Mr. Joe MacKay reports

KRAKEN ROBOTICS RECEIVES $16 MILLION ORDER FOR SEAPOWER BATTERIES

Kraken Robotics Inc. has received a purchase order for subsea batteries valued at $16-million. Deliveries will occur in 2023 and 2024. The purchase order includes a significant advance payment. With this order Kraken has now received more than $30-million of purchase orders in the last six months for its SeaPower subsea batteries. Since the beginning of 2022, Kraken has announced more than $120-million of contracts providing the company solid visibility for its strong growth trajectory it is on.

Kraken's SeaPower 6,000-metre rated pressure tolerant batteries are based on Kraken's unique pressure tolerant gel encapsulation technology for lithium polymer batteries. This provides an attractively priced, environmentally friendly and superior energy density alternative to the traditional oil compensated batteries commonly used for deep subsea battery applications. Kraken's hot swappable batteries are modular and include an integrated battery management system within each battery module which provides a very high level of redundancy and safety.

About Kraken Robotics Inc.

Kraken Robotics is a marine technology company providing complex subsea sensors, batteries and robotic systems. The company's high-resolution 3-D 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.

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