Major ESCO Engages Legend Power to Assess 10 City of Boston Buildings

Rhea-AI Summary

Legend Power Systems (TSXV:LPS)(OTCQB:LPSIF) has entered into a significant agreement with a National ESCO to evaluate 10 City of Boston buildings, part of a multi-million-dollar, 10-year Energy Performance Contracting initiative. Utilizing SmartGATE Insights, the assessment aims to identify energy waste and improve system longevity. This partnership is expected to enhance operational efficiency and could lead to expanded opportunities within the ESCO market, valued at $15 billion annually. Mark Schneider has also been promoted to Strategic Accounts Director, further strengthening the company's position.

Positive

• Engagement with a National ESCO for evaluating 10 Boston buildings indicates strong demand for SmartGATE Insights.
• Potential for long-term revenue through a multi-million-dollar Energy Performance Contract.
• Promotion of Mark Schneider to Strategic Accounts Director may enhance company operations and market presence.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / February 10, 2021 / Legend Power® Systems (TSXV:LPS)(OTCQB:LPSIF), a global leader in commercial electrical system solutions, today announced that a major National ESCO has engaged Legend's SmartGATE™ Insights Service to assess 10 buildings owned and operated by the City of Boston as part of a 10-year, multi-million-dollar Energy Performance Contracting agreement. The initial 10 buildings consist of schools and other key City of Boston buildings.

This assessment supports the long-term performance contracting agreement between the City of Boston and its National ESCO partner. Under the agreement, the ESCO will use SmartGATE™ Insights to find energy waste seeping into the buildings and identify where power conditions are hurting the uptime and lifetime of major building systems.

"We believe that the ESCO's selection of SmartGATE Insights will demonstrate the value of the SmartGATE platform as part of a full energy management program focused on saving energy, reducing operational risks, and increasing resiliency for the City of Boston. This not only helps both the City and the ESCO save energy but also shows how we can protect newly installed equipment to maximize system longevity and reliability," said Mike Cioce, VP of Sales and Marketing for Legend Power Systems. "The success of this initial analysis could potentially expand our footprint with the end customer."

This success builds on recent wins and significant momentum for Legend Power Systems in the $15 billion a year ESCO market. "I am pleased to also announce that Legend Power has promoted Mark Schneider to Strategic Accounts Director for the ESCO Market. Mark brings over 25 years of progressive ESCO experience across the country for some of the top names in the ESCO space," continued Mr. Cioce. "His deep experience will help us to continue to serve and grow our ESCO partnerships across the US".

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. For more information about our SmartGATE Insights service, or to download a sample Business Impact Report please visit https://legendpower.com/our-approach/.

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.

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https://www.accesswire.com/628849/Major-ESCO-Engages-Legend-Power-to-Assess-10-City-of-Boston-Buildings

FAQ

What is the significance of Legend Power's engagement with the ESCO?

Legend Power's engagement with the National ESCO signifies a strategic partnership aimed at assessing energy efficiency in 10 Boston buildings under a multi-million-dollar, 10-year contract.

How does SmartGATE Insights benefit the City of Boston?

SmartGATE Insights will help identify energy waste and improve the reliability of building systems, thereby enhancing operational efficiency and reducing energy costs for the City of Boston.

What market is Legend Power Systems focusing on with this contract?

Legend Power is targeting the $15 billion Energy Service Company (ESCO) market, which aims to improve energy efficiency in commercial buildings.

Who has been promoted within Legend Power Systems and why?

Mark Schneider has been promoted to Strategic Accounts Director to leverage his 25 years of ESCO experience and enhance the company's growth in this sector.