Kraken Robotics said it has reached a non-brokered private placement offering deal with Ocean Infinity whereby Ocean Infinity will acquire 9.99% of Kraken’s issued common shares.
Kraken’s relationship with Ocean Infinity started in 2017, and this investment in Kraken should form the starting point for the expansion of this relationship.
Given this, Kraken and Ocean Infinity are said to be working towards negotiating the terms of a strategic alliance to promote more closely aligned 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.”