Signed LOI for 10 SmartGATE Systems from United States Department of Defense
Vancouver, B.C., Canada – July 8, 2024 – Legend Power® Systems (TSX-V: LPS), a global leader in commercial electrical system solutions, has received its largest commitment for SmartGATE systems in the Company’s history. Legend Power has received a Letter of Intent (LOI) to Award 10 SmartGATE purchases for a major United States Department of Defense (US DoD) facility. This single deal is worth just shy of $3 million CAD, and when combined with the first order for the City of New York Public School System (announced June 27, 2024), bookings in the quarter is over $3 million CAD. This is an initial commitment and is anticipated to be expanded upon in the future as the DoD has several more buildings across multiple locations that likely require SmartGATE systems.
“Possibly the most important part of this deal is the main driver for the DoD is improving operations of their facilities and not energy savings,” said Mike Cioce, Vice President of Sales and Marketing for Legend Power Systems. “This large facility has experienced significant premature failures in core systems like HVAC, refrigeration, life and safety systems, due to the highly volatile power provided to the facilities, which is mainly driven by low inertia power from wind and solar solutions previously deployed. We have been educating the market for years on the grid volatility associated with increases in renewable power generation and we now see the US DoD validating this with a large-scale deployment to protect critical infrastructure.”
“While the LOI represents over 24 months of effort for the Legend Power Systems team and the sales cycle with this large customer has taken longer than initially planned, months of stringent testing by the US DoD have proven the value proposition of our active power management solutions,” said Randy Buchamer, CEO of Legend Power Systems. “We believe this to be the beginning of a larger opportunity within the DoD and we are already in the process of evaluating other buildings at this facility as well as in other locations. We are now actively working with the U.S federal government, the DoD and the City of New York, as well as commercial real estate operators on current and future opportunities.”
About SmartGATE
SmartGATE is an industry-leading, turnkey solution that identifies and fixes underperformance and waste in the electrical system of a commercial building. These performance issues often impact key areas of commercial real estate metrics including occupant safety and satisfaction as well as financial performance. This waste can also lead to higher operating costs, lower net operating income and other potential financial risks to the building owner, including adverse tenant experiences.
About Legend Power® Systems Inc.
Legend Power® Systems Inc. (www.legendpower.com) provides an intelligent energy management platform that analyzes and improves building energy challenges, significantly impacting asset management and corporate performance. Legend’s proven solutions support proactive executive decision-making in a complex and volatile business and energy environment.
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Jonathan Lansky, Director
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Sean Peasgood, Investor Relations
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