The Aquanaut underwater robot is designed to manage aquaculture projects, repair oil pipelines, and scan seabeds. | Source: Nauticus Robotics
Nauticus Robotics Inc. today announced it secured a $250 million equity line of credit to accelerate its next phase of growth and innovation. The subsea robotics developer said the credit line will enable it to grow into deep-sea rare earth and mineral exploration.
The Webster, Texas-based company said the facility will enable it to pursue strategic acquisitions that expand its technological capabilities. Nauticus said this new initiative is part of its broader strategy to use its technologies in industries essential to the global energy transition.
“Access to rare earth minerals is vital for the clean energy, electronics, and defense industries, and Nauticus is uniquely positioned to play a key role in enabling that supply chain,” said John Gibson, president and CEO of Nauticus Robotics. “The $250 million equity facility provides us with the strategic and financial flexibility to acquire the right capabilities and partnerships to participate responsibly in this important emerging market.”
Nauticus secured $12 million in a second tranche of investment last year. The company said that it planned to use that funding to expedite the commercialization of Aquanaut.
Aquanaut can operate autonomously, or users can remotely control the system, depending on the customer’s needs at any given moment. It can also perform a variety of underwater tasks, such as managing aquaculture projects, repairing oil pipelines, and scanning seabeds.
Nauticus plans for strategic acquisitions
Nauticus Robotics said it intends to identify and acquire businesses and technologies that complement its autonomous systems portfolio. It asserted that they will support the responsible exploration of rare earth elements and other critical minerals found in ultra-deep-water environments.
Strategic highlights of the financing include:
- $250 million equity line of credit facility to fund acquisitions and growth initiatives
- Launch of a deep-sea rare earth and mineral exploration strategy through targeted acquisitions
- Focus on sustainable innovation and environmental stewardship in subsea resource development
- Builds on recent milestones, including the March acquisition of SeaTrepid International, expanding Nauticus’ subsea service and remotely operated vehicle (ROV) capabilities
Nauticus said it will updates on prospective acquisition targets and strategic partnerships as it advances. The company said this aligns with the Trump administration’s priorities on securing strategic minerals to reduce reliance on international producers.
Yesterday, negotiators from the U.S. and China met to create a framework for a deal to pause American tariffs and Chinese rare-earths export controls, according to Reuters. The deal would put less pressure on American companies to find ways to harvest these rare minerals.
Company plans to convert debt to equity
Nauticus also announced today that it has agreed with existing debt holders to convert $3.7 million of debt into common equity. The company said this conversion will allow it to substantially de-leverage its balance sheet.
If required, existing debt holders have agreed to exchange outstanding debt into preferred equity with the intention of bringing the company into compliance with Nasdaq de-listing concerns.
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