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Final Pump Test and Water Quality Samples Under Review with Mexico’s CONAGUA

Slant Wells Expected Fully Operational in Coming Months with Existing Reverse Osmosis Plant

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LOS ANGELES, Feb. 11, 2025 (GLOBE NEWSWIRE) -- Crown Electrokinetics Corp. (NASDAQ: CRKN) ("Crown" or the "Company”), a leading provider of innovative technology infrastructure solutions that benefit communities and the environment, today announced the successful completion of its second slant well at the Twin Dolphin Club in Cabo San Lucas, Mexico, finalizing construction of its first slant well project. The final pump test and water quality samples have now been submitted to Mexico’s National Water Commission (CONAGUA) for review before integration into a reverse osmosis (RO) plant for purification and use by the resort. With final regulatory approvals expected in the coming months, the wells will soon be fully operational.

The first slant well was completed in December 2024, and now, with the second well finalized, Crown has successfully delivered a first-of-its-kind sustainable water infrastructure solution. Utilizing proprietary trenchless technology, these slant wells provide an environmentally responsible and highly efficient method for sourcing water, significantly reducing ecological disruption compared to traditional direct seawater intakes.

“The completed construction of both slant wells at Twin Dolphin is a major milestone for Crown’s Water Intake Solutions business and the future of sustainable water infrastructure,” said Corey Boaz, President, Crown Water Intake Solutions. “Throughout construction, we overcame complex geological challenges to successfully deliver this first-of-its-kind project. With final regulatory review underway, we are on track to integrate the wells into the RO plant, demonstrating the effectiveness and scalability of this technology. This achievement sets a strong foundation for future slant well installations in Mexico and other water-scarce regions.”

The Twin Dolphin project has already generated strong interest from potential customers in the Los Cabos region. Crown is actively conducting survey work to prepare for additional slant well installations in 2025.

“Successfully delivering this project demonstrates Crown’s ability to execute innovative infrastructure solutions that address global water challenges,” said Doug Croxall, CEO and Chairman, Crown. “With water scarcity becoming an increasing concern worldwide, our water intake solutions, including slant wells, provide a sustainable, scalable alternative for securing water resources. We look forward to expanding our offering and deploying this cutting-edge technology for additional customers.”

About Crown
Crown (Nasdaq: CRKN) is an innovative infrastructure solutions provider dedicated to benefiting communities and the environment. Comprised of multiple businesses, Smart Windows, Construction, Disaster Recovery and Digital Infrastructure, Crown is developing and delivering cutting edge solutions that are challenging the status quo and redefining industry standards. For more information, please visit www.crownek.com.

Forward Looking Statements
Certain statements in this news release may be "forward-looking statements" (within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995) regarding future events or Crown’s future financial performance that involve certain contingencies and uncertainties, including those discussed in Crown’s Annual Report on Form 10-K for the year ended December 31, 2023, and subsequent reports Crown files with the U.S. Securities and Exchange Commission from time to time, in the sections entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” . 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.

This press release does not constitute a public offer of any securities for sale. Any securities offered privately will not be or have not been registered under the Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

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