Member News: Legend Power® Systems Update: Key Milestones and Public Sector Adoption
July 10, 2024 — We are excited to share several significant milestones and developments at Legend Power® Systems, highlighting our continued growth and success in the public sector.
New Order from the City of New York School Construction Authority
On June 25, 2024, we received an order and deposit for our SmartGATE system from contractors serving the City of New York School Construction Authority. This order supports the construction of a new school in New York City and represents the first 4000-amp SmartGATE Gen 3 to be purchased. While this system will generate an expected 4.4% overall energy savings, it will also protect the estimated $40m worth of building and core infrastructure savings for this new school. This partnership through a switchgear manufacturer opens substantial opportunities beyond the public sector.
Federal Government Installations
We are proud to announce that the General Services Administration (GSA) has started installing our SmartGATE system at a Department of Homeland Security border facility. Additionally, the GSA has selected a large federal office within Washington DC's Federal Triangle for the next SmartGATE installation.
We are also excited to announce our largest commitment for SmartGATE systems to date. We have received a Letter of Intent (LOI) to award 10 SmartGATE purchases for a major United States Department of Defense (US DoD) facility. This significant deal is valued at nearly $3 million CAD. We are proud of this milestone and look forward to continuing our partnership with the DoD and other clients to enhance the efficiency and reliability of their electrical systems.
Both of these SmartGATE systems will be reviewed by Oak Ridge National Laboratories for energy savings, maintenance reductions and increased lifetime for core building systems as part of the Green Proving Ground program with the US GSA.
Expansion in New Mexico School Systems
This month, we successfully delivered four SmartGATE systems to Gallup-Mckinley County schools in New Mexico through a significant ESCO performance contracting firm, Yearout Energy. The SmartGATE systems will save energy, improve reliability, extend equipment life, and reduce operations and maintenance costs. These systems are expected to save an estimated 4.6% energy savings and protect the other $10m of building upgrades over the life of those systems for excess degradation of reliability and life expectancy.
Leadership Insights
Mike Cioce, Vice President of Sales and Marketing, commented on these achievements: "The system orders and installations in these critical public sectors are the culmination of years of work. Our multi-year relationship with the City of New York is now starting to pay off as orders begin to flow in. The size of this opportunity, along with the Federal Government and ESCO sectors, is substantial for Legend Power Systems and are significant drivers of our growth."
Randy Buchamer, CEO of Legend Power Systems, added: "The US public sector is a significant opportunity for Legend. When we combine these specific results this quarter with our record order bookings from last quarter, driven by private commercial real estate orders and the recent increase in recurring revenue, we are demonstrating results in multiple markets and geographies, which is essential to drive our ambitious growth goals."
These achievements represent years of hard work and strong partnerships, leading to significant growth for Legend Power Systems. Our success in both public and private sectors is driving our ambitious growth goals.
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:
Mike Cioce, Vice President, Sales and Marketing
678-640-6234
Sean Peasgood, Investor Relations
+ 1 647 503 1054
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
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