Crown PE Pipelines Division Secures Two Contracts for Lead Pipe Remediation Totaling $33 Million

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 $33 million for lead pipe remediation. The work is scheduled to begin in January 2025.

“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 $33M contract is a testimonial to both the caliber of our team, and our ability to execute. Most importantly, we believe we have just scratched the surface of this market opportunity.”

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.

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Crown Electrokinetics Contact:
IR Email: info@crownek.com

Released September 23, 2024