Kraken Robotics Inc. is pleased to provide a corporate update on its Robotics as a Service (RaaS) activities including the acquisition of PanGeo which closed in Q3. As noted previously, this acquisition will accelerate Kraken’s service capabilities, generate more recurring revenue, and diversify Kraken’s revenue streams more significantly into the offshore renewable energy market. Responding to near-term collaborative opportunities, PanGeo’s engineering team has moved into Kraken’s Newfoundland facilities and the teams are working together on several large projects to be announced in the near future. We are aiming to have all Newfoundland employees integrated together in Kraken’s Mount Pearl facilities in Q1, 2022.
Notable RaaS related activities are as follows:
Karl Kenny, Kraken’s President and CEO said, “RaaS enhances robotics efficiency and removes the upfront acquisition costs of expensive hardware and software. Kraken’s RaaS is a cloud-based robotics rental / licensing business model that enables customers to incorporate the robotic capabilities they need when they need them, upgrade or downgrade systems as requirements change and deploy robotics without the necessary costs required by more traditional robotics implementations. RaaS works by utilizing Kraken’s internally developed IP including our subsea sensors and robotics hardware, artificial intelligence algorithms and cloud-based data analytics. This allows customers to rapidly spool up and deploy operations, significantly reduce upfront capital equipment and operational expenditures and adjust survey and inspection capabilities on the fly. For customers trying to improve productivity and reduce risk but have thought robots were out of their price range, Kraken’s RaaS offers a very compelling alternative for both underwater defence and commercial applications.”
As an example, conducting inspection, repair, and maintenance (IRM) for offshore energy operations is a risky undertaking. To prevent human casualties that may occur during such activities, several energy giants have been deploying robots, bringing a new level of safety and efficiency to IRM operations. For example, Chevron, is equipping its drones with augmented reality tools to assess field equipment and infrastructure while performing inspection works. The Norwegian energy giant, Equinor, is planning on expanding its drone usage over the next few years to automate its operations in the North Sea. The primary focus of many companies is to optimize IRM activities, particularly in spaces that cannot be accessed by humans, through robots. These developments will positively impact market growth. A recent report by Fortune Business Insights estimates that the global offshore energy (oil and gas, wind, solar) IRM market is projected to reach over US$60 billion by 2027 up from US$35 billion in 2019.