Crown Forms Two New Divisions to Focus on Underground Lead Pipe Inspections and Remediations
Crown Electrokinetics Corp. (NASDAQ: CRKN) has formed two new divisions: Element 82 for lead pipe inspection and PE Pipelines for lead pipe remediation. The company aims to address the significant problem of lead in drinking water pipes across the United States. Element 82 has partnered with Chuck Hansen's Electro Scan Inc. to utilize the Swordfish technology, a revolutionary tool for detecting pipe materials without excavation.
Crown has appointed industry experts to lead these divisions, including Chuck Hansen as Chief Advisor Lead Pipe Assessment and David Kinsella as President of Element 82 and PE Pipelines. The company has already begun projects in New York, Virginia, and Florida, with plans to announce purchase orders and revenue targets soon. To incentivize the new team, Crown has granted RSUs to key personnel, subject to business milestone-based vesting.
Crown Electrokinetics Corp. (NASDAQ: CRKN) ha creato due nuove divisioni: Element 82 per l'ispezione dei tubi di piombo e PE Pipelines per la bonifica dei tubi di piombo. L'azienda intende affrontare il significativo problema del piombo nelle tubature dell'acqua potabile negli Stati Uniti. Element 82 ha collaborato con Electro Scan Inc. di Chuck Hansen per utilizzare la tecnologia Swordfish, uno strumento rivoluzionario per la rilevazione dei materiali dei tubi senza scavo.
Crown ha nominato esperti del settore per guidare queste divisioni, tra cui Chuck Hansen come Chief Advisor per la Valutazione dei Tubi di Piombo e David Kinsella come Presidente di Element 82 e PE Pipelines. L'azienda ha già avviato progetti a New York, Virginia e Florida, con piani per annunciare a breve ordini d'acquisto e obiettivi di fatturato. Per incentivare il nuovo team, Crown ha concesso RSU al personale chiave, soggette a vesting basato su traguardi aziendali.
Crown Electrokinetics Corp. (NASDAQ: CRKN) ha formado dos nuevas divisiones: Element 82 para la inspección de tuberías de plomo y PE Pipelines para la remediación de tuberías de plomo. La empresa busca abordar el significativo problema del plomo en las tuberías de agua potable en los Estados Unidos. Element 82 se ha asociado con Electro Scan Inc. de Chuck Hansen para utilizar la tecnología Swordfish, una herramienta revolucionaria para detectar materiales de tuberías sin excavación.
Crown ha nombrado expertos de la industria para liderar estas divisiones, incluyendo a Chuck Hansen como Asesor Principal para la Evaluación de Tuberías de Plomo y a David Kinsella como Presidente de Element 82 y PE Pipelines. La empresa ya ha comenzado proyectos en Nueva York, Virginia y Florida, con planes de anunciar órdenes de compra y metas de ingresos pronto. Para incentivar al nuevo equipo, Crown ha otorgado RSUs al personal clave, sujetas a vesting basado en hitos comerciales.
Crown Electrokinetics Corp. (NASDAQ: CRKN)는 Element 82라는 납 파이프 검사 부서와 PE Pipelines라는 납 파이프 복원 부서를 새로 만들었습니다. 이 회사는 미국 전역의 음용수 파이프에서 납 문제를 해결하는 것을 목표로 하고 있습니다. Element 82는 Chuck Hansen의 Electro Scan Inc.와 협력하여 Swordfish 기술을 활용하고 있으며, 이는 굴착 없이 파이프 재료를 감지할 수 있는 혁신적인 도구입니다.
Crown은 Chuck Hansen를 납 파이프 평가의 최고 고문으로, David Kinsella를 Element 82 및 PE Pipelines의 사장으로 임명했습니다. 이 회사는 이미 뉴욕, 버지니아 및 플로리다에서 프로젝트를 시작했으며, 곧 구매 주문 및 수익 목표를 발표할 계획입니다. 새로운 팀을 장려하기 위해 Crown은 주요 인력에게 회사 이정표 기반의 조건부 RSU를 부여했습니다.
