Crown Electrokinetics Announces Initial Purchase Orders for its Smart Window Inserts™ to be Deployed in Two Buildings in the San Francisco Bay Area
Los Angeles, California, Aug. 17, 2022 (GLOBE NEWSWIRE) -- Crown Electrokinetics Corp. (NASDAQ: CRKN) ("Crown" or the "Company"), a leading smart glass technology company, has received two purchase order for its Smart Window Inserts™.
The Smart Window Inserts will be delivered after Crown’s first-generation production line comes into operation this fall. The Inserts will be deployed in two buildings located in the San Francisco Bay Area.
Doug Croxall, CEO of Crown, “These purchase orders for our Smart Window Inserts™ are a confirmation of years of hard work by the entire team at Crown. While this represents the first purchase order of our Smart Window Inserts, we know they will not be the last. Crown has the only retrofit insert with dimmable smart glass technology, providing existing building owners with a solution that can affordably, effectively, and rapidly reduce their energy consumption levels.”
As part of Crown’s commitment to its vision, the Company is actively working to become a key ESG (“Environmental, Social and Governance”) supplier to US-based office buildings, by helping them retrofit their legacy infrastructure and assets to be environmentally responsible and energy efficient. Crown’s Smart Window Insert™ can lower the HVAC energy costs for building owners and help lower the building’s carbon footprint.
The recently announced Inflation Reduction Act will expand the tax incentives for retro-fitted energy improvements and has also now made them available to the Company’s REIT customers - further enhancing Crowns already significant value proposition. Other legislation, such as New York City’s Local Law 97 which targets a 40% reduction in building energy use levels by 2030, is compelling REITs to rapidly upgrade their building envelopes.
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, our technology allows any glass surface to transition between clear and dark in seconds. 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.
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.
Released August 17, 2022