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 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