Kraken Robotics acquires remaining 25% of Kraken Power
Kraken Robotics Inc. has agreed to acquire the remaining 25% of its German subsidiary, Kraken Power GmbH, for €350,000. The transaction solidifies the company's ownership of the battery and propulsion systems entity.
Kraken Robotics Inc. has reached an agreement to acquire the remaining 25% stake in its German subsidiary, Kraken Power GmbH. The company announced in December 2019 that it would acquire the minority interest for a total consideration of €350,000, comprising €250,000 in cash and the issuance of 236,258 company shares.
The transaction, expected to close by December 31, 2019, grants Kraken Robotics full ownership of Kraken Power. This German subsidiary specializes in pressure-tolerant subsea battery and energy storage solutions, as well as underwater propulsion systems.
Kraken President and CEO Karl Kenny stated that full ownership "enhances Kraken Power's significance" to the company's business growth. He highlighted Kraken Power's pressure-tolerant batteries achieving over 100 hours of endurance testing on Ocean Infinity's Hugin AUVs, describing it as an industry-leading result.
The company anticipates significant growth for Kraken Power's batteries and propulsion products, which are used in commercial and defense applications, including robotic net cleaners for the aquaculture industry.