Multi-Family and Commercial Real Estate Leader’s Third Multi-Unit Order
Vancouver, Canada, September 17, 2019 – Legend Power Systems Inc. (LPS:TSXV), a global leader in onsite energy management technology, announces a follow-on order for six additional SmartGATE™ systems by a multi-family and commercial real estate investment company, totalling C$537,168. This order brings to 12, the number of its 439 multi-family buildings that the customer has outfitted with Legend’s energy-management solution.
The customer is an investor in, and active manager of, properties in the U.S. and Canada. Its $7 billion portfolio of multi-family properties includes over 439 buildings totaling approximately 36,000 units. They also have a commercial property portfolio of over 55 buildings containing approximately 6.2 million square feet of floor space. Legend estimates the total potential market for its products in the North American multi-family rental buildings vertical at US$750 million1.
”This follow-on order is a testament to the broad value that SmartGATE™ creates for owners of multifamily properties in North America,” said Legend’s CEO Randy Buchamer. “The SmartGATE™ platform is making buildings better from the minute power enters the customer property. It analyzes and improves power quality before it’s utilized throughout the customer’s buildings, increasing the uptime and lifetime of systems, while increasing energy efficiencies, and making their properties more environmentally sustainable. Multi-unit sales are common across all our verticals with 74% of all SmartGATE’s sold to date being multiple sales of between 2 and 18 units to individual customers. The breadth of benefits is driving increasing interest and demand for the product, and our sales funnel has never been stronger in both Canada and in U.S. markets we have entered.”
Ontario Offers SmartGATE Landlord Incentives
Ontario multi-family building owners that invest in SmartGATE’s may apply to increase rents under the Province of Ontario Landlord and Tenant Board’s, Rent Increase Guideline Program. The program encourages Landlord’s investment in capital projects, including those considered as promoting energy conservation such as Legend’s energy efficiency technology.
For more information about our technology or to request an assessment of how much energy Legend Power can save in your building, please visit us on the web at: https://legendpower.com/products/.
1 Source: U.S. Department of Housing and Urban Development and U.S. Census Bureau, Rental Housing Finance Survey; Rental apartment properties containing over 50 units at average revenue of C$60k per apartment.
About Legend Power® Systems Inc.
Legend Power® Systems Inc. (www.legendpower.com) is a global leader in onsite energy management technology. We help buildings overcome grid volatility challenges common to utilities around the world. Legend’s industry-proven SmartGATE™ enables dynamic power management of an entire building. The proprietary and patented system reduces total energy consumption and power costs, while also maximizing the life of electrical equipment. Legend’s unique solution is also a key contributor to both corporate sustainability efforts and the meeting of utility energy efficiency targets.
For further information, please contact:
Steve Vanry, CFO
+ 1 604 671 9522
Sean Peasgood, Investor Relations
+ 1 647 503 1054
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