A publicly traded company in Canada has struck a big new battery deal. And it’s going to power underwater vehicles.

‍What’s happening:‍

• Kraken Robotics (TSXV: PNG) has announced they have received $34M CAD in new purchase orders for their proprietary SeaPower pressure tolerant batteries
  

By the numbers:‍

• The $34M CAD in new purchase orders comes from 3 different companies
  
• Kraken Robotics’ SeaPower batteries are 46% lighter per kilowatt hour than traditional batteries and can operate at depths of 6,000 metres without losing functionality
  

Why it matters:‍

• Kraken Robotics is one of the only publicly traded companies in North America producing batteries for uncrewed underwater vehicles at commercial scale, which is becoming an emerging theme for defense tech globally as more naval fleets begin to adopt subsea vehicles
  

Going deeper:‍

• Kraken Robotics has also announced they are preparing to open a new battery production facility in Nova Scotia, Canada to deal with the rapid uptick in demand for their subsea batteries
  
• Kraken Robotics has publicly stated the new Canadian facility will allow them to triple their annual battery production capacity as well as launch entirely new types of batteries that are purpose built for small and medium sized uncrewed underwater vehicles

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