- On the back of first auto dealership recently announced on
March 21, mCloud swiftly moving to
contract with additional auto dealerships in New York and California
- Agreement enables AssetCare implementation, splitting tax
incentives, carbon credits, and other green energy infrastructure
charging benefits equally between mCloud and Carbon Royalty Corp
over expected 20-year length of AssetCare contracts with auto
dealerships
- Plans to use this approach to scale beyond 500 auto
dealerships by end of 2023
SAN FRANCISCO, March 30, 2022 /CNW/ - mCloud
Technologies Corp. (Nasdaq: MCLD) (TSX-V: MCLD), ("mCloud" or
the "Company") a leading provider of AI-powered asset management
and Environmental, Social, and Governance ("ESG") solutions today
announced it had signed an agreement on March 28, 2022 with Carbon Royalty Corp to
proceed with closing and funding the first 30 AssetCare solutions
to optimize Electric Vehicle ("EV") charging efficiency at auto
dealerships in the states of New
York and California.
mCloud previously announced on March 21,
2022 it had signed its first AssetCare contract with the
Vail Buick Dealership in Bedford Hills,
New York. The Company currently has 21 auto dealerships in
planning for contract and installation.
The agreement partners mCloud with Carbon Royalty Corp, enabling
the implementation of these AssetCare contracts to be fully funded
via Carbon Royalty Corp. As a benefit of this partnership, Carbon
Royalty Corp receives 50% of the tax incentives, carbon credits,
and other accretive financial benefits mCloud would be eligible to
receive in the United States
resulting from the implementation of these solutions. These
benefits would be split between mCloud and Carbon Royalty Corp over
the expected 20-year contract terms of AssetCare arrangements.
"This partnership between mCloud and Carbon Royalty Corp will
greatly accelerate mCloud's ability to connect auto dealerships
across the United States," said
Russ McMeekin, mCloud President and
CEO. "Additional Letters of Intent beyond the 21 already signed
with other dealerships are in progress toward formal
agreements."
"Carbon Royalty Corp is pleased to partner with mCloud to
implement this accretive green energy initiative across
the United States," said
Amber Brown, President of Carbon
Royalty Corp. "mCloud's AssetCare Software-as-a-Service technology
solution moves auto dealerships in New
York and California to a
sustainable, green-sourced EV future, proven through their
deployment with companies such as Aramco, Bank of America,
Mercedes-EQ, and Starbucks to optimize electrical costs and reduce
GHG emissions."
"We view this initiative to switch auto dealerships to green
power for EV charging as strong and growing, advancing both
corporate and government decarbonization goals while also
delivering strong financial economics to all parties over the
20-year lifetime of these contracts," Brown added.
mCloud expects to use the approach in place between the Company
and Carbon Royalty Corp to scale beyond 500 auto dealerships by the
end of 2023.
Those interested in this AssetCare solution for auto dealerships
are invited to visit assetcare.mcloudcorp.com/auto to learn
more.
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, 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 63,000 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. mCloud's convertible debentures trade on the TSX
Venture Exchange under the symbol MCLD.DB. 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
progress in contracting additional auto dealerships, the expected
length of term for AssetCare contracts, and plans to connect 500
auto dealerships by 2023.
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 Corp.