Crown Element 82 Division Secures $10M Contract
Crown Electrokinetics Corp. (NASDAQ: CRKN) has announced that its Element 82 division has secured a $10 million contract for lead pipe inspection, set to begin in late October. This contract adds to Crown's growing pipeline of work, addressing the critical need for lead pipe inspection in approximately 13 million homes across the United States.
The company's turnkey solution aims to tackle the widespread issue of lead in drinking water pipes, with estimates ranging from 9.2 to 12.8 million lead pipes in the country. Element 82 has already initiated projects in New York, Virginia, and Florida, including completed work in the Town of Medley, FL, and ongoing projects in Batavia and Oneonta, NY. Additional projects are scheduled to begin later this year in Little Falls and Warwick, NY.
Crown Electrokinetics Corp. (NASDAQ: CRKN) ha annunciato che la sua divisione Element 82 ha ottenuto un contratto di 10 milioni di dollari per l'ispezione dei tubi in piombo, che inizierà a fine ottobre. Questo contratto si aggiunge al crescente portafoglio di lavori di Crown, affrontando l'urgente necessità di ispezione dei tubi in piombo in circa 13 milioni di case negli Stati Uniti.
La soluzione chiavi in mano dell'azienda mira a combattere il diffuso problema del piombo nelle tubazioni dell'acqua potabile, con stime che vanno da 9,2 a 12,8 milioni di tubi in piombo nel paese. Element 82 ha già avviato progetti a New York, Virginia e Florida, inclusi lavori completati nella città di Medley, FL, e progetti in corso a Batavia e Oneonta, NY. Ulteriori progetti sono previsti per iniziare più avanti quest'anno a Little Falls e Warwick, NY.
Crown Electrokinetics Corp. (NASDAQ: CRKN) ha anunciado que su división Element 82 ha asegurado un contrato de 10 millones de dólares para la inspección de tuberías de plomo, que comenzará a finales de octubre. Este contrato se suma al creciente portafolio de trabajos de Crown, abordando la necesidad crítica de inspección de tuberías de plomo en aproximadamente 13 millones de hogares en los Estados Unidos.
La solución integral de la empresa busca enfrentar el problema generalizado del plomo en las tuberías de agua potable, con estimaciones que oscilan entre 9.2 y 12.8 millones de tuberías de plomo en el país. Element 82 ya ha iniciado proyectos en Nueva York, Virginia y Florida, incluidos trabajos completados en el municipio de Medley, FL, y proyectos en curso en Batavia y Oneonta, NY. Proyectos adicionales están programados para comenzar más adelante este año en Little Falls y Warwick, NY.
Crown Electrokinetics Corp.(NASDAQ: CRKN)는 자사의 Element 82 부문이 1천만 달러 규모의 납 관검사 계약을 체결했다고 발표했으며, 이는 10월 말에 시작될 예정입니다. 이 계약은 약 1,300만 가구의 납 관검사에 대한 절실한 필요성을 해결하기 위해 Crown의 증가하는 작업 파이프라인에 추가됩니다.
회사의 턴키 솔루션은 수돗물관의 납 문제를 해결하기 위해 고안되었으며, 미국 내 납관은 920만에서 1,280만 개로 추정됩니다. Element 82는 이미 뉴욕, 버지니아 및 플로리다에서 프로젝트를 시작했으며, 그 중 플로리다주 메들리 시에서 완료된 작업과 뉴욕주 바타비아 및 오네온타에서 진행 중인 프로젝트가 있습니다. 추가 프로젝트는 올해 말에 뉴욕주 리틀폴스 및 워윅에서 시작될 예정입니다.
Crown Electrokinetics Corp. (NASDAQ: CRKN) a annoncé que sa division Element 82 a obtenu un contrat de 10 millions de dollars pour l'inspection des tuyaux en plomb, qui doit commencer fin octobre. Ce contrat s'ajoute au pipeline de travaux croissant de Crown, répondant au besoin critique d'inspection des tuyaux en plomb dans environ 13 millions de foyers à travers les États-Unis.
La solution clé en main de l'entreprise vise à s'attaquer au problème répandu du plomb dans les tuyaux d'eau potable, avec des estimations allant de 9,2 à 12,8 millions de tuyaux en plomb dans le pays. Element 82 a déjà lancé des projets à New York, en Virginie et en Floride, y compris du travail terminé dans la ville de Medley, FL, et des projets en cours à Batavia et Oneonta, NY. D'autres projets doivent commencer plus tard cette année à Little Falls et Warwick, NY.
Crown Electrokinetics Corp. (NASDAQ: CRKN) hat bekannt gegeben, dass ihre Division Element 82 einen Vertrag über 10 Millionen Dollar zur Inspektion von Bleirohren gesichert hat, der Ende Oktober beginnen soll. Dieser Vertrag erweitert die wachsende Projektröhre von Crown und geht auf den dringenden Bedarf an Bleirohrinspektionen in etwa 13 Millionen Haushalten in den Vereinigten Staaten ein.
