Legend Power® Systems Announces Results for the First Phase of Its SmartGATE Insights Service Engagements
December 17, 2020 at 08:51 am EST
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Legend Power® Systems announced that the first phase of its SmartGATE Insights Service engagements has resulted in customer commitments for SmartGATE Platform purchases and follow-on requests to analyze more buildings. Additionally, Legend has received verbal commitments for more than 50 new SmartGATE Insights engagements for the first three months of calendar 2021. The findings generated through Legend's SmartGATE Insights Service, highlight widespread and significant financial losses due to unstable incoming electrical power from the grid, which supports additional sales, despite macro headwinds from the COVID 19 pandemic. During the three months ended September 30, 2020, Legend delivered nine Business Impact Reports covering twenty-seven buildings. These SmartGATE Insights Services for customers in four verticals found that approximately 30% of buildings reviewed were in the critical range, meaning significant system lifetime reductions and instability as well as significant energy waste and excess GHG emissions for these buildings. These Business Impact Reports resulted in a positive business rational for 17 of the 27 buildings moving forward, resulting in verbal commitments and firm orders for 63% of buildings assessed. Having assessed hundreds of commercial buildings over many years, Legend has observed that most buildings are being negatively impacted with roughly one-third of all buildings critically susceptible to electrical system performance issues.
Legend Power Systems Inc. is a Canada-based company, which provides an intelligent energy management platform. The Company's principal business activities are the assembly, marketing and sale of a patented device, the SmartGATE, which enables dynamic power management of an entire commercial or industrial building. The Company operates through two segments: Legend Power Systems Canada and Legend Power Systems Corp. - United States. It markets two complementary offerings: SmartGATE Insights Service and SmartGATE Platform. Its SmartGATE Insights Service measures the high impact attributes of electricity and then applies an array of industry-standard calculations to determine what effects the attributes are having on a building. Its SmartGATE Platform uses patented technology to correct the power issues uncovered by SmartGATE Insights. Its SmartGATE product is deployed in commercial real estate verticals such as multi-family residential, hospitality, big box retail and commercial office.