Customers are Seeing Significant Benefits from Improved Power Quality
Vancouver, British Columbia--(Newsfile Corp. - April 20, 2023) - Legend Power® Systems (TSXV: LPS), a global leader in commercial electrical system solutions, announces that the latest generation of SmartGATE is exceeding expectations for reliability and lifetime increases for core building systems such as elevators, HVAC, lighting, and more. The focus of the next generation SmartGATE platform was to significantly reduce maintenance and repair costs while improving the reliability and lifetime of major building systems. Considering both energy savings and lower maintenance and repair costs, initial results indicate that the next generation platform provides more than double the financial benefit versus the previous generation.
The next generation platform is also outperforming on energy savings by more than 20%, averaging close to 5% energy savings with some buildings approaching 6%. The cumulative results from the first 30 installations in both Canada and the United States demonstrate the expected savings, reductions, and protection are quantifiable.
"Initial next generation SmartGATE deployments show an average customer savings of $2 of maintenance, repair and capex savings for every $1 of energy savings," said Mike Cioce, Vice President of Sales and Marketing for Legend Power Systems. "With a rapid and significant reduction in power quality due to increased wind and solar on the grid, building owners and operators are recognizing the need for Active Power Management to not only save money, but also improve operations and the tenant's experience. The results show a significant reduction in voltage variations with hundreds of fluctuations per year dropping to under ten fluctuations per year after installation of SmartGATE. One customer reported replacing 20-25 control boards across their portfolio annually, but in the first 6 months of SmartGATE operation, they have not had to replace a single one."
Renewable Power Generation Drives Demand for SmartGATE Active Power Management
With more electricity sourced from wind, solar, and batteries, building owners will need to address the impact of more power volatility to reduce maintenance and capital expenses as well as satisfy tenants who depend on their buildings. This is driving both public and private building owners to add Active Power Management platforms to their build specification for full electric regulation to meet the needs of rapidly changing electrical grids. SmartGATE results show a significant reduction in voltage variations with hundreds of fluctuations per year dropping to under ten fluctuations per year after installation of SmartGATE, meaning that new SmartGATE features are no longer a "nice to have" but "must have" core building component.
About SmartGATE
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:
Jonathan Lansky, Director
+1 416 417 7664
lansky.j@icloud.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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