Kraken Robotics Inc (OTCMKTS:KRKNF) Stock On Radar After Recent Development

Canadian Ocean Company, Kraken Robotics Inc (OTCMKTS:KRKNF), on September 12, 2022, announced that the company has become among the first companies to sell innovation directly to the Government of Canada without more competition. The company had successfully finished the Innovative Solutions Canada Testing Stream contract with the Royal Canadian Navy earlier in the year.

Trading Data

On Monday, KRKNF stock lost 3.41% to $0.3284 with more than 334.73K shares, compared to volume of 65.55K shares. The stock moved within a range of $0.3276 – 0.3653 after opening trade at $0.3339.

Kraken Qualified to Sell Directly to Government of Canada under Pathway to Commercialization Program

The OceanVision solution is under the country’s new Pathway to Commercialization framework initiated. Though the approval doesn’t have a value as such, direct purchases of about $8 million per contract can be done and are available to all government departments.

Karl Kenny, Kraken President, and CEO said that the company has witnessed significant interest in services and technologies from different Canadian Government departments. Kenny added that the company is excited about offering the OceanVision service through ISC’s new PTC program. He further stated that it can be an avenue for agencies to avail of innovative solutions. Some of the potential applications of OceanVision service can be monitoring of Marine Protected Areas and habitat mapping besides seabed mapping for Port and Harbour Security. Furthermore, it can be used in shipwreck searches as well as a survey for marine archaeological requirements. The CEO opined that there is much potential for the service in the country.

The OceanVision service provides turnkey ultra-high resolution Synthetic Aperture Sonar seabed imagery as well as bathymetry at an affordable price.

Key Quote

Commenting on this new PTC program, Karl Kenny, Kraken President and CEO noted, “Over the past year, Kraken has had significant interest in its technologies and services from various Canadian Government departments and agencies. We are excited to be able to offer the OceanVision service via ISC’s new PTC program to be an avenue for these departments and agencies to avail of our needed and innovative solutions. Potential applications of the OceanVision service could include habitat mapping and monitoring of Marine Protected Areas (MPAs), high resolution seabed mapping for augmenting Route Survey applications in Port and Harbour Security, or even shipwreck search and survey for marine archaeological requirements. We see significant potential for this service here in Canada.”

Technical Data

KRKNF stock is above the 20-Day and 50-Day Moving averages of $0.28 and $0.25 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.28. The company has a total market capitalization of $66 million. The stock is up 10% over the past 6-month.