Abyss Receives AC Grant from Government

ABYSS SOLUTIONS RECEIVES FEDERAL GRANT FOR COMMERCIALISATION

May 24, 2018

Sydney, NSW – We are pleased to announce that Abyss Solutions has been awarded a grant of $759,335 through the Australian Government’s Accelerating Commercialisation Programme. The grant was offered to commercialise our autonomous high-resolution condition assessment technology for underwater infrastructure.

Accelerating Commercialisation is a part of the Australian Government’s Entrepreneurs’ Programme. It allows businesses to undertake commercialisation activities for their novel and high potential products, processes and services to markets.

With this grant Abyss will conduct two trials as part of its commercialisation effort in the offshore markets in the United Arab Emirates (UAE) and water infrastructure market in the United States (US). The trials are with two key clients that have the potential to roll out to multi-million dollar contracts as well strategic market entry it to the respective geographies.

With the autonomous high-resolution condition assessment service that Abyss has developed, the clients will benefit by reducing dry-docking time for jackup rigs through comprehensive multimodal inspection data as well as a tracking of these asset over successive inspections. Potentially saving the clients in order of millions per jack up rig.