Agreement marks first phase of commercial
engagement to deliver AssetCare and drive sustainable operations,
reduce emissions, and improve indoor air quality across iconic
650,000 square foot campus
SAN
FRANCISCO, July 13, 2022 /CNW/ - mCloud
Technologies Corp. (Nasdaq: MCLD) (TSXV: MCLD), ("mCloud" or
the "Company") a leading provider of AI-powered asset management
and Environmental, Social, and Governance ("ESG") solutions today
announced a commercial subscription agreement with Mercedes-Benz
Grand Prix Limited ("Mercedes-Benz Grand Prix") to deploy mCloud's
AssetCare Connected Buildings solution at the Mercedes-Benz Grand
Prix headquarters in Brackley, UK
– home of the Mercedes-AMG PETRONAS Formula One™ Team and the
Mercedes-EQ Formula E Team.
The AssetCare agreement was signed on July 12, 2022 and commences with the first phase
of a multi-year campus-wide implementation of AssetCare. A
recurring AssetCare monthly subscription becomes effective at the
completion of the initial installation at Brackley, which is expected to occur in
September 2022. The Company deems the
initial revenues from this agreement to not meet materiality by
regulatory standards. Assets will be added to subscription as they
are connected and the Company will disclose should any future
additions alter materiality.
This AssetCare deployment is mCloud's largest Connected
Buildings solution to-date, cloud-connecting over 650,000 square
feet at Brackley and leverages
mCloud's AI and analytics to create new energy efficiencies,
reductions in CO2e emissions, and improvements to indoor
air quality.
When fully connected, mCloud expects the AssetCare
implementation at Brackley will
comprise significant numbers of new AssetCare connections enabling
the Mercedes-Benz Grand Prix team to have continuous visibility
into facility HVAC, industrial compressors, EV chargers, renewable
energy sources, and more. mCloud and Mercedes-Benz Grand Prix also
plan on rolling out an ESG dashboard accessible on campus, creating
transparency around energy use and further championing sustainable
behaviour onsite.
"We are proud to be working with Mercedes-Benz Grand Prix as
they continue their leadership and commitment to sustainability in
sport," said Russ McMeekin, mCloud
President and CEO. "With AssetCare, Mercedes-Benz Grand Prix is
making their Brackley campus an
unrivaled example of how innovative connected technologies can
continuously drive material reductions in energy consumption,
emissions, and carbon footprint at a world-class campus."
Toto Wolff, Head of Mercedes-Benz
Motorsport, commented:
"We witnessed mCloud's passion for sustainability through our
partnership in Formula E, and we are excited to see the innovative
ways AssetCare can connect us as we search for material reductions
in energy usage across our Brackley campus. Sustainability and the drive
for efficiency are core to our business and that starts at home –
we will be pushing to achieve significant results with AssetCare
across our operations at Brackley
as quickly as possible."
About mCloud Technologies
Corp.
mCloud is unlocking the untapped potential of energy intensive
assets with 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 for commercial
buildings, renewable energy, healthcare, heavy industry, and
connected workers. IoT sensors bring data from connected assets
into the cloud, where AI and analytics are applied to maximize
their performance.
With a worldwide presence and offices in San Francisco, Houston, Vancouver, Calgary, London, Perth, Singapore, 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 64,000 assets connected in thousands of locations worldwide,
mCloud is changing the way energy assets are managed.
mCloud's common shares trade in the
United States on the Nasdaq and in Canada on the TSX Venture Exchange under the
symbol MCLD. For more information, visit www.mcloudcorp.com.
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 information related to the
Company's timing of the AssetCare subscription taking effect, plans
to create new AssetCare connections, and plans to deploy a
campus-wide dashboard at the Mercedes-Benz Grand Prix campus at
Brackley.
By identifying such information and statements in this manner,
the Company is alerting the reader that such information and
statements are subject to known and unknown risks, uncertainties
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
information and statements.
A more complete discussion of the risks and uncertainties facing
the Company appears in the prospectus supplement, the base shelf
prospectus and the registration statement and in the Company's
Annual Information Form and other continuous disclosure filings,
which are available on SEDAR at www.sedar.com and EDGAR at
www.sec.gov. 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
statements are reasonable, undue reliance should not be placed on
such information and statements, and no assurance or guarantee can
be given that such forward-looking information and statements will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such information and
statements. The forward-looking information and forward-looking
statements contained in this press release are made as of the date
of this press release, and the Company does not undertake to update
any forward-looking information and/or forward-looking statements
that are contained or referenced herein, except in accordance with
applicable securities laws. All subsequent written and oral
forward-looking information and statements attributable to the
Company or persons acting on its behalf is expressly qualified in
its entirety by this notice.
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.
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SOURCE mCloud Technologies