Legend Power Systems' SmartGATE Upgrade Sparks Market Potential

May 02, 2024 8:27 AM EDT | Source: Legend Power Systems Inc.

Vancouver, British Columbia--(Newsfile Corp. - May 2, 2024) - Legend Power® Systems (TSXV: LPS), a global leader in commercial electrical system solutions, announces the first Ontario School Board to have previously deployed its first-generation SmartGATE is upgrading its solution to the latest generation of SmartGATE technology. This upgrade was facilitated by co-funding through Independent Electricity Service Operator ("IESO") incentives and is valued at $100,000.

Between 2016 and 2019, Legend Power Systems supplied over 120 Harmonizers to educational institutions, with co-funding provided through various programs to support decarbonization initiatives. Recent updates to the IESO incentive programs now enable these Harmonizers to qualify for additional incentives when upgrading to the latest SmartGATE technology. In some instances, these incentives can cover up to 40% of the upgrade costs, rendering the upgrade path an enticing proposition for stakeholders in the education sector.

By upgrading to the latest technology schools can now benefit from many new features including higher energy savings and GHG emissions reductions as well as improved power quality features that reduce grid volatility coming into the school, which lowers operating costs including maintenance and repairs.

Mike Cioce, Vice President of Sales and Marketing at Legend Power Systems, commented, "The decision to upgrade stemmed from the customer's concerns regarding grid reliability and volatility in their area, which negatively impacts students as well as increases operating costs. Upon discovering the enhanced energy savings and improved power quality offered by the current generation SmartGATE coupled with the availability of new incentives from IESO for projects over four years old, the SmartGATE upgrade became a clear choice. We are in discussions with other school boards about similar upgrades and cofounding opportunities offered through the IESO."

About SmartGATE
SmartGATE is an industry-leading, turnkey solution that 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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