Joint Message from the Chair, and President and CEO

Elexicon group - Chair and CEO

Leading progress and change in the evolving energy industry

You may recall that our keywords for 2021 were Resilience and Perseverance. It’s safe to say that those words continue to be critical to the foundation and success of any new company, including ours, but another word fittingly came to the forefront for our organization in 2022: Leadership.

We are in the midst of unprecedented shifts and changes in the energy industry and green economy as the world rapidly accelerates towards decarbonization and more affordable and sustainable buildings, transportation and sources of energy.

In these exciting and turbulent times, we are seizing the opportunity to lead change and progress in the built environment, which between buildings and related mobility, represents well over half of all carbon emissions and energy and utility costs in Canada.

We decided early on in our journey that accelerating the transition to electric vehicles (“EVs”) was going to be an essential cornerstone of our vision and strategy, and in 2022 we made great strides towards delivering on that vision. We successfully launched a new joint venture in EVSTART and installed hundreds of new EV charging stations across Canada and secured contracts to install thousands more in the coming years. And still, we are only just at the very beginning of what promises to be an exponential growth curve towards the full potential of EVs and charging in Canada.

We also led the market in Canada with exciting and innovative technologies, including automated pool covers for community pools, cold water resurfacing systems for ice rinks and revolutionary rooftop wind turbines. The Town of Ajax successfully installed the first automated pool cover of its kind in Canada, which has opened the flood gates for many more facility operators to get on board with lower costs and emissions. We are looking forward to installing the first Aeromine rooftop wind turbines in Canada in 2023.

And we are leading the market with our flagship Envision Utility Savings as a Service program for building owners and operators across Canada, adding many new clients and hundreds of new buildings to our portfolio where we track and analyze utility and carbon emission costs and performance using real-time sensors to drive insights, continuous improvement and return on investment for our clients. We are leading with the market’s most powerful data so we can deliver real-world results to our clients.

We are leading by adopting modern, lean and cloud-based technologies to help our business scale faster and more efficiently with more visibility, automation and integration. In 2022, we started the ambitious transition to Netsuite as our business platform which gives us the support and horsepower to grow from a start-up to a subject matter expert to a large enterprise.

And last, but certainly not least, we are leading by getting the best and brightest people on our team. We more than doubled our employees in 2022 and added some key leadership personnel and experience while promoting many of our rising stars. We must continue to focus on being the best place to work in the industry so we can attract and retain the talent we need to grow to the next level and beyond.

However, 2022 was not without its challenges, as we had significant project and revenue delays driven by global supply chain shortages and bottlenecks, but we weathered the storm, finishing the year with our best quarter as a company.

Looking ahead, 2023 promises to be a breakthrough year for Elexicon Group as we continue to innovate and lead the market in enabling and delivering sustainable and affordable housing, mobility and recreation in the built environment.

Undoubtedly, we will face some new and unexpected challenges on our journey, but we will continue to rely on perseverance, resilience and leadership to see us through.

Karen Fisher, C.Dir SignatureCraig Ballard Signature

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