Vancouver, B.C., Canada – December 17, 2020 – Legend Power® Systems (TSX-V: LPS) a global leader in commercial electrical system solutions today announced that the first phase of its SmartGATE Insights Service engagements has resulted in customer commitments for SmartGATE Platform purchases and follow-on requests to analyze more buildings. Additionally, Legend has received verbal commitments for more than 50 new SmartGATE Insights engagements for the first three months of calendar 2021. The findings generated through Legend’s SmartGATE Insights Service, highlight widespread and significant financial losses due to unstable incoming electrical power from the grid, which supports additional sales, despite macro headwinds from the COVID 19 pandemic.
“Our SmartGATE Insights product is educating customers and partners about the significant financial impact of the grid on their portfolios and is also leading to meaningful conversations about how Legend can save building owners money, improve ESG scores and improve the tenant experience”, said Randy Buchamer, CEO of Legend Power. “To date, every SmartGATE Insights engagement with Power Impact Report has resulted in at least a verbal commitment to order a SmartGate Platform. Going forward we anticipate that SmartGATE Insights will be a key driver of our business and we are seeing significant momentum as we move into 2021.”
During the three months ended September 30, 2020, Legend delivered nine Business Impact Reports covering twenty-seven buildings. These SmartGATE Insights Services for customers in four verticals found that approximately 30% of buildings reviewed were in the critical range, meaning significant system lifetime reductions and instability as well as significant energy waste and excess GHG emissions for these buildings. These Business Impact Reports resulted in a positive business rational for 17 of the 27 buildings moving forward, resulting in verbal commitments and firm orders for 63% of buildings assessed.
Having assessed hundreds of commercial buildings over many years, Legend has observed that most buildings are being negatively impacted with roughly one-third of all buildings critically susceptible to electrical system performance issues.
To learn more about Legend’s Power Impact Assessment, https://legendpower.com/industry/cre-multifamily/.
SmartGATE is an industry-leading, turnkey solution, which 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 and 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 damaged tenant experience.
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.
For further information, please contact:
Steve Vanry, CFO
+ 1 604 671 9522
Sean Peasgood, Investor Relations
+ 1 647 503 1054
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