Legend Power Chosen by Global Property Owner / Operator for SmartGATE Insights Engagement at 70-Building Complex

Rhea-AI Summary

Legend Power Systems (OTCQB:LPSIF) has completed its first SmartGATE Insights installation outside the U.S. and Canada at a major building complex in Puerto Rico. The initiative is aimed at enhancing sustainability amidst challenges posed by renewable energy sources, which contribute over 50% of the complex's power. This engagement will identify operational issues affecting electrical systems, potentially optimizing performance amidst increasing use of wind and solar energy. Legend Power aims to leverage its SmartGATE technology to improve system reliability and financial outcomes for building owners.

Positive

• First SmartGATE Insights installation outside North America.
• Targets sustainability and resilience in energy sourcing.
• Aims to alleviate reliability issues from renewable energy sources.

Negative

• Reliability issues exist due to reliance on variable renewable sources.

VANCOUVER, BC / ACCESSWIRE / March 24, 2022 / Legend Power Systems® (TSXV:LPS) and (OTCQB:LPSIF), a global leader in commercial electrical system solutions, announces that it has completed initial installation of SmartGATE Insights units at a large building complex in Puerto Rico. This is the Company's first Insights engagement outside of the continental U.S. and Canada and is part of a larger sustainability and resiliency sourcing effort for the customer, which is one of the largest facility owner / operators in the world.

"This building complex has over 50% of its power supplied by variable renewable sources, which are inherently less stable than traditional power generation, causing significant reliability issues for buildings' electrical systems", said Mike Cioce, Legend Powers' VP of Sales and Marketing. "We believe that SmartGATE Insights is the best tool available to diagnose these issues, allowing a unique opportunity to show to the facility owner how our SmartGATE platform can mitigate these frustrating power challenges. This is a key use case, since the US likely will achieve over 35% wind / solar by the year 2030, and we believe Legend is uniquely positioned as a first mover with our active power management solutions."

This Insights engagement will identify the source of and resulting operational and financial impacts of source power on buildings at the complex, as well as a turnkey solution for the customer based on Legend's SmartGATE Platform technology. This Insights engagement will focus on electrical systems performance issues related to onsite wind and solar power generation programs, which are suspected to be negatively impacting electrical stability.

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:
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.

Forward-Looking Statements

This Press Release may contain statements which constitute "forward-looking information", including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities and operating performance of the Company. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities or performance and involve risks and uncertainties, and that the Company's future business activities may differ materially from those in the forward-looking statements as a result of various factors. Such risks, uncertainties and factors are described in the periodic filings with the Canadian securities regulatory authorities, including the Company's quarterly and annual Management's Discussion & Analysis, which may be viewed on SEDAR at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results to not be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements other than as may be required by applicable law.

SOURCE: Legend Power Systems Inc.

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https://www.accesswire.com/694446/Legend-Power-Chosen-by-Global-Property-Owner-Operator-for-SmartGATE-Insights-Engagement-at-70-Building-Complex

FAQ

What is the significance of the SmartGATE Insights installation in Puerto Rico for Legend Power Systems?

The installation marks Legend Power's first project outside the U.S. and Canada, enhancing their commitment to sustainability and energy management.

How does SmartGATE Insights address renewable energy challenges?

SmartGATE Insights identifies and fixes performance issues in electrical systems, particularly related to onsite renewable power sources, improving reliability.

What percentage of power at the Puerto Rico building complex comes from renewable sources?

Over 50% of the power for the building complex is supplied by variable renewable sources.

What potential benefits does Legend Power's SmartGATE technology offer?

It aims to enhance electrical system reliability, reduce operational costs, and mitigate financial risks for building owners.

How is the SmartGATE platform expected to perform in the future energy landscape?

With projections of over 35% wind and solar usage by 2030 in the U.S., the SmartGATE platform positions Legend Power as a first mover in active power management solutions.