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Also reports major progress being made in the Middle East and other key initiatives globally
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Expects to add more than 10,000 AssetCare™ oil and gas assets in 2022
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Early outlook for 2022 includes plans to have more than 90,000 connected assets by year-end
mCloud Technologies Corp. a leading provider of AI-powered asset management and Environmental, Social, and Governance (“ESG”) solutions announced the warrants issued in connection with the Company’s underwritten public offering originally announced on November 24, 2021 (the “Warrants”) have been approved for listing on Nasdaq. The Warrants are expected to commence trading on or about February 15, 2022 under the symbol MCLDW.
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A total of 2,415,000 Warrants have been issued. Each Warrant enables the holder to acquire one common share of the Company at a price of US$4.75 per share. The Warrants expire on November 29, 2026 and the CUSIP is 582270179.
Update on AssetCare Oil and Gas Growth Worldwide
mCloud also announced today the progress being made on key global initiatives across the Company.
The Company announced on January 25, 2022 it had signed a Memorandum of Understanding (“MOU”) with Aramco to jointly deliver ESG applications enabling the decarbonization of oil and gas assets.
Among these are applications to facilitate the automation of Leak Detection and Repair (“LDAR”), 3D digital twins, connected worker solutions, and digitalized facility operations and maintenance capabilities. In addition to the Company’s collaboration with Aramco, mCloud has established relationships with other oil and gas companies in the Kingdom of Saudi Arabia and abroad, immediately targeting over 10,000 oil and gas assets for AssetCare implementation through the Company’s ESG-Digital Hubs in Saudi Arabia and Houston. Most of these are anticipated to be fully connected in 2022.
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Update on Connected Buildings in North America
The Company has begun to connect retail buildings leveraging advancements in the demand response capabilities originally unveiled by mCloud on June 9, 2021. This progress includes buildings in areas served by Con Edison in New York state.
mCloud is using AI to enable substantial energy efficiency improvements in commercial buildings with electric vehicle (“EV”) charging stations. Communication with the energy grid allows AssetCare-connected buildings to optimize energy consumption at peak times of day, load balancing HVAC, EV, and other major loads that draw on the energy grid and local energy storage, creating considerable energy cost savings for customers and helping them manage the full energy envelope of their buildings.
New buildings in North America using this demand response capability are expected to be online in the first half of 2022 with substantial growth in uptake anticipated in the second half of the year.
Additionally, AssetCare for HVAC and Indoor Air Quality solutions are expected to see growth in North America as mCloud leverages previously announced partnerships and engagements to drive new business development. Buildings already connected are seeing measurable benefit from the solution and the Company plans to publish case studies showcasing the improvements customers have seen soon.
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