Legend Power Systems Adds Four New U.S.-Based ESCO Relationships

Rhea-AI Summary

Legend Power Systems (OTCQB:LPSIF) announced significant partnerships with seven U.S.-based Energy Service Companies (ESCOs), collectively generating nearly US$1 billion in annual revenue. Recent projects demonstrate a 5%+ savings in New York schools using its SmartGATE Platform. The U.S. ESCO market is projected to hit US$9 billion in 2021. Legend aims to expand its ESCO relationships, enhancing its market presence with minimal infrastructure costs. Additionally, the company is the Platinum Sponsor of the upcoming NAESCO conference in Austin, Texas.

Positive

• Established partnerships with seven ESCOs, generating nearly US$1 billion in annual revenue.
• Achieved 5%+ additional savings in recent projects with SmartGATE in New York schools.
• Plans to expand ESCO relationships, providing strong geographical reach.
• U.S. ESCO market expected to generate US$9 billion in 2021, supporting Legend's growth.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / July 14, 2021 / Legend Power Systems® (TSX-V:LPS) and (OTCQB:LPSIF), a global leader in commercial electrical system solutions, today announced several key developments with multiple U.S. - based energy service companies ("ESCO"). Legend Power has now established relationships with seven ESCOs with a combined annual ESCO service revenue approaching US$1 billion.

Legend recently completed two SmartGATE Platform projects together with a large ESCO for schools in New York State, resulting in an additional 5%+ savings over and above the combined benefits of other energy savings measures already in use at these facilities.

"These impressive savings results are typical for the hundreds of install in educational facilities Legend has undertaken, and our customer is ecstatic with the outcome", said Mike Cioce, Vice President of Sales and Marketing. "ESCOs are seeking new and effective technologies to differentiate their value proposition and our recent successes are showing that Legend's SmartGATE provides a key to winning more business."

Additionally, Legend has received SmartGATE Insights assessment engagements from four additional major ESCOs in the U.S. Northeast, Southeast and Western regions. SmartGate Insights has been a strong sales tool that has enabled building owners and operators to see the savings and benefits of deploying Legend's flagship SmartGate Platform product.

"One of our key initiatives for 2021 has been building channel partners with ESCO's across North America", said Randy Buchamer, CEO of Legend Power. "The results we are seeing across our initial deployments with ESCOs and their end customers is extremely encouraging for future business and further partnerships. We are now scaling the Company to be able to handle the increasing demand we are seeing from these partners and look forward to working with them to improve energy efficiency and power quality for all the customers they serve."

Legend expects to establish more relationships with U.S. ESCOs, which would provide low cost / high leverage geographic reach and strong presence in key U.S. regions. With these partnerships, Legend gets instant access to decades long, trusted relationships in an expanded set of market verticals with little or no marketing, sales or infrastructure costs.

The U.S. ESCO market is forecasted to produce revenues of US$9 billion in 2021¹ and along with other channel sales is anticipated to play a dominant role in Legend's future growth trajectory.

Legend Power Sponsors NAESCO Conference

Legend is proud to announce that it is the Platinum Sponsor of the National Association of Energy Service Companies (NAESCO) annual ESCO conference R3 - Renovate, Retrofit and Reduce which will be held during November 2021 in Austin, Texas. R3 is NAESCO's premier annual event, highlighting opportunities for energy infrastructure improvements and upgrading the nation's building infrastructure.

"Our partnership with NAESCO is off to a great start. Their leadership position in transforming the nations public sector building infrastructure is advanced by showcasing new best of breed energy conservation measures," said Mr. Cioce.

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.

¹U.S. ESCO Industry: Industry Size and Recent Market Trends - June 2021; Elizabeth Stuart Nichole Hanus Juan Pablo Carvallo Peter Larsen, Principal Investigator; Lawrence Berkeley National Laboratory / U.S. Department of Energy

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.

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FAQ

What recent developments has Legend Power Systems made with ESCOs?

Legend Power Systems has established partnerships with seven ESCOs, with combined annual revenue nearing US$1 billion, and completed successful SmartGATE projects that showed significant savings.

How much revenue is the U.S. ESCO market projected to generate in 2021?

The U.S. ESCO market is projected to generate approximately US$9 billion in revenue in 2021.

What is the expected impact of Legend's partnerships with ESCOs on their business?

These partnerships are expected to enhance Legend Power's market presence and facilitate growth by leveraging established relationships and infrastructure.

What additional initiatives is Legend Power Systems pursuing in 2021?

Legend Power is focusing on building relationships with ESCOs across North America and enhancing their SmartGATE Insights assessment engagements.