Legend Power Systems' SmartGATE Upgrade Sparks Market Potential

Rhea-AI Summary

Legend Power Systems (TSXV: LPS) announces the upgrade of the first Ontario School Board's SmartGATE technology, valued at $100,000 and co-funded by IESO incentives. This upgrade offers up to 40% coverage of costs and includes new features for increased energy savings, GHG emissions reductions, and power quality improvements. The decision to upgrade was driven by concerns over grid reliability and volatility, leading to discussions with other school boards for similar upgrades.

Positive

• Upgrade to latest SmartGATE technology offers higher energy savings, reduced GHG emissions, and improved power quality, leading to lower operating costs.

• Co-funding through IESO incentives covers up to 40% of upgrade costs, making it an attractive proposition for stakeholders.

• Legend Power Systems is in discussions with other school boards for similar upgrades, indicating potential for future growth and revenue opportunities.

Negative

• Dependence on government incentives for upgrades may impact revenue stability if incentive programs change or are discontinued in the future.

• Concerns over grid reliability and volatility signal potential ongoing challenges for educational institutions, impacting their operating costs and student experience.

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
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

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/207768

FAQ

What is the value of the SmartGATE upgrade for the Ontario School Board?

The SmartGATE upgrade for the Ontario School Board is valued at $100,000.

What percentage of the upgrade costs can be covered by IESO incentives?

IESO incentives can cover up to 40% of the upgrade costs.

Why did the customer decide to upgrade to the latest SmartGATE technology?

The decision to upgrade was driven by concerns regarding grid reliability and volatility, as well as the enhanced energy savings and improved power quality offered by the new technology.

What benefits can schools expect from upgrading to the latest SmartGATE technology?

Schools can benefit from higher energy savings, reduced GHG emissions, improved power quality, and lower operating costs, including maintenance and repairs.