ST. JOHN’S, Newfoundland, Aug. 11, 2021 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. (“Kraken” or the “Company”) (TSX-V: PNG, OTCQB: KRKNF), Canada’s Ocean Company™, is pleased to announce that its wholly owned subsidiary, PanGeo Subsea Inc. has secured $2 million in funding from Canada’s Ocean Supercluster for the development of wider scanning capability and increased efficiency called GeoScan.
GeoScan Project Details
Under this new $3.4 million project, PanGeo will work with Cellula Robotics of British Columbia and the Marine Institute of Memorial University of Newfoundland to reconfigure the Acoustic Corer™ 3D technology to allow for a wider area scan and the ability to image geohazards to depths greater than 30 meters sub-seabed. In addition to providing wider area scans, PanGeo will incorporate new Artificial Intelligence (AI) processing technology to improve data acquisition and accelerate data processing. Ultimately this technology will lead to a reduction of personnel offshore and improved vessel efficiencies in support of Canada’s net zero reduction targets for 2050. This project will run through to March 2023.
PanGeo’s 3 D Advanced Acoustic Technology De-Risks Offshore Installations
PanGeo’s wide-area GeoScan (see Figure 1) will interrogate for sub-seabed hazards and support efforts in de-risking offshore wind, oil and gas, and other offshore installations. As the offshore wind farm sector grows and matures, foundations are getting bigger with more power generation per turbine. Turbine capacity has increased from 1.5 GW to now 14 GW which has driven the size of monopile foundations from 5 meters to 10 to 12-meter diameters, thereby creating the market pull for wider area scanning requirement. Solutions provided by the GeoScan will contribute to de-risking foundation installations by imaging and identifying geohazards allowing prime contractors to microsite pile locations and reduce costly pile refusals.
Figure 1 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2c0f266f-c96b-48e8-80d7-841c438e663c
LINKS
www.krakenrobotics.com
www.pangeosubsea.com
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ABOUT KRAKEN ROBOTICS INC.
Kraken Robotics Inc. (TSX.V:PNG) (OTCQB: KRKNF) is a marine technology company dedicated to the production and sale of software-centric sensors, subsea batteries and thrusters, and underwater robotic systems. The company is headquartered in Newfoundland with offices in Canada, U.S., Germany, Denmark, and Brazil. In July 2021, Kraken acquired PanGeo Subsea, a leading services company specializing in high-resolution 3D acoustic imaging solutions for the sub-seabed. PanGeo with offices in Canada, the United States and the United Kingdom is now a wholly owned subsidiary of Kraken. Kraken is ranked as a Top 100 marine technology company by Marine Technology Reporter.
Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (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. D
For further information, please contact:
Joe MacKay, Chief Financial Officer
(416) 303-0605
jmackay@krakenrobotics.com
Greg Reid, Chief Operating Officer
(416) 818-9822
greid@krakenrobotics.com
Sean Peasgood, Investor Relations
(647) 955-1274
sean@sophiccapital.com
