VANCOUVER, Oct. 3, 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, today provided an update on the progress being made across all of its business segments, spotlighting new customer growth through the Company's AssetCare™️ platform.
"We are excited to announce that mCloud is on track to exceed 40,000 connected assets by year-end," said Russ McMeekin, mCloud's President and CEO. "We now have a substantial connected footprint beyond buildings with our recent expansion to wind farms and oil and gas facilities, and we remain positioned to grow mCloud's operations across all our segments as we enter the fourth quarter of 2019."
Smart Process Industries: Rapid uptake of AssetCare for process assets in oil and gas alongside initial launch of new capabilities
The Company announced on July 11, 2019 that it had completed its acquisitions of Fulcrum Automation Technologies ("Fulcrum") and Autopro Automation Consultants ("Autopro"), signalling mCloud's entrance into process industries including oil and gas, petrochemical, and pipeline management.
Adoption of AssetCare has been swift, with the Company announcing on July 22, 2019 that it had delivered AssetCare to six oil and gas facilities in Alberta, Canada with annual contracted recurring revenues totalling C$1 million across these facilities. Since then, the team has made rapid progress in bringing additional AssetCare capabilities online, including AssetCare Mobile for the hands-free RealWear headset and the new 3D Digital Twin capabilities announced earlier this week.
mCloud has developed new AssetCare customer engagements and pathways to long-term synergistic revenues through the engineering services business operated by Autopro, leveraging these existing customer relationships to get new process assets connected to the cloud on multi-year, recurring contract arrangements. The Company estimates it has connected 100 new oil and gas assets since completion of the Autopro acquisition in July and expects to continue adding more process assets to its portfolio through the remainder of 2019.
Smart Energy: New wind turbines connected to AssetCare for performance analytics and digital blade inspection
On August 19, 2019, mCloud announced it had signed an agreement with Longyuan Construction Investment (Chengde) Wind Power Co., Ltd. ("Longyuan") to connect 35 GE wind turbines at Longyuan's Pu Fa Wind Farm in China. Since the announcement, the Company's Smart Energy team has been working with Longyuan to establish a performance baseline for these turbines, with a particular focus on power curve optimization and pitch system health.
In the coming weeks, the Smart Energy team will also be conducting digital blade inspections at three additional wind farms in China. Through the use of drones and AI, AssetCare will help the operators at these farms quickly collect and classify data about the condition of their wind turbine blades without the need to engage in conventional "rope inspections." Through AssetCare, the team will estimate the impact of blade condition on overall wind turbine performance at these farms, identifying opportunities to improve wind energy production through better management of their blades. The Company expects to engage in more digital blade inspection activities in continental Europe through the remainder of 2019.
The Company's strategic collaboration with Britwind, an affiliate of UK's Ecotricity, originally announced in March 2019, continues to see progress with the Smart Energy team expecting to bring a number of Endurance E-series wind turbines in the UK countryside online with AssetCare in the next quarter. Other Endurance turbines in continental Europe, specifically those operating in Italy, are also in the works.
Smart Facilities: Strong, steady growth in commercial spaces, quick service restaurants, small-box retail, banks, and shopping centers
The mCloud Smart Facilities team continues to onboard new customers adopting AI to save energy via more efficient HVAC and zone lighting, with numerous buildings across North America having come online throughout Q3. The Company now has over 7,000 buildings in the AssetCare Smart Facilities portfolio, each with multiple connected assets.
mCloud also continues to see strong progress in pursuing its strategy in China, building off of the successful implementation of AssetCare at the Heiwado Shopping Center in Changsha, Hunan Province, originally announced in January 2019. Through the use of AI and analytics, the Smart Facilities team is enabling 25% savings in HVAC energy usage and an 8% net reduction in energy use overall at Heiwado. There are dozens of additional malls all across China now engaged in implementation planning for AssetCare.
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. Through mCloud's AI-powered AssetCare™ platform, mCloud offers complete asset management solutions to three distinct segments: smart facilities, power generation, and process industries including oil and gas. IoT sensors bring data from connected assets into the cloud, where AI and analytics are applied to maximize their performance. Headquartered in Vancouver, Canada with offices in locations worldwide including Calgary, San Francisco, and Beijing, the mCloud family includes an ecosystem of operating subsidiaries that deliver high-performance IoT, AI, 3D, and mobile capabilities to customers, all integrated into AssetCare. With over 100 blue-chip customers and more than 35,000 assets connected in thousands of locations worldwide, mCloud is changing the way energy assets are managed. For more information, visit www.mcloudcorp.com.
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SOURCE Universal-mCloud Corp
For further information: Craig MacPhail, NATIONAL Capital Markets, T: 416-586-1938, [email protected]; Chantal Schutz, Chief Financial Officer, Universal mCloud Corp., T: 604-669-9973