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Initial Phase Includes 300 miles of Horizontal Directional Drilling
LOS ANGELES, CA / ACCESSWIRE / February 21, 2024 / Crown Electrokinetics Corp. (NASDAQ:CRKN) ("Crown" or the "Company"), a leading smart glass technology company and an expert in constructing fiber optic networks, today announced the commencement of a new backbone fiber project for one of Florida ‘s largest utility companies.
The initial phase includes 300 miles of horizontal directional drilling in Central Florida. The project has recently commenced and is expected to take between 12-15 months to complete. This initial phase provides the opportunity to generate up to $11 million in revenue for Crown with margins estimated at approximately 20%.
This 300-mile segment represents the beginning of a 1,100 mile master planned fiber build, which could generate up to $40 million in total revenue with an estimated EBITDA of approximately $8 million. This project immediately categorizes Crown as a major operator in our newest geographical location, the state of Florida.
This opportunity was generated, and will be managed by, the Company's new President of Construction, Corey Boaz.
Doug Croxall, CEO of Crown said, "Florida represents a strong growth market for Crown Fiber Optics. We look forward to continuing to leverage Corey's relationships and we are currently in discussions with other customers for similar projects."
Posted In: CRKN
