Toronto, Ontario--(Newsfile Corp. - July 20, 2021) - Universal PropTech Inc. (TSXV: UPI) (OTCQB: UPIPF) (FSE: 8LH) ("UPI" or the "Company") is pleased to announce that it entered into a partnership agreement ("Agreement") with En-Powered Inc. ("EnPowered"), a leading AI (artificial intelligence) energy platform company, that accurately predicts when electricity is going to be expensive, allowing large electricity users to reduce their usage during these expensive events. EnPowered has identified that for key industrial and commercial customers approximately 48% of electricity costs link to only a few hours a year. The Company and EnPowered will market to existing and new prospects to enable customers to optimize their smart HVAC and Building Controls to automatically adjust usage at the times energy is most expensive to dramatically reduce electricity costs and reduce carbon emissions.
"Beyond the impacts of a customer's own energy use, the electricity grid creates complicated charge structures that need to be managed well, and as a Trusted Advisor, we are delivering value beyond the smart meter," stated Frank Carnevale, Chief Growth Officer, Universal PropTech Inc. "Universal PropTech is proud to partner with EnPowered, a Canadian AI leader in managing electricity grid management."
Tomas van Stee, CEO and Founder, EnPowered stated, "We are excited to be working with Universal PropTech, a progressive and leading technology company. Together our products enable customers to access smart technology, reduce energy costs, and lower carbon emissions."
How it works?
EnPowered uses AI technology to accurately predict when electricity is going to be expensive, allowing large electricity users to reduce their usage during these expensive events. By working together, the savings unlocked by EnPowered for customers will enhance the return on investment on new and existing HVAC and Building Control Systems for the Company's customers, enabling customers to access additional savings by participating in the energy market. The Company will work with EnPowered to target large commercial and industrial businesses. EnPowered's customer base spans across multiple industries including, manufacturing, agriculture, hotels, colleges, municipalities, condos, data centers, and distribution centers.
The Agreement includes mutual referral fees for customer agreements, and the agreement may be mutually extended on an annual basis.
Image: Image of lower costs leading to savings with EnPowered
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Through the Company, EnPowered will help customers to:
- Analyse your electricity usage;
- Inform you how much you can save;
- Unlock these savings by sending you peak pricing signals; and
- Continue to find more ways to save you $.
EnPowered has enabled customers to save over $160M in electricity costs and reducing CO2 emissions by over 400 tons. EnPowered is operational in Ontario, Alberta, New York, New Jersey, Ohio, and Pennsylvania.
Any additional HVAC equipment to optimize electricity grid use by customers will create additional revenue opportunities for design, equipment, installation and ongoing services. Additionally, the Company will use the opportunity to further develop alternate asset class platform opportunities in financing or owning installed equipment.
Connection to Forward Looking Guidance
Consistent with the corporate second half 2021 guidance reported on June 30 2021, the EnPowered solutions enable the Company to deliver on strategic targets:
- Round out additional capabilities to deliver healthy buildings, such as building automation, building performance, indoor air quality and energy resources;
- Expand our share of "the wallet" from existing and new clients by offering additional products and solutions; and
- Developing alternate asset class offering with financing and/or owning energy assets.
About En-Powered Inc.
En-Powered Inc. ("EnPowered"), a leading energy platform company, accurately predicts when electricity is going to be expensive, allowing large electricity users to reduce their usage during these expensive events. www.getenpowered.com.
About Universal PropTech Inc.
Universal PropTech Inc. (TSXV: UPI) (OTCQB: UPIPF) (FSE: 8LH) is a leading building innovation company, selecting, integrating, deploying, and maintaining PropTech in healthy buildings. As trusted advisors, we provide holistic evidence-driven solutions and services for building developers, owners, and operators in Canada. UPI operates through its wholly owned subsidiary, VCI Controls Inc. ("VCI"), a leading supplier and integrator of PropTech healthy building solutions and services. VCI is an industry leader in the acquisition and deployment of intelligent building technology, including the integration of all building systems utilizing the latest in communications technologies and standards. VCI's business focuses on digital controls and mechanical services, performance monitoring, and energy efficiency solutions.
With headquarters in Toronto, Universal PropTech Inc. has offices across Canada including, Halifax, Montreal, and Ottawa. For more information, visit www.universalproptech.com.
Contact Information
Universal PropTech Inc.
Chris Hazelton
President and Chief Executive Officer
chazelton@universalproptech.com
(647) 300-2957
Additional Universal PropTech Statement
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Forward-Looking Statements
Certain information provided in this press release constitutes forward-looking statements and information within the meaning of applicable securities laws. Forward-looking information typically contains statements with words such as "anticipate", "believe", "forecast", expect", "plan", "intend", "estimate", "propose", "project", or similar words suggesting future outcomes. The Company cautions readers and prospective investors in the Company's securities not to place undue reliance on forward-looking information as, by its nature, it is based on current expectations regarding future events that involve a number of assumptions, inherent risks and uncertainties, which could cause actual results to differ materially from those anticipated by the Company.
The forward-looking information included herein is expressly qualified in its entirety by this cautionary statement. The forward-looking information included herein is made as of the date hereof and the Company assumes no obligation to update or revise any forward-looking information to reflect new events or circumstances, except as required by law.
Neither the TSX Venture Exchange ("Exchange"), nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
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