Toronto, Ontario – January 28, 2014 – Legend Power Systems Inc. (“Legend”) and The Toronto Atmospheric Fund (“TAF”) are pleased to announce the launch of a joint Energy Savings Performance Agreement (“ESPA”). The ESPA is a risk free non-debt financing tool available to qualified multi-location commercial building owners across Ontario. It will allow Legend’s customers to save energy and reduce their carbon footprint with zero capital outlay. This financing approach is being used to install Legend’s patented Harmonizer that helps customers save energy through voltage optimization.
The first multi-location project supported by the ESPA is currently underway and is expected to be completed by the end of February 2014.
“TAF is very excited to be working with Legend Power to support energy conservation in our first multi location project, says Tim Stoate, TAF’s VP Impact Investing. “We look forward to many more opportunities!”
With rising energy rates and increasing concern surrounding climate change, the business community’s desire to save energy has never been greater. Additionally, the energy conservation solutions needed to reduce a building’s energy consumption are available and are cost effective. However, lack of capital and uncertainty surrounding product performance (long term energy savings), two common objections, has slowed the adoption of innovative energy saving products. The ESPA addresses these objections by providing building owners with a zero capital cost acquisition model and a long term energy savings guarantee of up to 10 years that is backed by a third party insurer. TAF retains title of the Harmonizer over the term of the agreement but at the end of the agreement title is transferred to the building owner. TAF and the building owner share the financial savings over the term of the agreement and the building owner will continue to save after the agreement concludes as the Harmonizer will remain installed and operational. The ESPA removes the Harmonizer’s perceived financial risks and reduces the capital cost to zero.
“Our market experiences the inherent challenges of corporate budget shortfall and capital risk management. This unique agreement involving TAF and a third party insurer directly addresses our industry’s challenges, greatly enhancing the value of Legend’s solution and easing our customers’ buying process” Says Legend CEO Randy Buchamer.
For more information on this new non-debt financing offer and to see if your business qualifies under the ESPA program, please visit http://legendpower.com/product-info/espa
About Legend Power Systems Inc.
Legend Power Systems Inc. (www.legendpower.com) is a leading electrical energy conservation company that manufactures and markets a patented device to help commercial and industrial customers achieve significant energy savings through voltage optimization. Legend Power’s Electrical Harmonizer helps companies reduce their electricity bills, maintenance costs, and increases the life of electrical equipment, while contributing to a reduction in greenhouse gas emissions.
About Toronto Atmospheric Fund
TAF was established in 1991 to help the City of Toronto meet its clean air and greenhouse gas emissions reduction objectives. TAF has invested more than $50 million in local climate solutions and has helped the City itself save more than $55 million on its energy bills.