Crown Electrokinetics Announces Initial Purchase Orders for its Smart Window Inserts™ to be Deployed in Two Buildings in the San Francisco Bay Area

Rhea-AI Summary

Crown Electrokinetics Corp. (NASDAQ: CRKN) has secured two purchase orders for its innovative Smart Window Inserts™, which will be implemented in San Francisco Bay Area buildings. The Smart Window Inserts™ are set to be delivered once the first-generation production line is operational this fall. CEO Doug Croxall highlights that this marks the first order and aims to enhance energy efficiency and reduce carbon footprints for legacy buildings. The Inflation Reduction Act will provide expanded tax incentives for energy improvements, further bolstering Crown's value proposition for clients.

Positive

• Secured two purchase orders for Smart Window Inserts™.
• Production line expected to commence this fall.
• Product aids in reducing energy consumption and carbon footprints.
• Tax incentives from Inflation Reduction Act enhance the value proposition.

Negative

• None.

Los Angeles, California, Aug. 17, 2022 (GLOBE NEWSWIRE) -- Crown Electrokinetics Corp. (NASDAQ: CRKN) ("Crown" or the "Company"), a leading smart glass technology company, has received two purchase order for its Smart Window Inserts™.

The Smart Window Inserts will be delivered after Crown’s first-generation production line comes into operation this fall. The Inserts will be deployed in two buildings located in the San Francisco Bay Area.

Doug Croxall, CEO of Crown, “These purchase orders for our Smart Window Inserts™ are a confirmation of years of hard work by the entire team at Crown. While this represents the first purchase order of our Smart Window Inserts, we know they will not be the last. Crown has the only retrofit insert with dimmable smart glass technology, providing existing building owners with a solution that can affordably, effectively, and rapidly reduce their energy consumption levels.”

As part of Crown’s commitment to its vision, the Company is actively working to become a key ESG (“Environmental, Social and Governance”) supplier to US-based office buildings, by helping them retrofit their legacy infrastructure and assets to be environmentally responsible and energy efficient. Crown’s Smart Window Insert™ can lower the HVAC energy costs for building owners and help lower the building’s carbon footprint.

The recently announced Inflation Reduction Act will expand the tax incentives for retro-fitted energy improvements and has also now made them available to the Company’s REIT customers - further enhancing Crowns already significant value proposition. Other legislation, such as New York City’s Local Law 97 which targets a 40% reduction in building energy use levels by 2030, is compelling REITs to rapidly upgrade their building envelopes.

About Crown Electrokinetics
Crown is a smart glass technology company and the creator of DynamicTint™ We Make Your Glass Smarter™. Originally invented by Hewlett-Packard, our technology allows any glass surface to transition between clear and dark in seconds. At the core of our technology is a thin film that is powered by electrically charged pigment which not only replaces common window tints but is also a more sustainable alternative to traditional window treatments. With its unique ability to be retrofitted to existing glass, DynamicTint™ offers myriad benefits related to reducing carbon emissions. The company is supported by a robust patent portfolio.

Safe Harbor Statement: Statements in this news release may be "forward-looking statements". Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions, or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release and Crown Electrokinetic Corporation undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release.

This press release does not constitute a public offer of any securities for sale. Any securities offered privately will not be or have not been registered under the Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

Crown Electrokinetics

IR Email: info@crownek.com
Source: Crown Electrokinetics: www.crownek.com 

FAQ

What does the recent press release from Crown Electrokinetics Corp. (CRKN) announce?

The press release announces that Crown Electrokinetics has secured two purchase orders for its Smart Window Inserts™, to be deployed in buildings in the San Francisco Bay Area.

When will the Smart Window Inserts™ be delivered by CRKN?

The Smart Window Inserts™ will be delivered once Crown's first-generation production line is operational this fall.

How do the Smart Window Inserts™ benefit building owners?

Crown's Smart Window Inserts™ help reduce HVAC energy costs and lower the carbon footprint of buildings.

What impact does the Inflation Reduction Act have on CRKN's business?

The Inflation Reduction Act expands tax incentives for energy improvements, enhancing Crown's value proposition for its clients, including REIT customers.