- Britwind and mCloud sign MOU to target upgrades of an Endurance E-series fleet of over 1,000 wind turbines.
- mCloud enables Britwind to offer the upgrade as a subscription service with zero capital outlay by wind turbine owners on a typical 5-year term.
- Upgrades will allow Britwind customers to take advantage of mCloud's AI and analytics capabilities to improve wind turbine performance and reliability.
VANCOUVER, March 26, 2019 /CNW/ - Universal mCloud Corp. (TSX-V: MCLD) (OTCQB: MCLDF) ("mCloud" or the "Company"), a leading provider of asset management solutions combining IoT, cloud computing, artificial intelligence ("AI"), and analytics, is pleased to announce the signing today of a Memorandum of Understanding ("MOU") with Britwind Ltd, an affiliate of Ecotricity ("Britwind") – the world's first green energy company.
Britwind is a full-service company in the small and medium-size wind segment with proven excellence in wind energy production, operations, and maintenance. In collaboration with Britwind partner Norwin Energy, Britwind has designed an upgrade to a fleet of over 1,000 Endurance E-series turbines, for which Ecotricity acquired IP rights in 2017 and addresses structural risks present in the installed fleet.
Through the upgrade, called rEsolve, mCloud and Britwind are working together to offer Britwind customers a complete end-to-end upgrade solution on a subscription basis. The solution will include the opportunity to use mCloud's AI and analytics to enhance the operation of their wind turbines alongside a 5-year warranty. The rEsolve solution enables E-series owners, most based in the UK, to extend the life of the E-series machines and improve turbine performance for the benefit of both owners and the environment.
"mCloud's expertise in AI and analytics for wind applications complements Britwind's strengths in the manufacturing and maintenance of wind turbines," said Costantino Lanza, mCloud's Chief Growth Officer, who is also leading mCloud's activities in the Smart Wind segment. "Our AssetCare™ for Wind solution will connect Britwind turbines to help their customers achieve peak performance."
"Britwind is committed to providing the best care to our customers, and mCloud's innovative solution has the potential to extend the life of any Endurance E-series turbine," said Radek Fedyk, Britwind's Head of Operations & Maintenance. "By partnering with mCloud, who can leverage third-party capital through its subscription model, we can offer a zero-upfront capital solution that is further enhanced with mCloud's AssetCare for continuous monitoring and performance assessment."
The Endurance E-series rEsolve upgrade will be available later this year. Interested E-series owners are encouraged to contact Britwind at +44 (0) 1453 790 210 for more information.
About Universal mCloud Corp.
Universal mCloud is creating a more efficient future with the use of AI and analytics, curbing energy waste, maximizing energy production, and getting the most out of critical energy infrastructure. Headquartered in Vancouver, Canada, with technology and operations centers in San Francisco, CA and Bristol, PA, mCloud takes advantage of IoT sensors to bring data from connected assets into the cloud, applying AI and analytics to maximize their health and performance. Today, mCloud offers complete asset management solutions to four distinct segments: smart buildings, wind energy, utilities, and oil and gas. With over 100 blue chip customers and more than 28,000 assets connected in thousands of locations worldwide, mCloud is changing the way energy assets are managed. For more information, visit www.mcloudcorp.com.
Britwind is an affiliate of Ecotricity, Britain's greenest energy company delivering 100% green energy, headquartered in Stroud, Great Britain. Britwind is a step up for the small wind industry, delivering and servicing windmills to landowners and business across Britain. Britwind brings big wind performance to small wind. The company unites experts with experience and ability from both the big and small wind industry. In 2017, Britwind acquired Endurance Wind Power IP and initiated work and collaboration programs on creating retrofit designs to support the E-Series fleet owners with the design issues found in the turbines. For more information, visit www.britwind.co.uk.
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".
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An investment in securities of the Company is speculative and subject to several risks as 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: Heidi Christensen Brown, NATIONAL Capital Markets, T: 416-848-1389, [email protected]; Russ McMeekin, Chief Executive Officer, Universal mCloud Corp., T: 415-635-3500