Legend Power Systems Makes Significant Strides with the GPG and Announces Issuance of Equity Incentives

Rhea-AI Summary

Legend Power Systems is participating in the federal Green Proving Ground (GPG) program, which aims to test innovative building technologies to reduce operating costs and promote market transformation. With an infusion of $30 million (USD) from the Inflation Reduction Act, the GPG program will evaluate a wider array of technologies over the next four years. Legend Power Systems provides an intelligent active power management platform that aligns with the GPG's mission. The company's participation allows them to showcase their cutting-edge technology and contribute to a more sustainable future.

Vancouver, British Columbia--(Newsfile Corp. - November 1, 2023) - Legend Power® Systems (TSXV: LPS), a global leader in commercial electrical system solutions, is making significant strides in the energy industry through its participation in the federal Green Proving Ground (GPG) program. The GPG program, a collaboration between the General Services Administration (GSA) and the Department of Energy, is focused on testing innovative building technologies to reduce operating costs and promote market transformation. The GPG is created and funded to identify new technologies to benefit for Federally operated facilities, like the SmartGATE from Legend Power Systems.

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With an infusion of $30 million (USD) from the Inflation Reduction Act, into the GPG program, it is set to evaluate a wider array of technologies over the next four years. This funding, combined with the GSA's $10 million (USD) investment¹ over the past seven years, underscores the commitment to advancing energy-efficient solutions through the GPG.

Legend Power Systems, along with other forward-thinking companies like COI Energy and Logical Buildings, is actively contributing to the GPG initiative. Legend Power Systems provides an intelligent active power management platform that corrects and regulates power to a facility. This innovative approach aligns with the GPG's mission to bridge the technology gap, enabling the seamless integration of connected building technology equipment into building systems.

Within the GPG the US Federal Government is projected to deploy the first tranche of SmartGATES in the coming months as part of the GPG program.

Mike Cioce, Vice President of Sales and Marketing at Legend Power Systems, stated, "Our participation in the GPG program has allowed us to showcase our cutting-edge technology on a significant scale. By correcting and regulating power efficiently, we're not only reducing costs for building operators but also contributing to a more sustainable future."

The GPG program, through partnerships with industry leaders like Legend Power Systems, is preventing air pollution and reducing greenhouse gas emissions, ultimately offering a triple win for taxpayers. This initiative not only generates cost savings but also promotes energy conservation, leading to a healthier environment for all Americans.

GSA Administrator Robin Carnahan emphasized the importance of these investments, saying, "The GPG program is one way we're creating the technical foundation for long-term, transformational changes... We're aiming for a triple win: more good American jobs, cost savings to taxpayers from reduced energy consumption, and a healthier future for all Americans."¹

Legend Power Systems continues to be at the forefront of energy innovation, driving transformative changes in the industry. For more information about Legend Power Systems and its participation in the GPG program, please visit www.legendpower.com or the GSA GPG blog here.

Additionally, Legend Power Systems announces that it has approved, subject to acceptance by the TSX Venture Exchange, the grant of 275,000 incentive stock options (the "Options") to acquire common shares in the capital of Legend Power Systems (each a "Common Share"). 100,000 of the Options were granted to an executive officer and the remainder to employees of the Company. The Options are non-transferable and exercisable until November 1, 2028, at $0.18 per Option, subject to vesting provisions, with one-sixth vesting six months from the date of grant and one-sixth vesting every six months thereafter.

¹ Source referenced from GSA.GOV Blog round here https://www.gsa.gov/blog/2023/08/30/green-proving-ground-delivers-triple-win-for-taxpayers?utm_campaign=Content%20Marketing&utm_content=263181133&utm_medium=social&utm_source=linkedin&hss_channel=lcp-10822510

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:

Jonathan Lansky, Director
+1 416 417 7664
lansky.j@icloud.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.sedarplus.ca. 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.

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FAQ

What is Legend Power Systems participating in?

Legend Power Systems is participating in the federal Green Proving Ground (GPG) program.

What is the goal of the GPG program?

The goal of the GPG program is to test innovative building technologies to reduce operating costs and promote market transformation.

How much funding did the GPG program receive from the Inflation Reduction Act?

The GPG program received an infusion of $30 million (USD) from the Inflation Reduction Act.

What does Legend Power Systems provide?

Legend Power Systems provides an intelligent active power management platform.

How long will the GPG program evaluate technologies?

The GPG program will evaluate technologies over the next four years.

What is the benefit of Legend Power Systems' participation in the GPG program?

Legend Power Systems can showcase their cutting-edge technology and contribute to a more sustainable future through their participation in the GPG program.