Vancouver, B.C., Canada – April 29, 2021 – Legend Power Systems® (TSX-V: LPS and OTCQB: LPSIF), a global leader in commercial electrical system solutions, today announced through a partnership with a major energy services company (“ESCO”), it will assess 5 acquisition target properties for a multi-billion-dollar multifamily property owner and operator. The ESCO partner is the Power Solutions / Energy Performance Contracting group of a Fortune 500 facilities operator.
This engagement is the first instance of Legend’s SmartGATE Insights™ service being utilized for evaluating properties being considered for investment and opens a completely new multi-vertical opportunity. The Insights service enhances critical building health due diligence by bringing greater visibility to previously unseen risk in buildings targeted for acquisition.
“After investing significant time and resources to demonstrate the value-add of Legend’s solutions, we are pleased to announce our second partnership with another major U.S. ESCO,” said Legend Power CEO Randy Buchamer. “With SmartGATE Insights’ unique ability to assess hundreds of building power characteristics and quickly deliver easy to understand, actionable solutions to customers, it was only a matter of time before ESCOs discovered the value of offering it to their customers. We anticipate establishing more relationships with U.S. ESCOs, which will provide Legend with low-cost / high-leverage geographic reach and a strong presence in key U.S. regions. Legend gets instant access to decades-long, trusted relationships in an expanded set of market verticals with little or no marketing, sales, or infrastructure costs. I am excited about the opportunity these partnerships can bring which should quickly help us scale the business in existing as well as new regions.”
The ESCO market in the U.S. is a US$10 billion to US$15 billion a year business that bundles energy conservation measures for large public entities such as government organizations and others. SmartGATE™ is a patented, unique, and differentiated offering, which provides our new partner a significant competitive advantage. These advantages include enhanced energy savings performance, electrical systems reliability, and power quality management capabilities which boost our ESCO partner’s value proposition and delivers more sales wins.
Legend’s SmartGATE Insights™ and Power Impact Report are valuable tools that provide building owners a better understanding of the financial impact the power grid is having on their buildings and how SmartGATE™ solutions can solve these challenges for them. The Power Impact Report details these excessive costs across each building in a property portfolio and demonstrates how SmartGATE™ solutions can reduce these costs.
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 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.
For further information, please contact:
Steve Vanry, CFO
+ 1 604 671 9522
Sean Peasgood, Investor Relations
+ 1 647 503 1054
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
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