Nauticus Robotics Enters Aquanaut Mark 2 Testing Partnership with FAU

Rhea-AI Summary

Nauticus Robotics (NASDAQ: KITT) has partnered with Florida Atlantic University (FAU) to test its Aquanaut Mark 2 underwater vehicle. The collaboration allows for testing in both shallow and deep waters near FAU's facilities, resulting in an estimated 90% cost savings on vehicle development testing. This partnership enables Nauticus to efficiently test the Aquanaut system in preparation for commercial use.

The Aquanaut vehicle utilizes Nauticus' proprietary ToolKITT software, driving the industry's transition from tethered operations to augmented autonomy. Upon completion of final testing, the current Aquanaut vehicle will move to the Gulf of Mexico for commercial operations, while a second vehicle will continue development at FAU.

Positive

• Partnership with FAU results in 90% cost savings on vehicle development testing
• Efficient testing of Aquanaut Mark 2 in both shallow and deep waters
• Preparation for commercial operations in the Gulf of Mexico
• Utilization of proprietary ToolKITT software for augmented autonomy

Negative

• None.

Insights

Technology Analyst

Nauticus Robotics' partnership with FAU for Aquanaut Mark 2 testing is a strategic move that could accelerate their product development. The 90% cost savings on testing is significant, potentially improving the company's R&D efficiency and time-to-market. This could give Nauticus a competitive edge in the rapidly evolving subsea robotics market.

The transition from tethered to autonomous operations using ToolKITT software is a game-changer. If successful, it could revolutionize subsea operations, offering substantial cost reductions and operational efficiencies for clients. However, the real test will be the upcoming commercial operations in the Gulf of Mexico, which will demonstrate the technology's readiness for real-world applications.

Financial Analyst

While the partnership with FAU is promising, investors should note that Nauticus (NASDAQ: KITT) is still in the product development phase. The 90% cost savings on testing is impressive, but it's important to see how this translates into overall financial performance. The company's transition to commercial operations in the Gulf of Mexico will be a critical milestone to watch.

Nauticus' business model, which includes services, vehicle sales and software licensing, offers diverse revenue streams. However, the company's financial success will depend on market adoption of its autonomous technology. Investors should closely monitor client acquisition and revenue growth in the coming quarters to gauge the commercial viability of Nauticus' innovations.

HOUSTON, Aug. 8, 2024 /PRNewswire/ -- Nauticus Robotics, Inc. (NASDAQ: KITT), a leading innovator in subsea robotics and software, announces a partnership with Florida Atlantic University (FAU) for further testing of its flagship underwater vehicle, Aquanaut Mark 2.

Nauticus has contracted with FAU to perform Aquanaut Mark 2 vehicle development testing in the protected waters near the university's Institute for Ocean and Systems Engineering Dania Beach facilities as well as in the deeper waters of the Atlantic Ocean. This partnership is expected to result in approximately 90% savings on vehicle development testing. This phase of testing requires both shallow and deeper waters to fully test functionality while maintaining real-time communication via tether for instant feedback. It also provides the opportunity to carry out tetherless missions that simulate operations the Aquanaut vehicle is designed to accomplish. Without this partnership, testing in mid-range water depths would require the use of more expensive ocean-going vessels.

"Working at FAU this summer has provided a perfect platform to efficiently test the Aquanaut vehicle, in both protected waters for product development and open waters for data collection and sea trials. The location, and campus, at FAU has allowed us to expedite the Aquanaut system technology in preparation for commercial use," stated Daniel Dehart, Nauticus Robotics' Vice President of Field Operations.

Nauticus plans to continue testing Aquanaut vehicles in conjunction with FAU. The Aquanaut vehicle currently undergoing its final testing will move to the Gulf of Mexico later this month to begin commercial operations. Once ready, the second Aquanaut vehicle is planned to take its place at FAU to continue development of the next round of capabilities.

The Aquanaut vehicle leverages Nauticus' proprietary ToolKITT software, a versatile and platform-independent solution previously tested across various subsea vehicle classes. By harnessing the power of ToolKITT and the pioneering design of Aquanaut, Nauticus is spearheading the industry's shift from traditional tethered operations to augmented autonomy. This initiative aims to fully transform subsea operations into autonomous, highly efficient processes.

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. The company's business model includes using robotic systems for service, selling vehicles and components, and licensing of related software to both the commercial and defense business sectors. 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. Besides a standalone service offering and forward-facing products, Nauticus' approach to ocean robotics has also resulted in the development of a range of technology products for retrofit/upgrading traditional ROV operations and other third-party vehicle platforms. Nauticus' services provide customers with the necessary data collection, analytics, and subsea manipulation capabilities to support and maintain assets while reducing their operational footprint, operating cost, and greenhouse gas emissions, to improve offshore health, safety, and environmental exposure. 

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 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 April 10, 2024. 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.

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SOURCE Nauticus Robotics, Inc.

FAQ

What is the purpose of Nauticus Robotics' partnership with Florida Atlantic University?

The partnership allows Nauticus Robotics to test its Aquanaut Mark 2 underwater vehicle in both shallow and deep waters near FAU's facilities, resulting in significant cost savings and efficient preparation for commercial use.

How much cost savings does the FAU partnership provide for Nauticus Robotics (KITT)?

The partnership with Florida Atlantic University is expected to result in approximately 90% savings on vehicle development testing for Nauticus Robotics (KITT).

What is the next step for the Aquanaut Mark 2 vehicle after testing at FAU?

After completing final testing at FAU, the current Aquanaut Mark 2 vehicle will move to the Gulf of Mexico to begin commercial operations.

What software does Nauticus Robotics use in its Aquanaut vehicles?

Nauticus Robotics uses its proprietary ToolKITT software in the Aquanaut vehicles, which is a versatile and platform-independent solution for subsea operations.