- Marine technology company, Kraken Robotics (PNG) has added Emera subsidiary NSP Maritime Link to its OceanVision project
- The OceanVision project is designed to advance subsea technology and Robotics-as-a-Service capabilities
- In addition to expertise in subsea infrastructure, NSPML will contribute over C$500,000 to the project
- NSPML’s participation will allow Kraken to demonstrate, inspect, test, maintain, and repair its various technology platforms
- Kraken Robotics (PNG) is up 3.51 per cent and is currently trading at 59 cents per share
Marine technology company, Kraken Robotics (PNG) has added Emera subsidiary NSP Maritime Link to its OceanVision project.
The OceanVision project is a pilot initiative, designed to advance subsea technology and Robotics-as-a-Service (RaaS) capabilities.
NSPML is an indirect but wholly owned subsidiary of Emera, a multinational energy corporation.
The company will bring its expertise in critical subsea infrastructure to the OceanVision project. NSPML has plenty of knowledge in this area, as it owns and operates the Maritime Link infrastructure.
This includes twin 117 kilometre subsea 500 megawatt HVDC power cables, which cross the seafloor between Newfoundland and Labrador, and Nova Scotia.
In addition, NSPML will also contribute over C$500,000 to the OceanVision project, throughout its duration.
The company’s participation in the initiative will help to support Kraken Robotics with its Inspection, Maintenance, and Repair operations.
This will include demonstrating and testing Kraken’s various technology platforms, like the ThunderFish XL Autonomous Underwater Vehicle. Others include its Synthetic Aperture Sonar, Multi-Spectral Synthetic Aperture Sonar, SeaVision 3D Laser Scanning System, and the KATFISH towed sonar.
Kraken Robotics also believes that Emera’s involvement as an opportunity to develop its Robotics-as-a-Service business. The company is currently pursuing opportunities for recurring RaaS revenue, such as digital twinning inspection.
This is a process which could be used to inspect mooring chains, underwater ship hulls, and offshore energy infrastructure. Kraken’s President and CEO, Karl Kenny, commented on its possible applications.
“A digital twin is a virtual replica of a physical entity which often evolves through inspection data gathered by sensors. It can be used to provide alerts of potential problems using predictive AI algorithms.
“Data quality has been one of the main barriers for digital twinning in the offshore energy sector. Kraken has addressed this shortfall by developing ultra-high definition sonar, 3D laser imaging, underwater data acquisition systems, and AI software for predictive analyses.
“We expect dramatic growth in this market. A recent MarketsandMarkets research report estimates that the global digital twin market was worth approximately C$5.1 billion in 2019, and is projected to reach approximately C$48.6 billion in value by 2025,” he said.
Kraken Robotics (PNG) is up 3.51 per cent and is trading at 59 cents per share at 11:28am EDT.