Crown Electrokinetics Smart Glass Insert Could Reduce Energy Costs by at Least 26%

Rhea-AI Summary

Crown Electrokinetics Corp. (NASDAQ: CRKN) announced successful preliminary tests indicating their DynamicTint™ Insert can reduce office building energy costs by 26%. Conducted in a Los Angeles office, the technology blocks excess sunlight heat, lowering HVAC operating costs and carbon emissions. The insert is designed to retrofit existing windows without replacements and will eventually operate on solar power. Crown aims to transition from R&D to commercialization, focusing on features that appeal to office REITs while addressing energy efficiency and climate change.

Positive

• Field test indicates potential 26% reduction in energy costs for HVAC operations.
• DynamicTint™ Insert can be retrofitted to existing windows, reducing replacement costs.
• Technology powered by solar energy, promising lower long-term operational expenses.

Negative

• None.

LOS ANGELES, Aug. 3, 2021 /PRNewswire/ -- Crown Electrokinetics Corp. (NASDAQ: CRKN) ("Crown"), a smart glass technology company, has completed a preliminary field test, and the data suggests that it can reduce energy costs of office buildings by approximately 26%. The field test was conducted from the 22nd floor of a Los Angeles office building, where Crown's patented ink technology was partially rendered onto window inserts and then placed over single pane windows. By blocking out some of the heat generated by sunlight, the simulation data indicated that an office building could reduce the operating costs for heating, ventilation, and air conditioning (HVAC) systems. At scale, such a reduction in HVAC utilization can also help lower carbon emissions. Additionally, the inserts are intended to reduce glare, improve tenant comfort, and eliminate the need for window blinds.

Fundamentally, single pane windows are energy-inefficient, providing little insulation from heat generated by sunlight. Commercial buildings subsequently absorb most of that heat, leading to increased operating costs associated with HVAC systems that cool the buildings. Additionally, higher HVAC usage creates excessive amounts of carbon emissions, and according to the Department of Energy, buildings account for 76% of electricity use and 40% of primary energy use in the United States.

Crown's DynamicTint™ Insert aims to enhance the efficiency of existing windows, eliminating the need to replace the glass by easily fitting into window frames. It also acts as an additional pane of glass, further insulating the building from outside temperatures. And, powered by solar, DynamicTint™ Insert will ultimately be able to function without wiring into the building.

"We're pleased with the results of this initial field test, but I believe that 26% in energy savings is just the baseline. We have evidence that our inserts will also save energy related to the HVAC heating as well as cooling. As we continue to iterate on our beta product, we expect the DynamicTint™ Insert to help reduce a building's energy costs and its carbon emissions. Perhaps most importantly, the insert approach to smart glass makes it easier to retrofit to existing buildings, and it will be considerably less expensive than anything currently in the market. As we transition from an R&D phase to commercialization, we're listening closely to our prospective customers and incorporating features most critical to office REITs, since saving money and combating climate change should not be mutually exclusive." said Doug Croxall, Crown's Chairman & CEO.

To learn more about Crown's DynamicTint™ Insert and how it can help lower operating costs for a commercial real estate portfolio, please visit our website and contact us.

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 (HP, Inc.), our technology allows any glass surface to transition between clear and dark in seconds. With applications to a wide array of windows, including commercial buildings, automotive sunroofs, and residential skylights, we partner with leading glass and film manufacturers for mass production and distribution. 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. For more information, please visit WWW.CROWNEK.COM.

Forward-Looking Statements
This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements, and terms such as "anticipate," "expect," "intend," "may," "will," "should" or other comparable terms, involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Those statements include statements regarding the intent, belief or current expectations of Crown Electrokinetics and members of its management, as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, including those described in Crown Electrokinetics' periodic reports filed with the SEC, and that actual results may differ materially from those contemplated by such forward-looking statements. Except as required by federal securities law, Crown Electrokinetics undertakes no obligation to update or revise forward-looking statements to reflect changed conditions.

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SOURCE Crown Electrokinetics

FAQ

What is Crown Electrokinetics' stock symbol?

Crown Electrokinetics is traded under the stock symbol CRKN.

What energy savings can be expected from Crown Electrokinetics' technology?

Crown's DynamicTint™ Insert is reported to potentially reduce energy costs by 26% according to preliminary tests.

Where was the field test for Crown Electrokinetics conducted?

The preliminary field test was conducted in a Los Angeles office building.

How does the DynamicTint™ Insert work?

The insert blocks heat from sunlight, thus reducing energy costs associated with HVAC systems.

What are the environmental benefits of Crown's DynamicTint™ technology?

It aims to lower carbon emissions by reducing HVAC energy use in commercial buildings.