June 24 , 2009

Power Efficiency Corporation and ThyssenKrupp Elevator Corporation Americas BU Sign Agreement for Power Efficiency to supply Digital Motor Efficiency Controllers for Escalators and MG Elevators

June 24, 2009 – Collierville, TN and Las Vegas, NV – ThyssenKrupp Elevator Corporation N.A., the North American subsidiary of ThyssenKrupp AG, a German company that is one of the world’s leading elevator and escalator companies, and Power Efficiency Corporation (OTCBB:PEFF.OB), a clean tech company focused on efficiency technologies for electric motors, announced today that they signed an agreement for Power Efficiency to supply its Motor Efficiency Controller (MEC) for use on escalators and MG elevators.

ThyssenKrupp plans to incorporate the MEC as an energy saving option for customers purchasing repairs and modernization for elevator and escalator upgrades.

Power Efficiency’s MEC is a unique motor control that incorporates Power Efficiency’s proprietary E-Save Technology® to improve the efficiency of electric motors.  The MEC soft starts a motor, bringing it from rest to full speed, and protects the motor from adverse conditions, such as voltage and amperage spikes.  Furthermore, when the motor is operating at full speed, Power Efficiency’s E-Save Technology monitors the motor and improves its efficiency, typically reducing energy consumption by 20-35% in escalators and MG elevators.

Stuart Prior, Executive Vice President Product Sales and Marketing for ThyssenKrupp Elevator Corportation Americas Business Unit, said, “In this era of climate change and rising energy prices, improving energy efficiency and decreasing greenhouse gas emissions has become a priority for ThyssenKrupp and for many of our customers.  We are therefore very pleased to have Power Efficiency as a supplier to offer our customers the Motor Efficiency Controller for MG elevators and escalators.  We believe energy saving solutions such as this product are both good for our customers and good for the environment.”

Steven Strasser, Chairman and CEO of Power Efficiency Corporation, said, “We are extremely pleased that ThyssenKrupp has selected Power Efficiency’s Motor Efficiency Controller as an important energy efficiency feature for escalators and MG elevators.  We look forward to working with ThyssenKrupp to address their customers’ desires to save energy and reduce their CO2 emissions.”

E-Save Technology® is a registered trademark of Power Efficiency Corporation.

About ThyssenKrupp Elevator Corporation
ThyssenKrupp Elevator, Americas Business Unit, is the largest producer of elevators in North America, with over 14,000 employees, more than 200 branch and service locations, and sales of over 2.5 billion US dollars. ThyssenKrupp Elevator, Americas Business Unit, oversees all business for the operations in the USA, Canada, Central and South America. It is part of ThyssenKrupp Elevator AG, one of the leading elevator companies in the world, represented at over 800 locations in more than 60 countries. With nearly 40,000 employees, the company generated sales of approximately 5.0 billion euros in the fiscal year ended September 30, 2008. Its capabilities include passenger and freight elevators, escalators and moving walks, stair and platform lifts, passenger boarding bridges as well as quality service for all products.

ThyssenKrupp Elevator is one of five business segments of ThyssenKrupp AG, a global conglomerate with business activities focused on the areas of Steel, Capital Goods and Services. The conglomerate has some 199,000 employees in more than 70 countries, with sales totaling over 53 billion euros. ThyssenKrupp operations can be found in every state in the U.S. There are 70 ThyssenKrupp companies in more than 400 locations accounting for 25,000 employees and more than 9.7 billion US dollars in annual sales.

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.  

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.

ThyssenKrupp Elevator Contact:
Carrie Dyer
Richards Partners
214-891-2948
carrie_dyer@richards.com

Sasha Bailey, LEED AP
ThyssenKrupp Elevator
Americas Business Unit
972-624-7185
sasha.bailey@thyssenkrupp.com

Power Efficiency Corporation Contact:
BJ Lackland, CFO
Tel: 702-697-0377