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.
About NGRAIN
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
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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.
By identifying such information and statements in this manner,
the Company is alerting the reader that such information and
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and other factors that may cause the actual results, level of
activity, performance or achievements of the Company to be
materially different from those expressed or implied by such
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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.
In connection with the forward-looking information and
forward-looking statements contained in this press release, the
Company has made certain assumptions. Although the Company believes
that the assumptions and factors used in preparing, and the
expectations contained in, the forward-looking information and
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such information and statements, and no assurance or guarantee can
be given that such forward-looking information and statements will
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differ materially from those anticipated in such information and
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any forward-looking information and/or forward-looking statements
that are contained or referenced herein, except in accordance with
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SOURCE Universal-mCloud Corp