April 23, 2010
April 20, 2010 – Las Vegas, NV – Power Efficiency Corporation (OTCBB: PEFF), a clean tech company focused on energy efficiency technologies for electric motors, and KONE Inc. (OMX: KNEBV), one of the world’s leading elevator and escalator companies, today announced that KONE has installed its EcoStart®, which incorporates Power Efficiency’s E-Save Technology®, on escalators at the U.S. Capitol Visitor Center.
Power Efficiency will also be displaying E-Save Technology at the U.S. Capitol Earth Day energy and environmental showcase sponsored by the Architect of the U.S. Capitol and the U.S. Senate Superintendent’s office. It will take place on Earth Day, Thursday, April 22nd, from 9 AM – 3 PM in the Hart Senate Office Building room 216 in the Capitol complex.
The U.S. Capitol Visitor Center is the newest addition to the historic Capitol Complex. At nearly 580,000 square feet, the Visitor Center is the largest project in the Capitol’s more than two-century history and is approximately three-quarters the size of the Capitol itself. The entire facility is located underground on the east side of the Capitol so as not to detract from the appearance of the Capitol and the grounds designed by Frederick Law Olmsted in 1874. Since opening on December 2, 2008, the anniversary of the placement of the Statue of Freedom atop the Capitol Dome in 1863, millions of people have visited the Capitol, entering through the Capitol Visitor Center.
The KONE EcoStart® is a unique motor efficiency controller for escalators that improves the efficiency of the escalator’s electric motor, typically by 20-35%. The EcoStart incorporates Power Efficiency Corporation’s E-Save Technology and is manufactured by Power Efficiency exclusively for KONE.
“I am proud to continue my strong support for Nevadans that are creating jobs and building our clean energy economy,” Nevada Senator Harry Reid said. “Nevada’s Power Efficiency Corp. is helping save taxpayers money by making the historic Capitol Building more energy efficient and advancing technologies that will improve our energy and environmental security.”
Vance Tang, KONE EVP and Area Director for the Americas, said, “We have been partners with Power Efficiency for many months now and have installed the EcoStart in several airports, including Washington Dulles International Airport and McCarran International Airport, as well as numerous other facilities. We are very proud of this installation at the U.S. Capitol Visitor Center, which is another marquee project that demonstrates our commitment to be Environmentally Excellent.”
Steve Strasser, Chairman and CEO of Power Efficiency Corporation, commented, “The installation of the EcoStart with Power Efficiency’s E-Save Technology at our nation’s Capitol demonstrates the growing acceptance of our technology for enhancing energy efficiency as well as the mutual benefits of our partnership with KONE.”
About the U.S. Capitol Visitor Center
The U.S. Capitol Visitor Center was built to provide a welcoming and educational environment for visitors to learn about the unique characteristics of the House and the Senate and the legislative process as well as the history and development of the architecture and art of the U.S. Capitol. The Visitor Center provides an increased focus on visitor comfort, safety and security resulting in a seamless, positive visitor experience at the U.S. Capitol. The visitor experience is an intellectual and emotional encounter comprised of highly personal moments that inform, involve and inspire those who come to see the U.S. Capitol.
KONE is one of the global leaders in the elevator and escalator industry. The company has been committed to understanding the needs of its customers for the past century, providing industry-leading elevators, escalators and automatic building doors as well as innovative solutions for modernization and maintenance. The company’s objective is to offer the best people flow experience by developing and delivering solutions that enable people to move smoothly, safely, comfortably and without waiting in buildings in an increasingly urbanizing environment. In 2009, KONE had annual net sales of EUR 4.7 billion and approximately 34,000 employees. KONE class B shares are listed on the NASDAQ OMX Helsinki Ltd in Finland. Founded in 1910, KONE celebrates its centennial anniversary in 2010. www.kone.com
KONE Inc. Contact:
Kellie Lindquist, Marketing Manager
Tel: (630) 955-4202
About Power Efficiency Corporation
Power Efficiency Corporation is a clean tech company focused on efficiency technologies for electric motors. Power Efficiency is incorporated in Delaware and is headquartered in Las Vegas, Nevada. The Company has developed a patented and patent-pending technology platform, called E-Save Technology, which has been demonstrated in independent testing to improve the efficiency of electric motors by up to 35% in appropriate applications. Electric motors consume over 25% of the electricity in the U.S. and many operate inefficiently. E-Save Technology can be licensed to motor, controls and equipment manufacturers. Power Efficiency’s products, based on E-Save Technology, include an Industrial Motor Efficiency Controller for three phase applications, such as escalators, crushers, granulators, mixers, saws and MG elevators, and a new Appliance Motor Efficiency Controller for small single phase applications such as residential and light commercial appliances. For more information, go to www.powerefficiency.com.
Power Efficiency Corporation Contact:
BJ Lackland, CFO
The Investor Relations Group
Jason Strominger (Investor Relations)
Mike Graff (Public Relations)
As a cautionary note to investors, certain matters discussed in this press release may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such matters involve risks and uncertainties that may cause actual results to differ materially, including the following: changes in economic conditions; general competitive factors; acceptance of products in the market; success in technology and product development; and all the risks and related information described from time to time in SEC filings, including the financial statements and related information contained in SEC filings. Power Efficiency assumes no obligation to update the information in this release.