Crown Electrokinetics' Element 82 division announced new lead pipe inspection projects in New York, enhancing community water safety.
Quiver AI Summary
Crown Electrokinetics Corp. announced that its Element 82 division has obtained two new lead pipe inspection projects in New York, specifically in Little Falls and Warwick. Utilizing advanced technology, including the Electro Scan’s Swordfish device, Element 82 aims to conduct non-destructive inspections to identify lead pipes, ultimately ensuring safer drinking water for local residents. The company is experiencing significant growth, with 12 teams operational and approximately 2,500 homes tested in the fourth quarter of 2024, fueled by the ongoing need for reliable lead identification services amid the estimated 9.2 million lead pipes in use across the U.S. Crown emphasizes its commitment to addressing critical water infrastructure challenges and continues to support the EPA's Lead and Copper Rule Improvements.
Potential Positives
- Secured two new lead pipe inspection projects in New York, expanding Element 82's operational footprint.
- Utilizing cutting-edge detection technology to identify lead pipes, enhancing the company's innovative approach to infrastructure challenges.
- Element 82 demonstrated significant growth, with 12 crews deployed and approximately 2,500 homes tested in Q4 2024, indicating strong demand for lead identification solutions.
- Positioning for continued growth in 2025 with the opportunity to support the EPA’s Lead and Copper Rule Improvements, addressing a critical public health issue.
Potential Negatives
- The announcement implies a significant ongoing issue with lead pipes in the U.S., suggesting a long-term environmental and public health challenge that the company is addressing, which raises concerns about the prevalence and potential legal implications of such infrastructure failures.
- The mention of substantial forward-looking statements indicates uncertainty about future performance, highlighting potential risks related to the company's growth and stability in the market.
- The press release includes a legal disclaimer regarding forward-looking statements, which may signal to investors that the company's future prospects are contingent and not guaranteed, potentially creating skepticism about their future performance.
FAQ
What recent projects has Crown Electrokinetics announced?
Crown Electrokinetics announced two new lead pipe inspection projects in New York through its Element 82 division.
How does Crown identify lead pipes in its projects?
Crown uses Electro Scan’s Swordfish device for non-destructive and non-invasive lead identification.
What is the significance of lead pipe inspections in the U.S.?
There are over 9.2 million lead pipes in the U.S., making lead pipe inspections critical for safe drinking water.
How many homes has Element 82 tested recently?
Element 82 tested approximately 2,500 homes in the fourth quarter of 2024 alone.
What is Crown’s focus for future growth?
Crown aims for continued growth in lead identification services, driven by rising demand and expanding operations.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
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Full Release
LOS ANGELES, Dec. 17, 2024 (GLOBE NEWSWIRE) --
Crown Electrokinetics Corp.
(NASDAQ: CRKN) ("Crown" or the "Company”)
, a leading provider of innovative technology infrastructure solutions that benefit communities and the environment, today announced that its Element 82 division has secured two new lead pipe inspection projects in New York. With completed and active projects in the state of New York, Element 82 is expanding its lead inspection footprint into the city of Little Falls and town of Warwick.
“Securing these new projects reflects our unwavering commitment to tackling lead pipe inspection,” said David Kinsella, President, Element 82 & PE Pipelines. “We will deploy cutting-edge detection technology, Electro Scan’s Swordfish device, to perform non-destructive and non-invasive identification of lead. We are proud to continue partnering with the state of New York to identify and address critical water infrastructure challenges, ensuring safer drinking water for its residents.”
Crown’s Element 82 continues to serve as a leading provider of lead identification services for local municipalities. With over 9.2 million lead pipes still estimated to be in use across the U.S., the opportunity to support the U.S. Environmental Protection Agency’s (EPA) Lead and Copper Rule Improvements (LCRI) remains significant.
“Element 82’s operations are scaling rapidly, with 12 crews on the road and approximately 2,500 homes tested in the fourth quarter of 2024 alone. This momentum positions Element 82 for continued growth in 2025, as demand for reliable lead identification solutions continues to rise,” concluded Mr. Kinsella.
About Crown
Crown (Nasdaq: CRKN) is an innovative infrastructure solutions provider dedicated to benefiting communities and the environment. Comprised of three business divisions, Smart Windows, Fiber Optics, and Water Solutions, Crown is developing and delivering cutting edge solutions that are challenging the status quo and redefining industry standards. For more information, please visit
www.crownek.com
.
Forward Looking Statements
Certain statements in this news release may be "forward-looking statements" (within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995) regarding future events or Crown’s future financial performance that involve certain contingencies and uncertainties, including those discussed in Crown’s Annual Report on Form 10-K for the year ended December 31, 2023, and subsequent reports Crown files with the U.S. Securities and Exchange Commission from time to time, in the sections entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” . 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.
For more information, please contact:
Investor Relations
ir@crownek.com
Public Relations
pr@crownek.com
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