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.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Universal-mCloud Corp