Crown PE Pipelines Division Secures Two Contracts for Lead Pipe Remediation Totaling $33 Million
Crown Electrokinetics Corp. (NASDAQ: CRKN) has announced that its PE Pipelines division has secured two contracts valued at $33 million for lead pipe remediation. The work is scheduled to begin in January 2025. This marks the company's first project in lead pipe remediation and the first project for PE Pipelines.
The U.S. Environmental Protection Agency estimates that 9.2 million lead pipes carry drinking water to American taps, with the National Resources Council estimating up to 12.8 million pipes. Crown's CEO, Doug Croxall, stated that this contract demonstrates the caliber of their team and their ability to execute, emphasizing that they believe they have only scratched the surface of this market opportunity.
Crown Electrokinetics Corp. (NASDAQ: CRKN) ha annunciato che la sua divisione PE Pipelines ha ottenuto due contratti del valore di 33 milioni di dollari per la bonifica di tubi in piombo. I lavori sono programmati per iniziare a gennaio 2025. Questo segna il primo progetto dell'azienda nella bonifica dei tubi in piombo e il primo progetto per PE Pipelines.
L'Agenzia per la Protezione Ambientale degli Stati Uniti stima che 9,2 milioni di tubi in piombo forniscano acqua potabile ai rubinetti americani, con il National Resources Council che stima fino a 12,8 milioni di tubi. Il CEO di Crown, Doug Croxall, ha dichiarato che questo contratto dimostra il livello del loro team e la loro capacità di esecuzione, sottolineando che credono di aver solo graffiato la superficie di questa opportunità di mercato.
Crown Electrokinetics Corp. (NASDAQ: CRKN) ha anunciado que su división PE Pipelines ha asegurado dos contratos valorados en 33 millones de dólares para la remediación de tuberías de plomo. El trabajo está programado para comenzar en enero de 2025. Este es el primer proyecto de la compañía en la remediación de tuberías de plomo y el primer proyecto para PE Pipelines.
La Agencia de Protección Ambiental de EE. UU. estima que 9.2 millones de tuberías de plomo llevan agua potable a los grifos estadounidenses, y el Consejo Nacional de Recursos estima hasta 12.8 millones de tuberías. El CEO de Crown, Doug Croxall, declaró que este contrato demuestra el calibre de su equipo y su capacidad de ejecución, enfatizando que creen que apenas han rasguñado la superficie de esta oportunidad de mercado.
Crown Electrokinetics Corp. (NASDAQ: CRKN)는 PE Pipelines 부서가 3,300만 달러 규모의 납 파이프 정화 계약 두 건을 체결했다고 발표했습니다. 작업은 2025년 1월에 시작될 예정입니다. 이는 회사의 납 파이프 정화 프로젝트 첫 번째이며 PE Pipelines의 첫 번째 프로젝트입니다.
미국 환경 보호청은 920만 개의 납 파이프가 미국의 수도꼭지에 음용수를 공급하고 있으며, 국립자원위원회는 최대 1,280만 개의 파이프를 추정하고 있습니다. Crown의 CEO인 Doug Croxall은 이 계약이 그들의 팀의 역량과 실행 능력을 보여주며, 시장 기회의 표면을 겨우 긁었을 뿐이라고 믿고 있다고 강조했습니다.
Crown Electrokinetics Corp. (NASDAQ: CRKN) a annoncé que sa division PE Pipelines a obtenu deux contrats d'une valeur de 33 millions de dollars pour la réhabilitation de conduites en plomb. Les travaux sont prévus pour commencer en janvier 2025. Cela marque le premier projet de l'entreprise dans la réhabilitation des conduites en plomb et le premier projet pour PE Pipelines.
L'Agence de protection de l'environnement des États-Unis estime que 9,2 millions de conduites en plomb fournissent de l'eau potable aux robinets américains, tandis que le National Resources Council estime jusqu'à 12,8 millions de conduites. Le PDG de Crown, Doug Croxall, a déclaré que ce contrat démontre le calibre de leur équipe et leur capacité à exécuter, en soulignant qu'ils pensent avoir à peine effleuré la surface de cette opportunité de marché.
