Kraken Robotics

St. John’s-based marine technology company Kraken Robotics has agreed to acquire UK-based Covelya Group for $615 million, expanding its presence in subsea technology and the growing defence market.

The deal will combine Kraken’s underwater robotics, sensors, and batteries with Covelya’s portfolio of navigation, positioning, and imaging technologies used in maritime defence and commercial operations. Covelya’s subsidiaries include Sonardyne, EIVA, and Wavefront Systems. Once completed in the second quarter of 2026, the combined company will employ roughly 1,200 people and operate more than 450,000 square feet of production space worldwide. Kraken will remain headquartered in Canada and led by its existing management team.

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Kraken Robotics has signed a $25 million merger agreement to acquire 3D at Depth, a leading U.S.-based subsea LiDAR technology firm. The acquisition, expected to close April 1, 2025, will enhance Kraken’s marine survey capabilities with 3D at Depth’s high-resolution underwater LiDAR technology, serving offshore oil and gas, defense, and renewable energy sectors.

3D at Depth, headquartered in Colorado, has 60+ clients worldwide and generated USD $14 million in 2024 revenue. The merger strengthens Kraken’s subsea asset inspection portfolio, expanding service offerings and advancing digital twin technology applications.

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Kraken Robotics has secured $34 million in orders for its SeaPower™ pressure-tolerant batteries, including a record $31 million order from an undisclosed defense industry client. To meet demand, Kraken is investing $10 million in a new battery production facility in Nova Scotia, expected to be operational in late 2025.

The 60,000-square-foot facility will triple production capacity and support small and medium UUV markets. Kraken aims to create 200 permanent jobs while strengthening North American subsea defense capabilities. The expansion will complement its existing German facility and support clients across the U.S., Europe, and Asia Pacific.

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The TSX Venture Exchange (TSXV) has unveiled its 2025 TSX Venture 50™, spotlighting Canada’s top-performing early- and growth-stage companies. Mining dominates, with 31 firms capitalizing on the demand for critical minerals and precious metals.

Kraken Robotics leads the ranking, with its market cap soaring 437% in 2024. The innovation sector also thrived, as SPARQ Systems posted 944% share price growth. Collectively, the 50 companies saw market cap growth of $16B, reinforcing Canada’s position in natural resources, clean tech, and advanced manufacturing.

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