Crown Electrokinetics Corp. (NASDAQ: CRKN) a créé deux nouvelles divisions : Element 82 pour l'inspection des conduites en plomb et PE Pipelines pour la remise en état des conduites en plomb. L'entreprise vise à s'attaquer au problème significatif du plomb dans les tuyaux d'eau potable aux États-Unis. Element 82 s'est associé à Electro Scan Inc. de Chuck Hansen pour utiliser la technologie Swordfish, un outil révolutionnaire pour détecter les matériaux des tuyaux sans excavation.
Crown a nommé des experts du secteur pour diriger ces divisions, notamment Chuck Hansen en tant que conseiller principal pour l'évaluation des tuyaux en plomb et David Kinsella en tant que président d'Element 82 et de PE Pipelines. L'entreprise a déjà commencé des projets à New York, en Virginie et en Floride, avec des plans pour annoncer des commandes et des objectifs de revenus prochainement. Pour inciter la nouvelle équipe, Crown a accordé des RSU au personnel clé, soumis à des conditions d'acquisition basées sur des jalons commerciaux.
Crown Electrokinetics Corp. (NASDAQ: CRKN) hat zwei neue Abteilungen gegründet: Element 82 für die Inspektion von Bleirohren und PE Pipelines für die Sanierung von Bleirohren. Das Unternehmen hat sich zum Ziel gesetzt, das erhebliche Problem von Blei in Trinkwasserleitungen in den Vereinigten Staaten zu bekämpfen. Element 82 hat mit Chuck Hansens Electro Scan Inc. zusammengearbeitet, um die Technologie Swordfish zu nutzen, ein revolutionäres Werkzeug zur Erkennung von Rohrmaterialien ohne Ausschachtung.
Crown hat Branchenexperten ernannt, um diese Abteilungen zu leiten, darunter Chuck Hansen als Chief Advisor für die Bewertung von Bleirohren und David Kinsella als Präsident von Element 82 und PE Pipelines. Das Unternehmen hat bereits Projekte in New York, Virginia und Florida gestartet und plant, in Kürze Bestellungen und Umsatzziele bekannt zu geben. Um das neue Team zu motivieren, hat Crown RSUs an Schlüsselpersonen vergeben, die an Meilensteine des Unternehmens gebunden sind.
- Formation of two new divisions (Element 82 and PE Pipelines) to address the lead pipe problem in the US
- Partnership with Electro Scan Inc. to use the innovative Swordfish technology for lead pipe detection
- Appointment of industry experts Chuck Hansen and David Kinsella to lead the new divisions
- Commencement of new projects in New York, Virginia, and Florida
- Granting of RSUs to key personnel as performance incentives
- Potential dilution of shareholder value due to the issuance of new RSUs to employees
Insights
Crown's formation of Element 82 and PE Pipelines divisions represents a strategic pivot into the critical infrastructure sector of lead pipe inspection and remediation. This move capitalizes on a significant market opportunity, given the EPA's estimate of
The partnership with Chuck Hansen and Electro Scan Inc. provides Crown with a technological edge through the Swordfish tool, potentially positioning them as a market leader in non-invasive lead pipe detection. The immediate commencement of projects in multiple states indicates rapid market entry and potential for near-term revenue generation.
However, investors should note that the substantial equity grants to new hires may lead to dilution of existing shareholders. The success of this venture will largely depend on the execution capabilities of the newly formed team and the market adoption of their technologies.
Crown's new divisions address a critical public health issue that has gained significant attention from policymakers. The EPA's focus on lead pipe replacement, supported by substantial federal funding, creates a favorable regulatory environment for Crown's new ventures.
The Swordfish technology's non-invasive approach aligns well with the need for efficient, large-scale inspections. This could potentially accelerate lead pipe replacement efforts nationwide, offering both environmental and public health benefits.
However, the success of these divisions will depend on their ability to navigate complex local regulations and secure contracts with municipalities. The hiring of industry veterans like Chuck Hansen suggests Crown is well-positioned to address these challenges, but investors should monitor the company's progress in securing and executing municipal contracts.
While Crown's strategic move into lead pipe inspection and remediation opens up new revenue streams, the financial implications remain uncertain. The company has yet to provide specific revenue targets or project details, making it difficult to assess the immediate financial impact.