Die schlüsselfertige Lösung des Unternehmens zielt darauf ab, das weit verbreitete Problem von Blei in Trinkwasserleitungen anzugehen, wobei die Schätzungen zwischen 9,2 und 12,8 Millionen Bleirohren im Land liegen. Element 82 hat bereits Projekte in New York, Virginia und Florida initiiert, darunter abgeschlossene Arbeiten in der Stadt Medley, FL, und laufende Projekte in Batavia und Oneonta, NY. Weitere Projekte sind noch in diesem Jahr in Little Falls und Warwick, NY, geplant.
- Secured a $10 million contract for lead pipe inspection
- Growing pipeline of work in lead pipe inspection and remediation
- Addressing a critical infrastructure need affecting millions of homes
- Ongoing projects in multiple states (New York, Virginia, Florida)
- Expansion of project portfolio with new contracts scheduled
- None.
Insights
The $10 million contract secured by Crown's Element 82 division is a significant development, potentially boosting the company's revenue stream. This contract, combined with ongoing projects in multiple states, indicates a growing market presence in the lead pipe inspection sector. The late October start date suggests near-term revenue recognition, which could positively impact the company's upcoming financial reports.
However, investors should consider that this is a single contract in a potentially vast market. The EPA's estimate of 9.2 million lead pipes nationwide represents a substantial long-term opportunity, but also indicates intense competition and the need for sustained contract acquisition to maintain growth. Crown's ability to secure a steady pipeline of similar contracts will be important for long-term success in this sector.
The contract secured by Crown's Element 82 division addresses a critical public health issue. With estimates ranging from 9.2 to 12.8 million lead pipes in the U.S., the potential market for lead pipe inspection and remediation is vast. Crown's involvement in projects across multiple states (New York, Virginia, Florida) demonstrates a growing recognition of this issue and the company's ability to provide solutions.
The "turnkey solution" mentioned could be a significant advantage, potentially streamlining the inspection process for municipalities. However, the true impact will depend on the efficiency and accuracy of their methods compared to competitors. The long-term success in this sector will hinge on Crown's ability to not only inspect but also potentially participate in the more lucrative remediation phase of these projects.
Crown's expansion into the lead pipe inspection market through its Element 82 division represents a strategic diversification from its core smart glass technology business. This move taps into a growing infrastructure renewal sector, driven by increased awareness of lead contamination risks and potential government funding for remediation efforts.
The $10 million contract and ongoing projects in multiple states suggest market validation for Crown's services. However, investors should note that this is a highly competitive sector with both established players and new entrants. Crown's success will depend on its ability to differentiate its services, possibly through superior technology or cost-effectiveness. The company's ability to scale operations across different states and secure a steady stream of contracts will be important indicators of long-term viability in this new market segment.
LOS ANGELES, Sept. 19, 2024 (GLOBE NEWSWIRE) -- Crown Electrokinetics Corp. (NASDAQ: CRKN) (“Crown” or the “Company”), a leading smart glass technology company and an expert in constructing fiber optic networks and lead pipe inspection and remediation, today announced that its Element 82 division has secured a contract valued at
“We are pleased to have added this significant contract to the host of others before it, resulting in a strong and growing pipeline of work. Our turnkey solution addresses a major unmet need within the approximate 13 million homes that are in need of lead pipe inspection across the United States," says David Kinsella. “Opportunities like this further Crown’s mission to help transform infrastructure to improve people’s lives.”
Lead in drinking water pipes represents an enormous problem for the United States of America. The U.S. Environmental Protection Agency (US EPA) estimates that 9.2 million lead pipes carry drinking water to American water taps. The National Resources Council has estimated numbers as high as 12.8 million pipes. These numbers could be significantly higher, given the poor mapping and enormous complexity of the country’s water systems. Despite the range, experts agree that millions of American households remain at risk of lead exposure through their drinking water.
Element 82 has already commenced projects in New York, Virginia, and Florida. In Florida, the Company has already concluded a project in the Town of Medley. Two additional projects have also begun in the State of New York, including the City of Batavia and Oneonta with further projects due to commence later this year in the City of Little Falls and the Village of Warwick.
About Crown Electrokinetics
Crown is comprised of four divisions, Fiber Optics, Electrokinetics Film, Element 82, and PE Pipelines. Crown’s Fiber Optics division is a builder of underground fiber optic networks as well as other utility infrastructure projects. The Electrokinetics Film division is a smart glass technology, and the creator of our Smart Window Insert based on its patented electrokinetic film. Element 82 is a water pipeline inspection service provider focused on lead detection and condition assessment. PE Pipelines is a pipe repair, replacement, and lead pipe remediation specialty contractor.
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 Contact:
IR Email: info@crownek.com
FAQ
What is the value of the contract secured by Crown Electrokinetics' Element 82 division?
When is the lead pipe inspection work for the $10M contract scheduled to begin?
How many homes in the United States are estimated to need lead pipe inspection according to Crown Electrokinetics (CRKN)?
In which states has Crown Electrokinetics' Element 82 division already commenced projects?
What is the estimated number of lead pipes carrying drinking water in the United States according to the US EPA?
