The Aquanaut underwater robotic is designed to handle aquaculture initiatives, restore oil pipelines, and scan seabeds. | Supply: Nauticus Robotics
Nauticus Robotics Inc. right this moment introduced it secured a $250 million fairness line of credit score to speed up its subsequent part of development and innovation. The subsea robotics developer stated the credit score line will allow it to develop into deep-sea uncommon earth and mineral exploration.
The Webster, Texas-based firm stated the power will allow it to pursue strategic acquisitions that broaden its technological capabilities. Nauticus stated this new initiative is a part of its broader technique to make use of its applied sciences in industries important to the worldwide vitality transition.
“Entry to uncommon earth minerals is significant for the clear vitality, electronics, and protection industries, and Nauticus is uniquely positioned to play a key function in enabling that provide chain,” stated John Gibson, president and CEO of Nauticus Robotics. “The $250 million fairness facility gives us with the strategic and monetary flexibility to accumulate the proper capabilities and partnerships to take part responsibly on this essential rising market.”
Nauticus secured $12 million in a second tranche of funding final 12 months. The corporate stated that it deliberate to make use of that funding to expedite the commercialization of Aquanaut.
Aquanaut can function autonomously, or customers can remotely management the system, relying on the client’s wants at any given second. It may well additionally carry out a wide range of underwater duties, similar to managing aquaculture initiatives, repairing oil pipelines, and scanning seabeds.
Nauticus plans for strategic acquisitions
Nauticus Robotics stated it intends to establish and purchase companies and applied sciences that complement its autonomous techniques portfolio. It asserted that they’ll assist the accountable exploration of uncommon earth components and different vital minerals present in ultra-deep-water environments.
Strategic highlights of the financing embrace:
- $250 million fairness line of credit score facility to fund acquisitions and development initiatives
- Launch of a deep-sea uncommon earth and mineral exploration technique by way of focused acquisitions
- Give attention to sustainable innovation and environmental stewardship in subsea useful resource growth
- Builds on current milestones, together with the March acquisition of SeaTrepid Worldwide, increasing Nauticus’ subsea service and remotely operated automobile (ROV) capabilities
Nauticus stated it’s going to updates on potential acquisition targets and strategic partnerships because it advances. The corporate stated this aligns with the Trump administration’s priorities on securing strategic minerals to cut back reliance on worldwide producers.
Yesterday, negotiators from the U.S. and China met to create a framework for a deal to pause American tariffs and Chinese language rare-earths export controls, in line with Reuters. The deal would put much less strain on American corporations to seek out methods to reap these uncommon minerals.
Firm plans to transform debt to fairness
Nauticus additionally introduced right this moment that it has agreed with current debt holders to transform $3.7 million of debt into widespread fairness. The firm stated this conversion will permit it to considerably de-leverage its steadiness sheet.
If required, current debt holders have agreed to change excellent debt into most popular fairness with the intention of bringing the corporate into compliance with Nasdaq de-listing issues.
