LOS ANGELES, Jan. 6, 2022 /PRNewswire/ -- Crown Electrokinetics Corp, (NASDAQ: CRKN) ("Crown" or the "Company"), a leading smart glass technology company, has finalized an agreement with Hudson Pacific Properties to install energy-saving Smart Window Inserts at several office properties across its West Coast portfolio.
The inserts, which are solar-powered and can be retrofitted to existing window frames, will provide additional insulation and allow Hudson Pacific tenants to transition their windows from clear to dark in seconds. This emerging property technology, or proptech, has the potential to cut energy consumption and carbon emissions from heating and cooling systems by 26%, according to Crown's initial field testing.
"Today there is a growing emphasis on carbon reduction in the built environment and Hudson Pacific is leaning into that challenge," said Doug Croxall, Chairman & CEO of Crown. "Tenants are demanding climate innovation and forward-thinking property owners are responding," Croxall added. "On top of ESG considerations, there's also a strong business case: Proptech that reduces energy consumption and carbon emissions also reduces heating and cooling costs."
"We are committed to leadership in sustainability and that means leaning into innovative proptech solutions like Crown's Smart Window Inserts," said Natalie Teear, Senior Vice President of Innovation, Sustainability and Social Impact at Hudson Pacific. "We are excited to pilot this technology as we look for new ways to reduce our carbon footprint across our portfolio."
Hudson Pacific has been widely recognized for its industry leadership in sustainability. The company was one of the first major real estate organizations to achieve 100% carbon neutrality across all operations and accomplished the milestone in 2020, five years ahead of its goal. Hudson Pacific also earned top honors in the 2021 Global Real Estate Sustainability Benchmark (GRESB®) Real Estate Assessment for its ESG accomplishments. In addition to achieving Green Star and highest 5-Star ratings for the third consecutive year, Hudson Pacific was recognized as an Office Sector Leader for the Americas, ranking first among the 22 companies in this category in the Development Benchmark.
Improving the energy efficiency of windows – especially those in existing buildings – is critical in the fight against climate change. More than a third of energy-related carbon emissions have been attributed to the building sector and windows are major carbon culprits. They are "the weakest link" in a building's thermal envelope, according to the Lawrence Berkeley National Laboratory. Roughly 30% of the energy used for heating and cooling commercial buildings is wasted because of heat transfer through windows.
Using Crown's Smart Window Inserts, property owners and tenants have much greater control over how much heat and light is transferred through their windows. This increases tenant comfort and reduces the amount of energy needed for cooling in summer and heating in winter, lowering utility costs and emissions at the same time. Unlike other smart-glass products, Crown's technology can also be added to existing windows, which is faster and cheaper than large-scale window replacement projects.
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 (HP, Inc.), our technology allows any glass surface to transition between clear and dark in seconds. With applications to a wide array of windows, including commercial buildings, automotive sunroofs, and residential skylights, we partner with leading glass and film manufacturers for mass production and distribution. 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. For more information, please visit WWW.CROWNEK.COM.
Forward-Looking Statements
This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements, and terms such as "anticipate," "expect," "intend," "may," "will," "should" or other comparable terms, involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Those statements include statements regarding the intent, belief or current expectations of Crown Electrokinetics and members of its management, as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, including those described in Crown Electrokinetics' periodic reports filed with the SEC, and that actual results may differ materially from those contemplated by such forward-looking statements. Except as required by federal securities law, Crown Electrokinetics undertakes no obligation to update or revise forward-looking statements to reflect changed conditions.
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