerant gel encapsulation technology for lithium polymer batteries provides an attractively priced, eco-friendly and superior alternative to oil compensated batteries currently used for subsea battery applications. Given the success of this relationship to date, Kraken expects to exercise its right to acquire the additional 55.1% ownership interest in Kraken Power at some point prior to the end of Q4 2018.”
“At Ocean Infinity, we own and operate the world’s most technologically advanced seabed data acquisition assets, capable of operating to extreme depths of up to 6,000 metres,” said Oliver Plunkett, CEO and president of Ocean Infinity. “Maximising underwater endurance is a critical aspect of our operational model and we invested considerable effort in understanding the current state of development in deep sea battery technology. Kraken’s pressure tolerant gel encapsulation process is simply brilliant. Using their technology, we can increase our energy capacity by over 50% in the same physical form factor as our existing conventional batteries. From an operational perspective this gives us considerable flexibility to optimise mission plans, increase area coverage, manage weather impact and ultimately increase value for our customers.”