Legend Power Partners with ESCO in SmartGATE Insights Engagement for Department of Defence Facilities

Rhea-AI Summary

Legend Power Systems (TSXV:LPS, OTCQB:LPSIF) has partnered with an ESCO to deliver SmartGATE Insights for U.S. Department of Defence facilities, targeting around 1200 buildings in the eastern region. The project aims to improve energy efficiency and reduce greenhouse gas emissions, aligning with federal energy management goals. In FY 2006, the DoD consumed nearly 30,000 gigawatt hours of electricity, costing approximately $2.2 billion. The initiative leverages SmartGATE's capabilities to enhance electrical reliability and environmental performance, significantly impacting energy management.

Positive

• Partnership with an ESCO to enhance energy efficiency for the Department of Defence facilities.
• Targeting around 1200 buildings to improve energy management, potentially leading to cost savings.
• SmartGATE Insights aims to reduce greenhouse gas emissions, aligning with federal energy goals.

Negative

• Dependence on federal contracts exposes the company to potential delays and funding cuts in governmental projects.

Defence Sector is a Net-New Market Vertical for Legend

VANCOUVER, BC / ACCESSWIRE / May 18, 2021 / Legend Power Systems® (TSXV:LPS) and (OTCQB:LPSIF), a global leader in commercial electrical system solutions, today announced that in a joint project with one of its ESCO partners it will provide SmartGATE Insights services and project scoping for select defence installations in the eastern U.S. This particular eastern region segment of defence facilities includes approximately 1200 buildings. The Department of Defence (DoD) manages nearly 300,000 buildings many of which are subject to Federal energy management requirements including energy efficiency targets, renewable energy use goals, and fossil fuel reductions¹. In FY 2006, the DoD used almost 30,000 gigawatt hours (GWH) of electricity, at a cost of almost $2.2 billion¹.

As producers of large volumes of greenhouse gases (GHGs), the Department of Defence is committed to understand the impact their facilities could have on climate change. In FY2017, the Army alone, awarded $289.3 million in Energy Savings Performance Contracts and Utility Energy Service Contracts estimated to save 1,132 billion Btu annually¹. Legend and its ESCO partner are working with the DoD and its Energy and Environmental Sustainability managers to monitor, report, and introduce solutions to reduce its GHG emissions.

"DoD facilities are extremely energy intensive facilities and are a critical component of U.S. national security," said Michael Cioce, Vice President of Sales and Marketing for Legend Power Systems. "The need for electrical reliability and resiliency is fundamental to these facilities along with the opportunity to increase efficiency. SmartGATE addresses these core challenges and SmartGATE Insights is the first step in quantifying and understanding the unseen impacts of the grid on commercial buildings. Our ESCO Partners have deep experience in Performance Contract with the DoD and other Federal entities in general. Combining our SmartGATE and Insights solutions with the ESCO's capabilities is a very powerful approach for all parties involved,"

Legend's SmartGATE Insights and Power Impact Report are valuable tools that demonstrate the financial impact the power grid has on buildings and how SmartGATE solutions can solve these issues, improving buildings' financial performance and environmental footprint. This allows building owners to make more decisions faster than ever before based on the real-time data for each property.

¹ https://fas.org/sgp/crs/natsec/R45832.pdf

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:
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.

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.

View source version on accesswire.com:
https://www.accesswire.com/647865/Legend-Power-Partners-with-ESCO-in-SmartGATE-Insights-Engagement-for-Department-of-Defence-Facilities

FAQ

What is the significance of the SmartGATE Insights project for LPSIF?

The SmartGATE Insights project represents a strategic partnership with the Department of Defence, potentially increasing LPSIF's market share in energy management solutions.

How many buildings are targeted in the SmartGATE Insights engagement?

The engagement targets approximately 1200 Department of Defence facilities in the eastern U.S.

What are the financial benefits expected from the SmartGATE project?

The project aims to enhance energy efficiency, potentially leading to significant cost savings for the Department of Defence.

What challenges could LPSIF face with the DoD project?

LPSIF could face challenges such as potential delays, funding cuts, and competition from other energy management firms.