Kraken Robotics Inc (OTCMKTS:KRKNF) (CVE:PNG) stock opened a bit higher on Friday’s trading session after the news.
Major Trigger:
Kraken Announces CRADA on Pressure Tolerant Batteries with US Navy
Key Highlights:
- KRKNF announce that its wholly owned subsidiary, Kraken Robotic Systems Inc, has signed a Cooperative Research and Development Agreement (CRADA) with Naval Surface Warfare Center, Carderock Division (NSWCCD). Under the CRADA, the Battery Certification and Integration Branch, Code 636 of NSWC Carderock, will test Kraken’s pressure tolerant lithium-ion batteries. The testing is expected to take four months to complete and is expected to start in calendar Q3 of this year.
- Code 636 possesses capabilities and expertise covering all aspects of power source development and deployment, ranging from generation of the initial battery design, through development and prototyping, acquisition and testing, to introduction to the Fleet.
- Code 636 also manages and implements the Navy’s Lithium Battery Safety Program in conjunction with the Program Authority, Naval Sea Systems Command (NAVSEA) Code SEA05Z34.
Key Quote:
“We are excited to enter into a CRADA with NSWC Carderock,” said Kraken President & CEO, Karl Kenny. “Since 2018, we have delivered our 6000-meter pressure tolerant batteries to several US and foreign customers including US defense customers. We hope this CRADA and testing with NSWC Carderock, which has significant experience with Navy safety requirements, will help increase adoption of Kraken’s pressure tolerant batteries into US Navy programs of record and sales with US Navy defense contractors.”
Market Reaction
As of 9:45, KRKNF stock jumped by 3% to $0.53 with more than 38K shares traded hands, compared to its average volume of 182K shares. Over the past year, the stock has moved within a range of $0.4250 – 0.9290.
