financetom
Technology
financetom
/
Technology
/
EXCLUSIVE: Crown And 529 Capital To Co-Build and Co-Own Reverse Osmosis Plant in Mexico
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
EXCLUSIVE: Crown And 529 Capital To Co-Build and Co-Own Reverse Osmosis Plant in Mexico
Dec 9, 2024 6:16 AM

On Monday, Crown Electrokinetics Corp ( CRKN ) announced that its Water Solutions division plans to construct and co-own a reverse osmosis (RO) water treatment plant in Cabo San Lucas, Mexico, to desalinate water collected from its proprietary design slant wells.

The company and 529 Capital, a real estate development firm in the Baja Peninsula, will co-build and co-own the new RO plant. Together, they will provide the region with a new, reliable supply of clean, safe drinking water.

Also Read: Chipmaker Taiwan Semiconductor Should See Business Grow 20% Fueled By AI Demand: Analyst

The company said the initiative has the potential to generate up to $40 million in recurring annual revenue for Crown Electrokinetics ( CRKN ).

The Baja Peninsula heavily relies on groundwater aquifers as a water source, many of which need to be more exploited. This creates severe challenges in securing a consistent, clean water supply in a region well known for its growing population and tourism industry.

Crown is providing an innovative solution to this critical problem by tapping into an unlimited rechargeable water source with its proprietary design slant wells.

The seawater collected by the slant wells must then undergo purification, which takes place in an RO plant. Advanced membrane filtration technology is used to desalinate, removing up to 99% of dissolved salts and contaminants.

The proposed RO plant should enable Crown and 529 Capital to provide clean drinking water to a select few resorts in Cabo San Lucas through a five-year cooperative partnership.

The cooperative partners will be able to have a reliable water supply, ensuring a sustainable and efficient solution.

In addition, Crown and the cooperative plan to impact the broader community by looking for opportunities to donate up to 500,000 gallons of clean drinking water per day to nearby needy areas, fostering a positive and lasting contribution to the region.

Crown's Water Solution division, spearheaded by Corey Boaz, President of Construction, plans to commence an environmental impact study immediately. At the same time, 529 Capital will start gathering the necessary permits in Mexico. Construction will likely begin in the summer of 2025, with an anticipated operational date in 2026.

Price Action: CRKN stock is up 11.10% at $0.277 premarket at last check Monday.

Also Read:

Uber And WeRide Partner For Robotaxi Service In Abu Dhabi

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Here's How Much $1000 Invested In Guidewire Software 10 Years Ago Would Be Worth Today
Here's How Much $1000 Invested In Guidewire Software 10 Years Ago Would Be Worth Today
Aug 29, 2024
Guidewire Software ( GWRE ) has outperformed the market over the past 10 years by 1.56% on an annualized basis producing an average annual return of 12.38%. Currently, Guidewire Software ( GWRE ) has a market capitalization of $12.05 billion. Buying $1000 In GWRE: If an investor had bought $1000 of GWRE stock 10 years ago, it would be worth...
Analyst Expectations For Braze's Future
Analyst Expectations For Braze's Future
Aug 29, 2024
In the preceding three months, 16 analysts have released ratings for Braze , presenting a wide array of perspectives from bullish to bearish. The table below provides a snapshot of their recent ratings, showcasing how sentiments have evolved over the past 30 days and comparing them to the preceding months. Bullish Somewhat Bullish Indifferent Somewhat Bearish Bearish Total Ratings 7...
Private credit lenders take ownership of Pluralsight for $900 mln, FT reports
Private credit lenders take ownership of Pluralsight for $900 mln, FT reports
Aug 29, 2024
Aug 22 (Reuters) - A group of private credit lenders led by Blue Owl Capital and Ares Management ( ARES ) agreed to take over educational-software firm Pluralsight from Vista Equity Partners in a $900 million deal, the Financial Times reported on Thursday. ...
A Closer Look at 10 Analyst Recommendations For Q2 Holdings
A Closer Look at 10 Analyst Recommendations For Q2 Holdings
Aug 29, 2024
Q2 Holdings ( QTWO ) underwent analysis by 10 analysts in the last quarter, revealing a spectrum of viewpoints from bullish to bearish. The table below provides a concise overview of recent ratings by analysts, offering insights into the changing sentiments over the past 30 days and drawing comparisons with the preceding months for a holistic perspective. Bullish Somewhat Bullish...
Copyright 2023-2025 - www.financetom.com All Rights Reserved