February 4, 2010

KONE EcoStart®  Installed on the Escalators at Washington Dulles International Airport to Save Energy

The KONE EcoStart® Incorporates Power Efficiency Corporation’s E-Save Technology® to Save Energy

February 4, 2010 – Las Vegas, NV – KONE Inc. (OMX: KNEBV), one of the world’s leading elevator and escalator companies, and Power Efficiency Corporation (OTCBB: PEFF), a clean tech company focused on energy efficiency technologies for electric motors, announced that KONE has installed the EcoStart® on escalators at Washington Dulles International Airport (IAD).

The KONE EcoStart is a unique motor efficiency controller that soft starts an electric motor, bringing it from rest to full speed. Once it is at full speed, the EcoStart monitors the motor and improves its efficiency when operating, typically saving 20% or more of the electricity used by the escalator. By conserving energy, the EcoStart supports the building’s sustainability programs and contributes to environmental protection efforts. The EcoStart incorporates Power Efficiency Corporation’s E-Save Technology® and is manufactured by Power Efficiency exclusively for KONE.

Washington Dulles International Airport, located 26 miles from Washington D.C. in Chantilly, VA, is part of the Metropolitan Washington Airport Authority and serves the Washington D.C. metropolitan area. The airport has 143 gates and in 2008 served approximately 24 million passengers going to and from 83 nonstop domestic and 43 nonstop international destinations. 

Vance Tang, KONE EVP and Area Director for the Americas, stated, “KONE is proud to play an important role in improving the energy efficiency and reducing the carbon footprint of Washington Dulles International Airport.  The KONE EcoStart® makes good business sense and good environmental sense.  Our focus at KONE is to bring our customers safe, comfortable and efficient people flow solutions that consider the environmental impact throughout their entire life cycle. The increased efficiency gained by using the EcoStart will immediately benefit the airport and the surrounding community.”

Steve Strasser, Chairman and CEO of Power Efficiency Corporation, commented, “We are very pleased to work with KONE to help the airport save energy. Working with KONE, we have developed the EcoStart® to address the complex energy savings requirements of large facilities such as Dulles Airport.”

About KONE
KONE’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. KONE provides its customers with industry-leading elevators, escalators and innovative solutions for modernization and maintenance, and is one of the global leaders in its industry. In 2008, KONE had annual net sales of EUR 4.6 billion and over 34,800 employees. KONE class B shares are listed on the NASDAQ OMX Helsinki Ltd in Finland. www.kone.com

KONE Inc. Contact:
Kellie Lindquist, Marketing Manager
Tel: (630) 955-4202
Email: kellie.lindquist@kone.com

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
Tel: 702-697-0377
The Investor Relations Group
212-825-3210
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 the Company’s products in the market; the Company’s success in technology and product development; the Company’s ability to execute its business model and strategic plans; and all the risks and related information described from time to time in the Company’s SEC filings, including the financial statements and related information contained in the Company’s SEC filing. Power Efficiency assumes no obligation to update the information in this release.