Crown Electrokinetics Secures $10M Lead Pipe Inspection Deal

Crown Electrokinetics Awards $10 Million Lead Pipe Contract

Crown Electrokinetics Corp. (NASDAQ: CRKN), a prominent player in smart glass technology and infrastructure solutions, recently announced an exciting milestone with the Element 82 division securing a $10 million contract dedicated to lead pipe inspection. This endeavor is anticipated to kick off in late October.

Significance of the Contract

This newly awarded contract is a significant gain for Crown Electrokinetics. David Kinsella expressed his enthusiasm, stating, "We are pleased to have added this significant contract to our growing pipeline of work. Our turnkey solutions are designed to address a critical and pressing need as approximately 13 million homes in the United States require lead pipe inspection." This not only showcases the company's expanding footprint in this essential service but also emphasizes their commitment to enhancing infrastructure and improving residents' quality of life.

Addressing Lead Pipe Challenges

The issue of lead pipes in drinking water presents a substantial challenge throughout the nation. According to estimates from the U.S. Environmental Protection Agency (US EPA), around 9.2 million lead pipes are still active and delivering drinking water to households across the country. Some organizations estimate that the number could reach as high as 12.8 million. With the complexities of the nation’s water systems and inadequate mapping, the true extent may be even greater. This situation places millions of families at risk of lead exposure, underscoring the urgent need for services like those provided by Crown's Element 82 division.

Current and Upcoming Projects

Element 82 is already making strides with ongoing projects in various states including New York, Virginia, and Florida. In Florida, they have successfully completed a project in the Town of Medley. Additionally, two projects are underway in New York State, specifically in the City of Batavia and Oneonta, with plans for further projects in the City of Little Falls and the Village of Warwick slated for later this year.

About Crown Electrokinetics

Crown Electrokinetics is structured into four divisions: Fiber Optics, Electrokinetics Film, Element 82, and PE Pipelines. The Fiber Optics division focuses on building underground fiber optic networks alongside other utility infrastructure projects. The Electrokinetics Film division specializes in smart glass technology, particularly the creation of innovative products like the Smart Window Insert, developed using its patented electrokinetic film. Element 82 dedicates its expertise to providing water pipeline inspection services aimed at lead detection and condition assessment, while PE Pipelines focuses on pipe repair, replacement, and lead pipe remediation.

Frequently Asked Questions

What is the significance of the $10 million contract?

This contract allows Crown Electrokinetics to address a major issue of lead pipes in U.S. homes, enhancing public safety and health.

Which states are currently involved in Crown's inspection projects?

Crown is actively engaged in lead pipe inspection projects in New York, Virginia, and Florida.

What risks does lead exposure via drinking water pose?

Lead exposure can lead to severe health issues, particularly in vulnerable populations such as children and pregnant women.

How does this contract align with Crown's mission?

This contract reinforces Crown's commitment to improving infrastructure, ultimately contributing to a healthier community.

Who is leading the Element 82 project?

The Element 82 division is headed by experienced professionals within Crown Electrokinetics, focusing on ensuring effective and efficient project execution.

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