Crown Electrokinetics signs commercial agreement with Hudson Pacific Properties to install smart window inserts
The solar powered inserts, which can be retrofitted to existing window frames, provide additional insulation and enable Hudson Pacific tenants to change their windows from clear to dark in seconds. This new real estate technology, or proptech, has the potential to reduce energy consumption and CO2 emissions from heating and cooling systems by 26%, according to Crown’s initial field tests.
“Today, reducing carbon dioxide in the built environment is becoming increasingly important and Hudson Pacific is rising to that challenge,” said Doug Croxall, Chairman and CEO of Crown. “Tenants are demanding climate innovations and forward-thinking property owners are responding,” added Croxall. “In addition to ESG considerations, there is also a strong business case: Proptech, which reduces energy consumption and CO2 emissions, also lowers heating and cooling costs.”
“We are committed to sustainability leadership and that means relying on 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 look forward to testing this technology as we look for new ways to reduce our carbon footprint across our portfolio.”
Hudson Pacific is widely recognized for its industry leadership in sustainability. The company was one of the first major real estate companies to achieve 100% carbon neutrality in all areas, reaching the milestone in 2020, five years ahead of its target. Hudson Pacific also received top honors for its ESG performance in the Global Real Estate Sustainability Benchmark (GRESB®) Real Estate Assessment 2021. In addition to earning Green Star and the highest 5-star ratings for the third year in a row, Hudson Pacific was named Office Sector Leader for America and ranked first among 22 companies in this category in the Development Benchmark.
Improving the energy efficiency of windows – especially in existing buildings – is crucial in the fight against climate change. More than a third of energy-related CO2 emissions are attributed to the building sector, and windows are the main culprit for CO2 emissions. According to the Lawrence Berkeley National Laboratory, they are “the weakest link” in a building’s thermal envelope. About 30% of the energy used to heat and cool commercial buildings is wasted due to heat transfer through windows.
With Crown’s Smart Window Inserts, property owners and tenants have much better control over how much heat and light is transmitted through their windows. This increases tenant comfort and reduces the energy required for cooling in summer and heating in winter, which at the same time lowers additional costs and emissions. Unlike other smart glass products, Crown’s technology can also be added to existing windows, which is faster and less expensive 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 enables any glass surface to switch between clear and dark in seconds. With applications for a wide range of windows including commercial buildings, auto sunroofs, and residential skylights, we partner with leading glass and film manufacturers for mass production and distribution. The heart of our technology is a thin film that is operated with electrically charged pigments and not only replaces conventional window tints, but also represents a more sustainable alternative to conventional window treatments. With its unique ability to retrofit existing glass, DynamicTint ™ offers innumerable benefits in terms of reducing carbon emissions. The company is supported by a robust patent portfolio. More information is available at WWW.CROWNEK.COM.
This press release contains forward-looking statements within the meaning of 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 as they relate to events and circumstances that arise in the future will come. These statements contain statements about the intentions, beliefs, or current expectations of Crown Electrokinetics and members of its management, and the assumptions on which these statements are based. Potential investors are cautioned that such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, including those described in Crown Electrokinetics’ periodic filings with the SEC, and that actual results may differ materially from the statements expected in such future prognoses may differ. Except as required by the federal securities act, Crown Electrokinetics assumes no obligation to update or revise any forward-looking statements to reflect changed conditions.
SOURCE Crown Electrokinetics