Nauticus Robotics to go Public Via SPAC Deal
Nauticus Robotics Valued at $560 Million
Nauticus Robotics, which aims to replace human-operated ships with robots and software, is going public via a SPAC transaction. The deal with CleanTech Acquisition Corp. (CLAQ) gives Nauticus Robotics a valuation of around $560 million.
As part of the transaction, Nauticus Robotics is raising $73 million via private investors including Transocean (RIG), Schlumberger (SLB), and AeroVironment (AVAV). That extra funding, combined with the $170 million CleanTech raised this past summer, could be used for expansion. The SPAC investors do have the option to withdraw money before the deal closes. That has been the case with a growing number of SPAC deals lately as the stocks stumbled following their public debuts.
Nauticus Robotics Wants to Replace Human Operated Boats
Nauticus Robotics is developing electric-powered robots that can be deployed for several tasks in the ocean including transportation, equipment repairs and maintenance, and data collection. Nauticus says companies that use its robots could save money and lower their emissions.
The startup’s software relies on artificial intelligence to enable the robots to make decisions while in the ocean. The company said its robots could be used in several sectors including energy and fishing. Nauticus Robotics is anticipating it will lodge sales of $8 million in 2021. In the years to come, the company expects revenue to take off as more companies embrace its green-water robots.
Green SPACs all the Rage
The green startup is joining a growing list of companies trying to capitalize on investors’ interest in companies that lower emissions and disrupt markets. These startups are joining forces with SPACs to raise money that can be poured into their enterprises. So far this year, SPACs have raised over $160 billion — a record for the industry.
While interest in SPACs, particularly environmentally focused ones, is still growing, it’s not clear if investors will be on board by the time the deal closes. The track record of SPACs once they are public has been spotty. Time will tell if Nauticus Robotics can buck that trend.
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