Crown Electrokinetics Corp. (NASDAQ: CRKN) experienced a significant surge in its stock price following the announcement of new project wins by its newly established division, Element 82 Inc. As of the most recent market check, CRKN shares have risen by 16.09%, bringing the stock price to $2.10. This increase reflects investor optimism about the company’s latest ventures.
Crown Electrokinetics Secures Key Service Projects
Crown Electrokinetics’ division, Element 82 Inc., has successfully secured new service projects in Florida and New York. As required by the Lead and Copper Rule Revisions (LCRR), the U.S. Environmental Protection Agency (EPA) has ordered that water service lines be inspected in order to detect lead pipes.
The prime contractor in charge of these projects, Electro Scan Inc., will employ Element 82 as its only subcontractor. This collaboration aims to support community water systems in accurately inventorying their water service lines through the advanced Electro Scan SWORDFISH technology.
Cutting-Edge Technology for Water Service Line Examinations
Excavation of pipes was formerly necessary to determine the materials of water supply lines, which was an expensive and labor-intensive procedure. However, Element 82 has adopted the innovative Electro Scan SWORDFISH product, which utilizes a machine-intelligent probe to automatically detect pipe materials using electrical resistance testing. This technology represents a significant advancement in the efficiency and accuracy of water service line inspections.
Ongoing Projects in Florida and New York
Work has already commenced in Medley, Florida, an industrial community in northwest Miami-Dade County. Element 82 field crews are utilizing the SWORDFISH technology to inspect water service lines from the sidewalk or property line to the house, excluding interior plumbing. In addition to Medley, four projects are underway in New York, including in the cities of Batavia, Little Falls, and Oneonta, as well as the Village of Warwick.
CRKN Complying with State Regulations
In New York, Crown Electrokinetics’ efforts align with the state’s regulatory requirements. In December 2023, Governor Kathy Hochul signed the Lead Pipe Right to Know Act, mandating that public water systems provide service line inventory information to the public. To facilitate compliance, Crown Electrokinetics (CRKN), through Element 82, is also managing homeowner appointment scheduling, particularly in regions where water meters are located in basements.
