- Initial agreement delivers mCloud's AssetCare buildings
solution to manage the energy efficiency of auto dealership in Con
Edison territory of Bedford Hills,
NY over a 17-year term
- Solution leverages cloud-based AI to manage energy
consumption of EV chargers using battery storage and solar to
continuously optimize energy use to reduce costs and carbon
footprint
- Signed LOIs in place to connect 15 additional dealerships in
New York with total expected value
of more than $14 million
- mCloud targeting over 2,000 other auto dealerships in
New York and California
SAN
FRANCISCO, March 21, 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 it had signed an agreement on March 17, 2022 to deliver its AssetCare for
Connected Buildings solution to manage the energy efficiency of the
Vail Buick Dealership in Bedford Hills,
New York, the first of 15 planned installations for auto
dealerships in New York state to
help control rising energy costs in the electric vehicle ("EV")
era.
mCloud will deploy an innovative combination of AI in the cloud,
solar power generation, and battery storage to continuously manage
the energy cost and carbon footprint of the entire dealership,
including the substantial increased energy consumption from EV
charging now being implemented onsite. The Vail Buick Dealership
agreement covers a 17-year term commencing on or before
June 2022.
Controlling energy costs has become a pervasive challenge for
auto dealerships such as the Vail Buick Dealership as they are
expected to bear substantially higher energy costs from the growing
energy consumption from EV chargers at their facilities. A 2021 IHS
Markit study predicts EVs will see 52% compounded annual growth by
2025 globally with several major automakers pledging to go fully EV
in their roadmaps, meaning auto dealerships will see greatly
increased energy consumption in the years ahead.
mCloud's AssetCare for Connected Buildings solution uses AI in
the cloud to optimize the energy footprint of commercial
facilities. Through AssetCare, connected facilities can optimize
energy consumption to reduce peak demand for electricity and lower
the overall cost of energy by dynamically drawing on alternative
energy sources such as solar and battery storage to satisfy demand.
An AssetCare connected solution substantially reduces the carbon
footprint of the facility and decreases demand on the energy
grid.
Based on rates provided by the U.S. