LAS VEGAS--(BUSINESS WIRE)--Power Efficiency Corporation (OTCBB: PEFF), a clean tech company focused on efficiency technologies for electric motors, announced today that it has signed a collaborative agreement with the Interplex Group in Malaysia. The Interplex Group is a diversified holding company which owns and operates a variety of technical businesses involved in the manufacturing of various products, including MS Elevators, one of the largest manufacturers of, and service providers for, elevators and escalators in Southeast Asia.
“I think energy efficiency, especially relating to power electronics, will be one of the fastest growing businesses in Asia for the next 20 years. Our agreement with Power Efficiency will allow us to be a part of the growing trend towards the development and manufacturing of energy-efficient systems to meet the demand from our customers,” said Dato’ Poh Kim Seng, Executive Chairman and CEO of the Interplex Group.
“We are extremely excited about this agreement because it gives Power Efficiency access to the Asian market and the ability to offer our E-Save Technology® platform and suite of motor efficiency controllers (MEC) to the fastest growing and largest markets for elevators and escalators. Our intention has always been to expand into Asia, and through this relationship, we are joining with a long established business which distributes elevators and escalators to 26 countries, primarily in Asia and the Middle East,” said Steve Strasser, Chairman and CEO of Power Efficiency Corporation.
The agreement calls for Power Efficiency Corporation and the Interplex Group to work together on product development, manufacturing and sales, including introductions to some of Asia’s largest manufacturers and OEMs of elevators, escalators and related components. The two companies will also be working collaboratively to develop new products utilizing Power Efficiency’s patented E-Save Technology®.
Power Efficiency’s 3-phase Motor Efficiency Controllers feature E-Save Technology®, a patented technology platform that typically reduces electric motor energy usage by up to 35% in appropriate applications. Power Efficiency’s 3-phase motor efficiency controllers can be used in a wide variety of applications, including escalators, MG elevators, conveyors, mixers, grinders, crushers, granulators and shredders. Power Efficiency has also developed a 1-phase motor efficiency controller for use in household appliances such as washers, dryers and refrigerators.
“Last month we participated in Eco Expo Asia with the intent of increasing our business presence in the region. Our trip only served to reaffirm in our minds the dynamic and growing market opportunities available for energy efficiency technologies and products in Asia. The Interplex Group has an outstanding management team as well as sales, engineering and manufacturing capabilities. The Interplex Group is strategically located in Penang, Malaysia which is an established center for research, development and manufacturing of electrical products and semiconductors,” said Strasser.
About Interplex Group and KS Poh
The group of companies in the Interplex Group were started by a Malaysian entrepreneur, KS Poh, and range from elevators, escalators, building systems, permanent magnet synchronous motors, sheet metal manufacturing, precision engineering manufacturing, to mold and die manufacturing companies.
MS Elevators, one of the companies started and still led by KS Poh, is one of the largest full lifecycle elevator and escalator companies in Southeast Asia, and is located in Malaysia. MS Elevators was started in 1982 to supply, install and maintain elevators and in 1989 started manufacturing elevators and escalators. Over the years, significant amounts of money have been invested in research and development of elevator controls, software, and complete elevator and escalator systems. Later investment expanded into building control and monitoring systems. As such, the product line greatly expanded and MS Elevators now produces a full spectrum of configurable elevators, escalators, and monitoring and building systems to suit the property development, commercial, residential, and industrial needs in many countries.
At the start of the 21st century, KS Poh saw it strategic to invest in energy-saving technologies and acquired a Permanent Magnet Synchronous Motor (PMSM) company and took the product line to maturity. In addition, investments were made to develop inverters and to fully use inverters where applicable. The Interplex Group sees energy saving as a strategic direction and is committed to commercializing energy-saving products for its customers and for the environment.
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, as well as 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.
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 Power Efficiency’s products in the market; Power Efficiency’s success in technology and product development; its ability to execute its business model and strategic plans; and all the risks and related information described from time to time in Power Efficiency’s SEC filings, including the financial statements and related information contained therein. Power Efficiency assumes no obligation to update the information in this release.