mCloud and Carbon Royalty Corp Sign 20-Year Agreement to Fund First 30 AssetCare EV Solutions for Auto Dealerships in the United States
mCloud Technologies Corp. a leading provider of AI-powered asset management and Environmental, Social, and Governance (ESG) solutions announced it had signed an agreement 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.
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