Kontrol Technologies Corp (OTCQB:KNRLF, NEO:KNR) said it has been selected by a leading property management firm in Ontario to deliver an energy savings and efficiency upgrade for a social housing building.
The project will involve a replacement of the customer's current HVAC systems to provide lower energy consumption, improved real-time management and a reduction in corresponding emissions, Kontrol said in a statement.
As Kontrol CEO Paul Ghezzi noted, the social housing market is an area of strategic focus for Kontrol due to the preponderance of ageing buildings that require energy efficiency upgrades.
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“In addition to the need for energy savings and energy security, there is also a growing demand for emission reductions,” Ghezzi told investors.
“Many social housing buildings receive funding from various level of government tied to building improvements with verifiable emission reductions.”
Once completed, the project is designed to deliver energy savings in the range of 20% per year, with a corresponding reduction in emissions, Kontrol noted. Kontrol said it will provide real-time ongoing monitoring and optimization.
Nearly half of the project’s funding came from various government funding sources, according to Kontrol.
The province of Ontario and the federal government have committed to spend $4 billion through the province's housing programs over the next number of years, including $2.9 billion of federal support and $1.1 billion of provincial spending.
Toronto-based Kontrol provides solutions and services to its customers to improve energy management, monitor continuous emissions and accelerate building sustainability practices.
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