The substantial equity grants to new hires, totaling
Investors should closely monitor upcoming announcements regarding purchase orders and revenue targets. The capital-intensive nature of infrastructure projects may require additional financing, potentially impacting Crown's balance sheet. The company's ability to scale operations and manage costs in this new sector will be important for long-term profitability.
Crown welcomes Industry Pioneers Chuck Hansen as Chief Advisor Lead Pipe Assessment and David Kinsella as President of Element 82 and PE Pipelines
LOS ANGELES, Aug. 05, 2024 (GLOBE NEWSWIRE) -- Crown Electrokinetics Corp. (NASDAQ: CRKN) ("Crown" or the "Company"), a leading smart glass technology company and an expert in underground construction, announced today the formation of two new divisions - Element 82 and PE Pipelines. Element 82 will focus on lead pipe inspection, and PE Pipelines will focus on lead pipe remediation.
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 teamed with Chuck Hansen and his California-based company, Electro Scan Inc., to offer services using the company’s revolutionary Swordfish hand-held tool. Swordfish automatically detects various pipe materials automatically using electrical resistance, a low-voltage machine-intelligent method. Before Swordfish, no technology other than digging or excavation was commercially available to accurately and reliably identify lead pipe. Recognized by the US EPA, Swordfish quickly and accurately identifies multiple buried pipe materials, including lead, without expensive, time-consuming, and destructive digging. The Swordfish technology and Chuck Hansen’s expertise provide Crown a significant competitive advantage.
Chuck Hansen observed, “The partnership with Element 82 creates an amazing platform to expand Swordfish rapidly across the country. Lead pipe identification is the critical step before remediation and, ultimately, reducing lead exposure in drinking water in our cities and towns.”
Element 82 has already commenced new projects in New York, Virginia, and Florida. Over the course of the next month, Element 82 will be making announcements regarding purchase orders and revenue targets for the remainder of this calendar year.
To establish these divisions, Crown is hiring a team of world-class experts, innovators, and operators. Chuck Hansen, a 40-year water pipe industry expert, joins as Chief Advisor Lead Pipe Assessment. An 18-year veteran, David Kinsella will serve as President of Element 82 and PE Pipelines. To assist Mr. Hansen and Mr. Kinsella, Mike App and Matt Campos are joining in project management and engineering roles for Element 82’s projects. Erich Spangenberg has been hired as Chief Advisor, Risk Mitigation.
“I am truly excited about this opportunity. Element 82 and PE Pipeline bring together a turnkey solution to address the lead pipe challenge," says David Kinsella. “These divisions further Crown’s mission to help transform infrastructure to improve people’s lives.”
In connection with new appointments and pursuant to the agreed-upon terms, Crown granted Mr. Kinsella 750,000 RSU; Mr. Hansen 200,000 RSU; Mr. App 50,000 RSU; Mr. Campos 50,000 RSU; and Mr. Spangenberg 700,000 RSU as an inducement equity award outside of Crown's 2024 Employee Incentive Plan in accordance with NASDAQ Listing Rule 5635(c)(4). The vesting dates will be based on business milestones agreed to between employees and the Compensation Committee of the Board of Directors for Crown. These inducement awards were approved by Crown's Board of Directors (the "Board"), including a majority of the independent directors serving on the Board.
About Crown Electrokinetics
Crown is comprised of two divisions, Fiber Optics and Electrokinetics Film. The Electrokinetics Film division is a smart glass technology and the creator of our Smart Window Insert based on its patented electrokinetic film. Crown’s Fiber Optics division is a builder of underground fiber optic networks as well as other utility infrastructure projects.
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
SOURCE: Crown Electrokinetics
FAQ
What are the two new divisions formed by Crown Electrokinetics (CRKN)?
What technology is Crown Electrokinetics (CRKN) using for lead pipe detection?
Who has Crown Electrokinetics (CRKN) appointed to lead its new divisions?
In which states has Crown Electrokinetics (CRKN) started new projects for lead pipe inspection?
How many RSUs did Crown Electrokinetics (CRKN) grant to David Kinsella as part of his appointment?
