HOUSTON, Feb. 5, 2024
/PRNewswire/ -- Nauticus Robotics (NASDAQ: KITT), a leading
developer of subsea robots and software, announces securing over
$12M net today, part of a second
tranche of investment.
The new investment will expedite certification of Nauticus'
flagship robot, the Aquanaut, which facilitates the
transformation of tethered ROV operations to fully autonomous
operations. It is expected to perform numerous tasks in water
depths ranging from 200 - 2000+ meters during February in
preparation for an inaugural job inspecting a deep-water production
facility of a major oil and gas company in the Gulf of Mexico.
The new investment comes only weeks after the company announced
a change in leadership, including a new CEO, CFO and lead General
Counsel.
Since becoming the President of Nauticus in October,
John Gibson has been assessing the
go-to-market strategy and said "the market sees our potential and
supports our vision of delivering full autonomy to subsea
operations – however, the diffusion rate of our solutions requires
a significant shift from the current paradigm of human operations
to autonomous operations. To eliminate the inertia to change, we
recast our vision. We realized the fastest path to full autonomy
would be through the deployment of 'tethered/augmented autonomy.'
This allows the customer and operators to retain the ability to
intervene while simultaneously allowing Nauticus to gather the
operational data needed to train our fully autonomous solutions for
the future."
This is possible because our software architecture is platform
independent and can be used on all subsurface vehicles and has
already been deployed on several competitor vehicles for
defense-related work. This enables the company to become a
multi-platform operating system for a vast array of vehicles
already deployed. The forecasted efficiency improvements for
existing platforms using 'tethered autonomy' will exceed 20%, while
simultaneously reducing emissions and increasing safety for
all subsea robots.
"What Nauticus has planned can truly revolutionize the entire
industry – and I don't use that term lightly. We can now normalize
performance of ROV operators because you will no longer have
disparities between skill levels of employees. This obviously
provides substantial safeguards to any company using this
technology" said Sean Halpin, Head
of Autonomous Solutions.
"We are creating a win-win situation for ROV operators. We are
not asking them to give up complete control. These robots are not
replacing jobs, but instead are making them both easier and more
reliable", said Chuck Claunch,
Co-head of Software Solutions.
"It's not dissimilar to when pilots first needed to adjust to
automation in the airline industry – they didn't lose their jobs –
they gained more reliable support to enjoy them," said Paul Dinh, Co-head of Software Solutions.
The board added that while they are investing heavily into
commercialization, they are also actively working to minimize
G&A costs. Changes to align board cost with the current
forecast are underway.
In addition, the board has retained Piper Sandler & Co. to assist in the
evaluation of strategic options to maximize shareholder value and
the acquisition of 3D At Depth.
Media Contact:
Narwhal Media Group
Jennifer Gooding
jgooding@narwhalmediagroup.com
About Nauticus Robotics
Nauticus Robotics, Inc. develops autonomous robots for the ocean
industries. Autonomy requires the extensive use of sensors,
artificial intelligence, and effective algorithms for perception
and decision allowing the robot to adapt to changing environments.
Nauticus' robotic systems and services are designed to address both
commercial and government-facing customers. The company targets the
Robotics-as-a-Service (RaaS) business model complemented by direct
product sales of vehicles, components, and licensing of related
software. Nauticus has designed and is currently testing and
certifying a new generation of vehicles to reduce operational cost
and gather data to maintain and operate a wide variety of subsea
infrastructure.
Cautionary Language Regarding Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended (the "Act"), and are intended to enjoy the protection of
the safe harbor for forward-looking statements provided by the Act
as well as protections afforded by other federal securities laws.
Such forward-looking statements include but are not limited to: the
expected timing of product commercialization or new product
releases; customer interest in Nauticus' products; estimated 2024
operating results and use of cash; and Nauticus' use of and needs
for capital. Generally, statements that are not historical facts,
including statements concerning possible or assumed future actions,
business strategies, events, or results of operations, are
forward-looking statements. These statements may be preceded by,
followed by, or include the words "believes," "estimates,"
"expects," "projects," "forecasts," "may," "will," "should,"
"seeks," "plans," "scheduled," "anticipates," "intends," or
"continue" or similar expressions. Forward-looking statements
inherently involve risks and uncertainties that may cause actual
events, results, or performance to differ materially from those
indicated by such statements. These forward-looking statements are
based on Nauticus' management's current expectations and beliefs,
as well as a number of assumptions concerning future events. There
can be no assurance that the events, results, or trends identified
in these forward-looking statements will occur or be achieved.
Forward-looking statements speak only as of the date they are made,
and Nauticus is not under any obligation and expressly disclaims
any obligation, to update, alter, or otherwise revise any
forward-looking statement, whether as a result of new information,
future events, or otherwise, except as required by law. Readers
should carefully review the statements set forth in the reports
which Nauticus has filed or will file from time to time with the
Securities and Exchange Commission (the "SEC") for a more complete
discussion of the risks and uncertainties facing the Company and
that could cause actual outcomes to be materially different from
those indicated in the forward-looking statements made by the
Company, in particular the sections entitled "Risk Factors" and
"Cautionary Note Regarding Forward-Looking Statements" in documents
filed from time to time with the SEC, including Nauticus' Annual
Report on Form 10-K filed with the SEC on March 28, 2023 and Quarterly Report on Form 10-Q,
filed with the SEC on August 14,
2023. Should one or more of these risks, uncertainties, or
other factors materialize, or should assumptions underlying the
forward-looking information or statements prove incorrect, actual
results may vary materially from those described herein as
intended, planned, anticipated, believed, estimated, or expected.
The documents filed by Nauticus with the SEC may be obtained free
of charge at the SEC's website at www.sec.gov.
Important Information for Investors and
Stockholders
This press release relates to a proposed transaction between
Nauticus and 3DAD. It does not constitute an offer to sell or
exchange, or the solicitation of an offer to buy or exchange, any
securities, nor shall there be any sale of securities in any
jurisdiction in which such offer, sale or exchange would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. Nauticus intends to file
a registration statement on Form S-4 with the U.S. Securities and
Exchange Commission (the "SEC"), which will include a document that
serves as a prospectus and proxy statement of Nauticus, referred to
as a proxy statement/prospectus. A proxy statement/prospectus will
be sent to all Nauticus stockholders. Nauticus will also file other
documents regarding the proposed transaction with the SEC. Before
making any voting decision, investors and security holders of
Nauticus are urged to read the registration statement, the proxy
statement/prospectus and all other relevant documents filed or that
will be filed with the SEC in connection with the proposed
transaction as they become available because they will contain
important information about the proposed transaction.
Investors and security holders will be able to obtain free
copies of the registration statement, the proxy
statement/prospectus and all other relevant documents filed or that
will be filed with the SEC by Nauticus through the website
maintained by the SEC at www.sec.gov.
Participants in the Solicitation
Nauticus, 3DAD and their respective directors and executive
officers may be deemed to be participants in the solicitation of
proxies from Nauticus' stockholders in connection with the proposed
transaction. A list of the names of the respective directors and
executive officers of Nauticus and 3DAD and information regarding
their interests in the business combination will be contained in
the proxy statement/prospectus when available. You may obtain free
copies of these documents as described in the preceding
paragraph.
No Offer or Solicitation
This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities or a solicitation of
any vote or approval, nor shall there be any sale of any securities
in any state or jurisdiction in which such offer, solicitation, or
sale would be unlawful prior to registration or qualification under
the securities laws of such other jurisdiction.
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SOURCE Nauticus Robotics (NASDAQ: KITT)