Los Angeles, California, April 14, 2022 (GLOBE NEWSWIRE) — Crown Electrokinetics Corp. (NASDAQ: CRKN) (“Crown” or the “Company”), a leading smart glass technology company, published research (Crown Research) developed in partnership with the Lawrence Berkeley National Laboratory – Berkeley Lab, estimating the value of wasted energy at more than $45 billion per year.
In 2022 over $45 billion will be wasted in energy in the United States alone, with windows being the weakest link in the thermal envelope of a building, according to the research Crown developed in partnership with Berkeley Lab.
In 2018, the team at Berkeley Lab estimated the value of this wasted energy at roughly $40 billion per year. Research available to the public, cited in articles about windows, energy waste and climate change, in specialist publications like ClimateWire and Architect Magazine and even by the cleantech accelerator Third Derivative provided a $40 billion estimate.
With help from Berkeley Lab, Crown identified more recent data from the EIA on commercial and residential energy consumption and expenditures, and then applied that data to the current body of research on window energy waste. The team also looked at several years of data – from 2016 to 2019, the most recent year available – to identify any notable trends. What was found was not surprising, but still concerning: The cost of window energy waste has increased to more than $45 billion per year.
Berkeley Lab’s researchers aren’t just studying the problem – they’re working with the private sector to solve it, through a new DOE-funded collaborative, the Partnership for Advanced Window Solutions. The U.S. Department of Energy (DOE), Better Buildings, Northwest Energy Efficiency Alliance (NEEA), Office of Energy Efficiency and Renewable Energy (EERE), U.S. Department of Energy, have committed significant funding programs available to find solutions to improve the efficiency of windows.
Crown’s proprietary DynamicTint™ technology has applications in the domestic and international commercial building markets, residential window, and skylights, as well as multiple transportation industries, contributing to reducing energy waste. The Company expects its prospective customers will take rational financial and environmental actions – like investing in smarter, more efficient windows and other energy-saving technologies – to save billions of dollars and accelerate the transition to net-zero carbon emissions at the same time.
Crown’s IP valuation indicated a combined patent and trade secret fair market value (FMV) of $94.4 Million. This IP valuation was based purely on the immediate US-office building market. Since 2015, Crown has continued to increase its patent and trade secret assets by innovating and developing technologies and unique processes.
The Company is working aggressively towards first product launch with shipping expected in Summer 2022.
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.
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
IR Email: info@crownek.com
Source: Crown Electrokinetics: www.crownek.com
