VANCOUVER, British Columbia, June 25, 2020 (GLOBE NEWSWIRE) -- Legend Power® Systems (TSX-V: LPS), announced today that it reached a milestone with the installation of the three hundredth SmartGATE™ platform. Since its launch, the Company has been a leading innovator in the provision of intelligent, electrical power management platforms that optimize both operational and financial performance in commercial buildings.
Highlights of the collective benefits that 300 SmartGATE’s have delivered to customers, and the environment include:
Total Systems Installed ─ 304
Total Energy Saved (kWh) ─ 110,736,000
Total Savings ($’s) ─ $17,717,800
Total GHG Reduction (tonnes) ─ 94,790
Trouble-free Hours of Operation ─ 2,044,000
Having successfully reached three hundred installations in multiple geographic regions has proven the wide acceptance of SmartGATE’s value proposition, but is really only the beginning in terms of penetrating what is conservatively estimated to be a multi-billion-dollar potential North American market.
Key to SmartGATE’s success is its versatility to deliver benefits across multiple types of commercial buildings, which include:
- decreased operating costs, increased revenue and improved net operating income
- improved tenant experience and occupancy
- increased uptime and lifetime of key systems and machinery
- making significant contributions to corporate ESG measures and mandates
Legend’s customers include building owners in Canada and the US, including multi-residential buildings, commercial office towers, hotels, large retail stores, schools, colleges, universities, hospitals, non-profit housing developments, and airports. In addition, Legend’s SmartGATE has become a key product differentiator for Energy Service Companies (ESCO’s) and other value-added resellers competing in the emerging and competitive building energy management industry.
“While it's a milestone for Legend and our team, we really owe our gratitude to our customers who have supported us from the beginning,” said CEO Randy Buchamer. “Whether it was regional utilities who helped us prove the technology early on or visionary early adopters in the Ontario education system, at major Canadian retailers or name brand multi-residential property owners, they all had a role in getting us where we are today. Given that the median number of units per customer is six, the technology is clearly illustrating its value to these early adopters. After a brief slowdown during March, April and May of 2020 we are seeing a return to normal and we anticipate installations of both Insights and SmartGATE to pick up materially in the coming quarters.”
SmartGATE™ is continuing to evolve with SmartGATE Insights™ metering and analytics now available as a portable diagnostic service to scope building priorities before installation and continuing to supply detailed power analytics on an ongoing basis post-installation. Per customer requests, Legend is working on finalizing significant enhancements to SmartGATE’s overall capabilities. SmartGATE 2.0 will deliver additional electrical savings, more detailed power quality data and improved ease of installation.
About Legend Power® Systems Inc.
Legend Power® Systems Inc. (www.legendpower.com) is a global leader in intelligent power management platforms that optimize both financial and operational building performance. They 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
svanry@legendpower.com
Sean Peasgood, Investor Relations
+ 1 647 503 1054
sean@sophiccapital.com
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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