Legend Power Systems Inc. (TSX-V:LPS) has sold its first installed energy conservation device following its emergence in the market to Electronic Arts Inc. (Nasdaq:ERTS) in Burnaby.
According to Legend, EA will reduce energy consumption at its Burnaby facility by as much as 160,000 kWh annually, or enough energy to power 16 homes, by using the company’s electrical harmonizer-automatic voltage regulator.
The harmonizer is designed to manage energy for users who are close to electrical substations where they might experience a surplus of power.
Former B.C. premier Michael Harcourt has been a member of Legend’s board since 2001. Legend has sold 37 units to date, but 32 of those were before the company was fully commercialized.
“For our first eight years, really up until last year we were in R&D mode,” said Legend CEO Gerry Gill Wednesday evening. It is waiting until the units are installed to disclose who, aside from EA, its four other recent customers are.
Legend has filled its pipeline with $24 million worth of what Gill calls “business opportunities.”
“Those are companies that we have dealt with and are in the process of doing audits on their particular facilities,” he said. “We will provide them with proposals as we move forward.”
Gill said Legend would look to establish a presence in California.
“It’s the eighth largest economy in the world. They have more than one million commercial and institutional buildings down there so they’re almost bigger than Canada.”
BIV previously covered the company’s reverse takeover of a shell company and the public debut of its harmonizer (“Legend debuts commercial version of power management technology tested at Science World” – issue 977; July 15-21, 2008).