TKMS

So this is none other than Mark Carney's hand-picked friend, personal friend, Doug Guzman.

Doug Guzman was recruited by Mark Carney to head the Defense Investment Agency July 2025. guy knows nothing about defense he's some big wig from rbc and apparently he's had enough he's only been on the job it says a year says sources told globe and mail that guzman is frustrated by how slow the pace of government bureaucracy in getting defense procurement projects moving and approved mr guzman was an important player in the July decision to purchase 12 conventionally powered submarines from German company TKMS for the Royal Canadian Navy, one source said.

I did a whole video on that.

This TKMS is not a very squeaky clean company, and this is all wrapped into net zero.

So I've got this on Mark Carney's indirect conflicts of interest here.

Defense shipbuilding, direct air capture.

It says as part of these economic incentives, remember that.

So Korea had incentives for those, the Germans.

Foreign publications suggest these submarines are capable of delivering nuclear weapons and are a key component of Israel's nuclear deterrence triad.

This advancement follows cooperation between Israeli firm Elbit Systems and German manufacturer TKMS and builds on previous progress regarding defence deals between the two nations.

The Israeli Navy has also disclosed the involvement of submarines in operations against Iran, Yemen and Syria during the recent conflict.

In regional security news, the UN's nuclear watchdog, the IAEA, has confirmed infrastructure consistent with a nuclear reactor at a Syrian site.

But, you know, on the other side, I think it's very rewarding to see what difference you can make.

Can I give one example where I've been, you know, like TKMS, like the company which is building our submarines.

At the time, Olaf Scholz really absolutely wanted to, like that company was in difficulties.

And the question is, what are we going to do with it? And Olaf Scholz wanted to sell it to the Carlyle Group, you know, the American group.

We're looking at the, um, River-class frigates, and as people will know, we have agreed to enter talks.

We haven't bought, but we've agreed to enter talks with TKMS of Germany.

We're super good at agreeing to enter talks-

[laughs]

It's also about treating the people you've got well.

So address that, fabulous.

Make a, a commitment to talk to, uh, TKMS about up to 12 submarines of six for each, uh, of our east and west coasts, uh, which on the we- on our east coast then gives us the subsurface assets again as being part of that framework nation looking at that part of our world.

Uh, and again, I think I mentioned this in, I did mention this a little bit in the Maclean's piece.

Besides all those exhibitors who are standing in the other halls.

For example, in Hall B3 before the shipyard hall, there is ThyssenKrupp Marine Systems.

There is Fincantieri.

There's Groupe Naval.

And some of the German stocks at the time of year are, even by the standards of European markets, not particularly liquid.

And the same definitely applied to TKMS, the German naval business.

And that was off 13%.

There's no fundamentals to that.

Some believe, including the Defense Minister Boris Pistorius, that this goal will not be achieved without some sort of introduced military service.

TKMS CEO Oliver Burkhardt said that the company is interested in exploring whether other European shipyards can be part of future submarine deals.

This does not pertain to the current Type 212CD being built for the Norwegian, German, and Canadian navies.

A possible partner could be Span's Navantia.

Um, the government of Canada's defense industrial strategy anticipated over 500 billion in cumulative investment across the country by 2035.

And Krista, today I really wanted to talk to you about one of those really significant defense procurement announcements within that, which was made on the 6th of July by the government selecting Germany's TKMS as their preferred supplier of Canada's next generation of submarines.

We know that Canada is looking to acquire 12, replacing the four aging Victorian-class boats they currently have in service, and the government has described this as the largest defense procurement in Canadian history.

So I think there's a couple of ways to look at this decision.

They provide persistent surveillance, intelligence gathering, and deterrence in a way that's really difficult to replicate with other partners.

From a policy perspective, I think the other important point to note is speed.

The two qualified suppliers, TKMS and South Korea's Hanwha Ocean, were identified in August 2025.

Proposals were submitted in March 2026, and by July, the government had selected a preferred partner.

The next intake is expected in the fall of 2026.

AKA Energy Systems, a Montague-Prince of Rhode Island propulsion systems manufacturer, remains in discussions over Canada's submarine procurement program after German firm ThyssenKrupp Marine Systems was named the preferred bidder.

AKA Energy had partnered with South Korean shipbuilder Hanwha Ocean on its original bid to supply power and propulsion systems for up to 12 new Royal Canadian Navy submarines.

The company is now exploring potential involvement with the winning TKMS team while maintaining its existing Hanwha partnership.