Legend Power Systems Confirms Active Power Management in Design Standard for Major City in North America
Single Municipality Represents Between 300 to 500 SmartGATE Units over Next Few Years
Vancouver, British Columbia--(Newsfile Corp. - January 19, 2023) - Legend Power® Systems (TSXV: LPS), a global leader in commercial Active Power Management solutions, confirms that Active Power Management solutions will be part of new building design and construction standards as well as major electrification renovation standards for a major North American municipality. This confirmation represents between 300 to 500 Active Power Management systems over the next few years within this municipality's building portfolio.
"This opportunity signals the strong need for Legend Power, and this is a major step to cement the need for Active Power Management Systems, like the SmartGATE, as part of any electrification strategy going forward," said Mike Cioce, Vice President of Sales and Marketing for Legend Power Systems. "Societies demand global GHG reduction. Commercial building electrification and renewable energy are areas that can significantly contribute to these reductions. However, there isn't enough electricity to meet the growing demand, and more electricity growth will require more wind and solar power generation – which is great for the planet but a major challenge for people who depend on electricity. More wind and solar power generation creates more grid volatility, which can damage sophisticated systems that are core to decarbonization strategies, resulting in disruptions to critical building systems for the people that depend on them. The SmartGATE is simply the best available option to prevent grid volatility from impacting buildings while saving energy consumption and GHG emissions in the process as demonstrated by this major city incorporating Active Power Management into its electrification plans."
This major step positions Active Power Management as a core component to reducing carbon emissions as commercial buildings represent an estimated 40% of carbon emissions globally. Our need for renewable electricity continues to grow to meet the growing demand while reducing GHG emissions. As our buildings and facilities get more sophisticated to reduce carbon emissions and minimize electric consumption, the market for Active Power Management will continue to expand. Legend Power estimates the potential addressable market for Active Power Management to be north of one million installations in North America alone, representing over a $200 billion market opportunity.
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
Sean Peasgood, Investor Relations
+ 1 647 503 1054
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