Crown Electrokinetics Corp. (CRKN:OTCQB) announced in a news release that it secured an investment from Hudson Pacific Properties, a real estate investment trust that acquires, redevelops and develops creative office and studio properties on the West Coast of the U.S. and in Vancouver, British Columbia.
As part of its investment, Hudson Pacific will employ DynamicTint at some of its properties. DynamicTint is Crown Electrokinetics' technology, originally developed by Hewlett-Packard, which allows glass to rapidly change from clear to dark, without blinds or shades.
It can be applied to a variety of glass installations, such as commercial building windows, automobile sunroofs and house skylights. DynamicTint differentiates itself from many other similar technologies in that it can be applied to older, existing glass, avoiding the need to replace the glass. Also, use of this smart glass technology results in decreased energy use and costs because it helps keep spaces cooler in the summer and warmer in the winter.
The global market for smart glass is growing and expected to hit $10 billion by 2025. The demand is greatest in the architecture, transportation and consumer electronics industries, the company reported.
Crown Electrokinetics CEO Doug Croxall said, "It's truly an honor to partner with Hudson Pacific, one of the country's leading real estate investment trusts and a company that looks to innovate at every turn. Our formal working relationship has just commenced, and they've already created myriad opportunities for Crown Electrokinetics, especially in the commercial sector."
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