Expect to apply AI to wind turbine blade inspection with drones and 3D laser scanners in Q2 2018
Carries over existing contracts into 2018 valued at $700K CAD
Will target the over 70% of wind turbines currently off warranty worldwide
Solutions will maximize ROI through AI and analytics backed by in-house wind turbine technology expertise
VANCOUVER, March 8, 2018 /CNW/ - Universal mCloud Corp. (TSX-V: MCLD) ("mCloud" or the "Company"), a leading provider of IoT-connected asset care technology solutions, today announced the closing of its Share Purchase Agreement ("SPA") for 100% of NGRAIN (Canada) Corporation ("NGRAIN"). NGRAIN brings revolutionary Artificial Intelligence ("AI") and 3D/Augmented Reality technology to mCloud's AssetCare™ Cloud Solution. This transaction adds 10 patents in applied 3D technology to mCloud's product portfolio, supplementing mCloud's existing patents in HVAC diagnostic technology.
NGRAIN's AI and 3D technology, which currently serves numerous aerospace and military applications demanding high precision and reliability, will now enable mCloud to offer these same military-grade capabilities to maximize the performance of critical energy assets. Lockheed Martin is just one company among many that currently benefits from NGRAIN's technology. NGRAIN supplies the Battle Damage Assessment and Repair capabilities used by Lockheed Martin for maintenance, sustainment, and readiness of their F-35 and F-22 stealth fighters deployed worldwide.
mCloud plans to go live in Q2 2018 with NGRAIN's AI-powered damage assessment technology, deploying drones to conduct high-resolution aerial surveys of wind turbines and will use NGRAIN's sophisticated computer vision capabilities to semi-autonomously inspect turbine blades for damage, correlate blade condition with turbine energy output and provide guidance on all required repairs. With the ability to assess entire wind farms at scale, and at a fraction of the cost of traditional inspections, mCloud expects these capabilities will dramatically influence the economics of owning and operating wind assets around the world.
"According to research studies, turbine blade damage can result in annual energy production losses of up to 25%," said Russel McMeekin, President and CEO of mCloud. "We will be the industry's only provider of an AI-powered Digital Blade Inspection capability, setting new standards both in terms of how the industry will conduct inspections going forward and how asset owners will ultimately profit from the optimized performance of their assets. As we head into the second half of 2018 and lead up to 2019, NGRAIN's AI technology, combined with our in-house wind expertise, will allow us to further optimize customer's asset care budgets."
"Feedback from wind technology providers, suppliers, service organizations, and other key stakeholders has been overwhelmingly positive. AI-powered inspections are an incredible market opportunity as the vast majority of turbine assets today operate with no scalable strategy to maximize their energy output, and ultimately their ROI," continued McMeekin. "We expect this to enhance our ability to scale in North America and Europe and accelerate our entry into new markets such as China. Since acquiring the joint technology rights of Norwin wind turbine technology and adding Ole Sangill and Yan Zhao to mCloud's team for our China expansion strategy, these global market opportunities have become increasingly compelling."
Dr. Barry Po, NGRAIN's Senior Director, Product and Business Development added, "We have been working closely with the mCloud team since announcing this transaction earlier this year. We have made great progress in defining and getting ready for a very aggressive roll-out of our AI-powered damage assessment capabilities as part of the AssetCareTM Wind solution."
The NGRAIN acquisition will contribute to mCloud's culture of continuous innovation. It is expected that NGRAIN's AI and 3D technology will expand beyond wind turbine inspection to other asset classes that make up the rapidly-growing mCloud portfolio of assets under management, which currently stands at well over 10,000 connected assets worldwide. Plans are already underway to bring new capabilities and services to the ever-increasing number of connected assets. For wind turbines, this includes AI-backed certification. In addition to its use with wind assets, NGRAIN's capabilities will also enhance how mCloud intelligently manages the energy consumption of smart buildings as well as the performance of distributed electrical transformers.
About Universal mCloud Corp.
mCloud is headquartered in Vancouver, BC with technology and operations centers in San Francisco, CA and Bristol, PA. mCloud is an IoT connected asset care cloud solution company utilizing connected IoT devices, leading deep energy analytics, secure mobile and 3D technologies that rally all asset stakeholders around an Asset-Circle-of-Care™, providing complete real-time and historical data coupled with guidance and advice based on deep analytics and diagnostics resulting in optimal performance and care of critical equipment. It's all about the asset. The powerful and secure AssetCare™ environment is accessible everywhere, 24/7 through standard mobile devices, ruggedized headsets, and web browsers. For more information, visit www.mCloudCorp.com.
NGRAIN brings artificial intelligence to damage assessment, serving customers in insurance, aerospace, and defense. Since 2000, the company has helped organizations transform their maintenance and inspection practices through the use of AI and 3D. With proprietary technology developed in-house, NGRAIN helps organizations settle insurance claims faster, get every inspection right the first time, and create opportunities to serve customers better. The company is headquartered in Vancouver, Canada with satellite offices in Ottawa, Canada and Des Moines, USA.
Forward-Looking Information and Statements
This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information contained herein may include, but is not limited to, information concerning the Company's ability to save customer budget costs, the ability to roll out the damage assessment technology in a timely manner, the ability to expand the asset base of the Company, the future business prospects and the potential revenue of the Company.
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An investment in securities of the Company is speculative and subject to a number of risks including, without limitation, the risks discussed under the heading "Risk Factors" on pages 29 to 46 of the Company's filing statement dated October 5, 2017. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information and forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.
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SOURCE Universal-mCloud Corp
For further information: Justin Canivet, NATIONAL | Equicom, T: 416-586-1942, [email protected]; Russ McMeekin, Chief Executive Officer, Universal mCloud Corp., T: 415-635-3500