Crown Electrokinetics Corp. (NASDAQ: CRKN) hat angekündigt, dass ihre PE Pipelines Division zwei Verträge im Wert von 33 Millionen Dollar zur Sanierung von Bleirohren gesichert hat. Die Arbeiten sollen im Januar 2025 beginnen. Dies ist das erste Projekt des Unternehmens im Bereich der Bleirohrsanierung und das erste Projekt für PE Pipelines.
Die US-Umweltschutzbehörde schätzt, dass 9,2 Millionen Bleirohre Trinkwasser zu amerikanischen Wasserhähnen transportieren, während der National Resources Council bis zu 12,8 Millionen Rohre schätzt. Crown-CEO Doug Croxall erklärte, dass dieser Vertrag das Können ihres Teams und ihre Umsetzungsfähigkeit demonstriert und betonte, dass sie glauben, sie hätten erst die Oberfläche dieser Marktchance angekratzt.
- Secured two contracts worth $33 million for lead pipe remediation
- Expanding into a new market segment with significant potential
- Work scheduled to begin in January 2025, providing near-term revenue visibility
- Demonstrates ability to execute on business plan and secure large contracts
- None.
Insights
Crown Electrokinetics' announcement of
The lead pipe remediation market presents a massive opportunity, with the EPA estimating 9.2 million lead pipes in the U.S. This could translate to a multi-billion dollar market over the coming years. Crown's ability to secure these contracts suggests they have developed competitive capabilities in this field.
However, investors should note that execution will be key. The company will need to demonstrate its ability to deliver on these projects profitably. Additionally, the timeline for revenue recognition starting in 2025 means near-term financials may not reflect this development.
The securing of these contracts by Crown Electrokinetics is a noteworthy step in addressing the critical issue of lead contamination in U.S. drinking water. With estimates ranging from 9.2 to 12.8 million lead pipes nationwide, this represents just the beginning of a massive infrastructure overhaul.
The EPA's focus on this issue, coupled with potential federal funding, suggests a long-term, stable market for lead pipe remediation. Crown's entry into this space is timely and aligns with national priorities. However, the complexity of water systems and poor mapping present significant challenges.
Investors should consider the potential for regulatory tailwinds and additional government contracts in this sector. The success of these initial projects could position Crown favorably for future opportunities in what is likely to be a growing market over the next decade.
Crown's expansion into lead pipe remediation through its PE Pipelines division marks a strategic pivot that leverages the growing demand for infrastructure upgrades. The
The lead pipe issue in the U.S. is vast and complex, requiring specialized expertise and innovative solutions. Crown's ability to secure these contracts suggests they have developed or acquired the necessary capabilities. However, the execution of these projects will be important in establishing their credibility in this new market.
Investors should watch for Crown's performance on these initial contracts, as success could lead to a significant pipeline of future projects. The company's diversification from smart glass technology into infrastructure remediation also presents both opportunities and risks that warrant careful consideration.
LOS ANGELES, Sept. 23, 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 PE Pipelines division has secured two contracts valued at
“These two contracts represent our first project in lead pipe remediation and the first project in PE Pipelines," says David Kinsella, President of PE Pipelines. “Opportunities like this continue to 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 and we are proud to be playing a key role to ensure people have safe drinking water.”
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.
Crown’s CEO and Chairman Doug Croxall stated, “We continue to execute our business plan as promised. When we started the PE Pipelines division, we communicated that with it, we were adding some world-class experts, innovators, and operators to ensure its success. Today’s
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 lead pipe remediation contracts secured by Crown Electrokinetics (CRKN)?
When will Crown Electrokinetics (CRKN) begin work on the lead pipe remediation contracts?
How many lead pipes are estimated to carry drinking water in the United States according to the EPA?
What is the significance of these contracts for Crown Electrokinetics (CRKN)?
