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By Sam Boughedda
Investing.com — Shares of smart glass technology company Crown ElectroKinetics Corp. (NASDAQ:CRKN) fell more than 6% Friday, giving up the previous day's gains.
On Thursday, Crown shares closed 6% higher after it revealed it has finalized an agreement with Hudson Pacific Properties (NYSE:HPP) to install energy-saving Smart Window Inserts at several office properties across its West Coast portfolio.
Crown explained that the inserts are solar-powered, can be retrofitted to existing window frames and will provide additional insulation. This, according to the company, allows Hudson Pacific tenants to transition their windows from clear to dark.
Hudson (NYSE:HUD) owns and operates over 20 million square feet of studio and office space on the West Coast, including buildings populated by tech and media giants including Netflix (NASDAQ:NFLX), Google (NASDAQ:GOOGL), Riot Games, Square and Uber (NYSE:UBER).
“Tenants are demanding climate innovation, and forward-thinking property owners are responding. On top of ESG considerations, there's also a strong business case: Proptech that reduces energy consumption and carbon emissions also reduces heating and cooling costs." said Crown ElectroKinetics CEO Doug Croxall.
Following a regulatory filing that disclosed the deal at the end of December, Dawson James analyst James Mcllree said in a note to investors that this could be a $100 million revenue opportunity for Crown.
U.S. President Joe Biden has previously outlined his aim — as part of his administration's climate change agenda — for zero-emissions buildings. Earlier this week, Jigar Shah, the director of the Loan Programs Office of the U.S. Department of Energy, tweeted:
"We deploy 20 billion sqft of glass into buildings every year. Time to do this more intelligently. #ClimateOpportunity"