U.S.-based developer of ocean robots Nauticus Robotics has secured term loan financing of up to $20 million from existing investors that will be used to bolster the commissioning and commercialization of its fleet.
Nauticus Robotics entered into a senior secured term loan agreement with existing stakeholders Transocean, ATW Partners, Material Impact, and RCB Equities which provides the company with up to $20 million in secured term loans, of which $11.6 million has already been funded.
The loans are convertible at $6 per share of common stock, subject to certain customary anti-dilution adjustments as described in the term loan agreement, at the option of each lender, until the date that the loans are no longer outstanding.
Nauticus also revealed it was actively discussing a larger round of capital with new investors, beyond the available capacity of the term loan agreement, to support its service offering expansion.
“We are thrilled to have secured this funding and we sincerely appreciate the trust and commitment shown by our long-term investors, Transocean, ATW, Material Impact, and RCB. Their continued investment underscores confidence in the company’s strategic direction and growth potential,” said Nicolaus Radford, CEO of Nauticus.
“Our autonomous service offering will have a hugely positive impact on our customers’ costs, safety, and the environment. We are excited about the opportunities this financing provides as we continue to build out our fleet of robots.”
Nauticus Robotics initiated operations in Norway and the UK at the beginning of the year, marking the start of its international expansion strategy for 2023 and beyond.
A couple of months ago, the Houston-based company secured an additional $2.7 million under its current contract with Leidos to advance the development of the Aquanaut-derived subsea platform.
Speaking about other relevant news, Nauticus Robotic recently entered into a service contract with energy giant Shell for the use of Aquanaut.