Unique financial arrangement makes energy conservation a cash positive
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
"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