Legend Completes Energy Savings Project with Toronto Atmospheric Fund
Unique financial arrangement makes energy conservation a cash positive investment
TORONTO, July 23, 2014 /CNW/ - Legend Power Systems Inc. (LPS.V) ("Legend") is excited to announce the completion of its first Energy Saving Performance Agreement (ESPA) with the Toronto Atmospheric Fund ("TAF") and FINN Projects ("FINN"). Legend successfully installed six energy-saving Harmonizers, which save energy by regulating voltage, in facilities owned by a single company in the Greater Toronto Area. TAF offered its unique ESPA financing product to approved Legend clients in late 2013 and the first project is now successfully completed.
TAF offers its ESPA -- a non-debt financing tool for energy saving projects -- to qualified multi-location building owners and operators. Over the term of the ESPA, the building owner and TAF share the financial savings realized through lowered energy bills. Legend's Harmonizer reduces the amount of energy a building uses; energy savings are guaranteed upfront through Energi, a third party insurance company. Once the ESPA is repaid, the building owner continues to save money thanks to the ongoing energy reductions through the Harmonizer.
The achieved energy savings from the six product installation are currently being reviewed by FINN Projects, the designated engineering consultant, and Energi, an energy savings insurance company. The preliminary energy and GHG reductions are very positive. Legend has already been pre-approved for future projects involving TAF as a funding partner.
"The Harmonizer is an exciting energy saving technology and a great fit for our growing ESPA program," says Tim Stoate, TAF VP of Impact Investing. "Businesses are always looking for technologies like Legend's Harmonizer that help you save money, eliminate wasted energy and reduce greenhouse gas emissions."
Since initially announcing that it was entering into an ESPA with TAF, Legend has received a great deal of interest about this new financing from its growing client base. Successful completion of the first ESPA in partnership with a well-recognized organization, while working with proven industry partners such as FINN Projects and Energi is an exciting step for Legend. Innovative financing tools such as the ESPA that eliminate the need for capital and provide a strong energy savings guarantee could have a major impact on the energy conservation industry. Businesses are now beginning to look at energy conservation as a cash positive investment with a net financial and environmental benefit right from the start.
About Legend Power Systems Inc.
Legend Power Systems Inc. (www.legendpower.com) is a leading electrical energy conservation company that manufactures and markets a patented device to help commercial and industrial customers achieve significant energy savings through voltage optimization. Legend Power's Electrical Harmonizer helps companies reduce their electricity bills, maintenance costs, and increases the life of electrical equipment, while contributing to a reduction in greenhouse gas emissions.
About Toronto Atmospheric Fund
TAF was established in 1991 to help the City of Toronto meet its clean air and greenhouse gas emissions reduction objectives. TAF has invested more than $60 million in local climate solutions and has helped the City save more than $55 million on its energy bills.
SOURCE Legend Power Systems Inc.For further information:
Erik Wolfe, Marketing Manager
Legend Power Systems Inc.
Tim Stoate, VP Impact Investing
Toronto Atmospheric Fund