Largest Battery Order To Date Sends Shares Of Marine Tech Company Higher

By: Dylan Sikes – AllPennyStocks.com News

Wednesday, February 26, 2025

On an overall positive day for the markets, a major announcement from a marine technology company has caught investors' attention.

Shares of Kraken Robotics Inc. (TSX-Venture: PNG) (OTCQB: KRKNF) are on the move higher as the company announced this morning that it had received orders totaling $34 million for SeaPower™ pressure tolerant batteries from three clients. In addition, Kraken has signed a lease to open a new battery production facility in Nova Scotia to meet rising defense market demand for uncrewed underwater vehicles (UUVs).

“With the emergence of new larger classes of UUVs and greater adoption of these platforms in naval fleets, reliable subsea power requirements are increasing,” said Greg Reid, President and CEO of Kraken Robotics. “These new orders illustrate the robust customer demand we have for Kraken’s SeaPower batteries across the U.S., Europe, and Asia Pacific.”

One order, totaling $31 million, represents Kraken’s largest battery order to date. The client, who cannot be named at this time, provides UUVs to the defense industry. Two commercial clients with UUVs also placed orders totaling $3 million.

As mentioned, shares of PNG are currently up 15.98% at $2.54 while U.S. listed shares trade up 14.71% at $1.7665 in late-morning trading.

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