CEO Doug Croxall Discusses Its Smart Glass Technology and Transition to Commercial Scales

  • CEO Doug Croxall talks about Crown's unique technology and opportunities in retrofitting commercial buildings.
  • Crown Electrokinetics is transforming the 'Smart Glass' industry through their unique proprietary 'Electrokinetic' technology that provides a sustainable transition of glass applications in commercial buildings, reducing energy consumption by at least 26%.
  • The company's first product, Smart Window Insert, is powered by a pigment-based film called DynamicTint, which blocks unwanted heat and light by automatically transitioning between clear tint and dark tint based on external conditions.
  • The company believes its solar-powered technology presents significant advantages over competitors, providing lower production costs, less power consumption, faster transition speed, and the ability to retrofit existing windows without any hard wiring.
  • The global smart glass market reached $3.66 billion in 2020 and is expected to grow at a CAGR of 10.1% between 2021-2027. The large market and growth outlook provide the company with an excellent backdrop to target the commercial buildings space. As per the latest survey by CBECS, this segment has roughly 5.9 million units.
  • The company is currently targeting REITs as primary customers. In June 2020, Hudson Pacific became a strategic investor. Crown expects this association will help accelerate the commercial deployment of its smart glass solutions across the industry.
  • On September 28, 2021, Crown made its first move towards commercialization when it signed an agreement with a proptech developer, MetroSpaces Inc. The company expects to start deliveries by 1QCY22.
  • At present, Crown is developing its manufacturing capabilities to meet the anticipated demand.

The Opportunities

Crown stands at an inflection point of the smart glass industry and has a desirable position. It can target retrofit opportunities with an easy-to-install, highly cost-competitive solution and a demonstrated ROI. Furthermore, increasing legislative reforms for green buildings surrounding LEED certification in combination with customer preferences in favor of carbon reduction, is creating a growing market for Crown's smart glass solutions. In fact, tenants may become the driving force behind demand creation as they become more conscious about the benefits of using these technologies. In addition, many corporations will likely be after cost-effective solutions that improve their overall profitability while also cutting emissions as they face higher regulatory burdens and strive to meet aggressive ESG and net-zero targets.

The Obstacles

The company is still in the initial stages of commercial deployment and needs to show a completed commercial installation to showcase its technology and expand the customer base. This is expected to start to take place in early 2022. Additionally, Crown will need to significantly expand production capacity to meet anticipated demand, creating execution risk and capital needs.

CEO Doug Croxall talks about Crown's unique technology and opportunities in retrofitting commercial buildings.


Executives in Focus: Mr. Doug Croxall has been with Crown Electrokinetics since 2016 and serves as CEO & Chairman of the Board.

Shawn Severson: Today, with us is Mr. Doug Croxall, CEO of Crown Electrokinetics. Let's start with a basic overview of the company since this is the first fireside chat with us. We would also encourage everyone to go through the latest investor presentation published on Crown's website to understand more about the company. Doug, can you start by giving us a little history about yourself and the company as a starting point.

Doug Croxall: I began my career in 1991 with Motorola in Chicago, specializing in mergers and acquisitions, particularly those involving intellectual property. I've stayed on that path ever since, and it's how I came to hold the assets that Crown currently owns. Hewlett-Packard invented and originally held those properties. There were a lot of R&D projects that were go...


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