Crown Fiber Optics Executes Agreement With The Twin Dolphin Club In Los Cabos, Mexico; Agreement Calls For A $1.2M Upfront Payment With A Total Value Of $3.5M And Is Expected To Lead To Other Projects Of A Similar Nature
Portfolio Pulse from Benzinga Newsdesk
Crown Electrokinetics Corp. (NASDAQ:CRKN) has signed a $3.5M agreement with the Twin Dolphin Club in Los Cabos, Mexico, to construct slant wells for a desalination plant. The project, starting this spring and concluding in early fall, involves a $1.2M upfront payment and may lead to similar future projects. This marks Crown's expansion into new verticals beyond traditional fiber optics, potentially opening up new revenue opportunities in Mexico, Central America, and the Caribbean.
March 06, 2024 | 2:27 pm
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Crown Electrokinetics Corp. (CRKN) has entered into a $3.5M contract with the Twin Dolphin Club for a desalination plant project, indicating potential revenue growth and expansion into new markets.
The agreement with the Twin Dolphin Club not only brings in a significant upfront payment of $1.2M but also opens the door for future projects of a similar nature, indicating a strong potential for revenue growth and expansion into new markets. This strategic move into complementary verticals like electrical and irrigation work, beyond traditional fiber optics, suggests Crown is diversifying its business model, which could positively impact its stock price in the short term.
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