Thalassa Holdings Limited ARL announces successful proof of concept of nodes (7908C)
19 Giugno 2019 - 02:50PM
UK Regulatory
TIDMTHAL
RNS Number : 7908C
Thalassa Holdings Limited
19 June 2019
Thalassa Holdings Ltd
(Reuters: THAL.L, Bloomberg: THAL:LN)
("Thalassa", "THAL" or the "Company")
Autonomous Robotics announces successful "Proof of Concept" of
Autonomous Node
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
The board of Thalassa ("the Board") is extremely pleased to
report that its subsidiary Autonomous Robotics Ltd ("ARL") has
successfully completed the initial "Proof of Concept" stage in the
development of its autonomous flying node (the "Node"), which
followed the review of the Concept of Operations and redesign of
the system.
Recent tests demonstrated successful autonomous navigation,
landing and take-off from the seabed, as well as successful seismic
data recording (the "Tests").
Subsequent to the successful completion of the Tests, members of
the ARL team attended the 2019 European Association of Geophysical
Engineers ("EAGE"). The team met with four major E&P companies
and three seismic operators. Two of the E&P and two of the
seismic survey operators expressed a potential interest in
participating in the development of the Nodes. These expressions of
interest do not yet constitute any financial or technical
assistance, nor do they put a value on ARL, the development costs
of which have been fully expensed by Thalassa.
The Board would, however, like to point out that any third party
investment in ARL would result in a significant material increase
in the Company's NAV as current carrying value of the Company's
investment in ARL is zero. The Board would also like to emphasise
that the participation of a major E&P company or seismic survey
operator would have a significant positive impact on the success
and commercialisation of the Nodes.
Given the successful Tests, ARL will be seeking to raise up to
$20m to fund the development through to the production of the
commercial compact Node system (the "Compact System"). The Board
will update the market on discussions with potential, interested
co-development partners and/or investors as and when appropriate.
Subject to full funding, the Board hopes to have the Compact System
operational within three years. There can be no guarantee that any
transaction or discussions in relation to ARL will reach a
conclusion.
ARL is a UK marine robotics company developing a game-changing,
patented, autonomous underwater platform for ocean floor-based
sensing - the flying nodes system. Defence and offshore energy
companies are seeking cost-efficient solutions to replace manually
controlled deployment of large sensor grids on the ocean floor. ARL
will offer a swarm of novel AUVs carrying industry-proven sensor
packages which are autonomously deployed, positioned on the seabed
and recovered and creates a new market application for underwater
drones.
Duncan Soukup, chairman of Thalassa said:
"The Board are delighted by the successful completion of the
Proof of Concept stage of development of the Node. I would like to
point out that this very significant milestone has been achieved by
an extremely dedicated but small team on a very limited budget.
Following the acquisition of GO Science in November 2013, the
decision was made to undertake a full review of the "Concept of
Operations", which resulted in a complete redesign of the Node and
system operation, to ensure it would meet the end users
requirements and commercial production could be achieved as
economically as possible."
"The Concept of Operations review and definition of the system
requirements was undertaken in conjunction with one of the World's
largest E&P companies to ensure that the Node design would be
"Fit for Purpose"."
"Completion of Proof of Concept, opens a new chapter for ARL,
which will now focus on the next stage; design, test and
manufacture of a limited number (10) pre-production Nodes and
supporting vessel based equipment, before commencing the production
of the Compact System of 150 to 1,000 Nodes."
"All credit goes to the ARL technical team, led by Arran
Holloway, who have worked tirelessly to reach this important
milestone. Completion of the Proof of Concept significantly
de-risks the business for any investor now considering an
investment in ARL. As previously stated, we look forward to the
next step in the development programme, which will include securing
external funding and industry support needed for the
commercialisation of the Node system."
Thalassa Holdings Ltd
Duncan Soukup, Chairman +33 (0)6 78 63 26 89
WH Ireland Limited (Financial Adviser and Broker)
Chris Fielding, Managing Director, Corporate Finance +44 (0)207 220 1650
www.thalassaholdingsltd.com
Note to Editors:
Thalassa Holdings Ltd, incorporated and registered in the BVI,
is a holding company with various interests across a number of
industries.
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END
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