Kraken Robotics Supports Energy Transition in Taiwan

Kraken Robotics Supports Energy Transition in Taiwan

ST. JOHN'S, Newfoundland and Labrador, June 13, 2024 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. (“Kraken” or the “Company”) (TSX-V: PNG, OTCQB: KRKNF) announces since undertaking its first seabed survey project in Taiwan 3 years ago, Kraken Robotics has supported the installation of over 1.8GW of green energy through the use of the innovative 3D acoustic Sub-Bottom Imager (SBI).

With a 10+ year track record and more than 30,000 kilometres of high-resolution seabed surveys for offshore energy, Kraken has provided services for major offshore developers and contractors such as Ørsted, Scottish Power Renewables, Scottish and Southern Energy, RWE, Equinor and Vattenfall. From our initial activities mainly in Europe, Kraken has more recently expanded to support projects in the US and Asia Pacific, including Australia and Taiwan.

Taiwan has an ambitious target of generating 5.6GW of green energy by 2025, and Kraken has been in country supporting this energy transition from an early stage, having supported cable installation projects from 2021 onwards, providing cable burial assessment and highlighting areas of remedial trenching requirements.

Following successful projects, Kraken’s SBI has been recognised as the ideal cable assessment survey sensor for other regional projects which require cables to be buried deeper into the seabed providing protection from vessel traffic and mobile seabed sediments. By imaging to 5 metre burial depth, the SBI enabled these projects to image the entirety of the cable network, confirming their depth and thus their protection.

With successful offshore wind development projects to date relying on Kraken’s technologies, Taiwan has reached their 1.8GW milestone early in 2024. With support from other Scottish-Based companies such as Motive Offshore, who have local personnel and facilities, Kraken has been able to maintain SBI units in Taiwan, storing and maintaining them when not in use offshore.

With more projects on the horizon, Kraken’s supported total will surpass 3GW in 2025, representing over 50% of installed capacity in Taiwan, all of which will have been during the construction phase. As windfarms complete construction and enter the operational and maintenance phase, additional cable inspections are required periodically throughout the operational life of the windfarm, providing future market opportunities.

To learn more on Krakens cable imaging services, click here

Figure 1: Sub-Bottom Imager

ABOUT KRAKEN’S SUB-BOTTOM IMAGER TECHNOLOGY:
The Sub-Bottom Imager uses state-of-the-art beamforming SAS arrays, providing a real-time 3D view of the sub-seabed. The SBI identifies buried objects, anomalies, geohazards, and stratigraphy, acquiring data in a continuous 3D acoustic swath, a minimum of 5m wide (at the seabed) and penetrating to 5m below the seabed. Applications include depth of burial, out of straightness, debris locations, unexploded ordnance, and decommissioning surveys.

ABOUT KRAKEN ROBOTICS INC.

Kraken Robotics Inc. (TSX.V:PNG) (OTCQB: KRKNF) is a marine technology company providing complex subsea sensors, batteries, and robotic systems. Our high-resolution 3D acoustic imaging solutions and services enable clients to overcome the challenges in our oceans - safely, efficiently, and sustainably. Kraken Robotics is headquartered in Canada and has offices in North and South America and Europe. Kraken is ranked as a Top 100 marine technology company by Marine Technology Reporter.

LINKS:
www.krakenrobotics.com

SOCIAL MEDIA:
LinkedIn www.linkedin.com/company/krakenrobotics
Twitter www.twitter.com/krakenrobotics
Facebook www.facebook.com/krakenroboticsinc
YouTube www.youtube.com/channel/UCEMyaMQnneTeIr71HYgrT2A
Instagram www.instagram.com/krakenrobotics

Certain information in this news release constitutes forward-looking statements. When used in this news release, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "seek", "propose", "estimate", "expect", and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect the Company's current views with respect to future events based on certain material factors and assumptions and are subject to certain risks and uncertainties, including without limitation, changes in market, competition, governmental or regulatory developments, general economic conditions and other factors set out in the Company's public disclosure documents. Many factors could cause the Company's actual results, performance or achievements to vary from those described in this news release, including without limitation those listed above. These factors should not be construed as exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this news release and such forward-looking statements included in, or incorporated by reference in this news release, should not be unduly relied upon. Such statements speak only as of the date of this news release. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Neither the TSX Venture Exchange Inc. nor its Regulation Services Provide (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.

For further information:

Jack North, Marketing Lead
[email protected]

Joe MacKay, Chief Financial Officer
(416) 303-0605
[email protected]

Greg Reid, President & CEO
(416) 818-9822
[email protected]

Sean Peasgood, Investor Relations
(647) 955-1274
[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fd15c531-8ebb-42dc-8893-aaa2dd7aa793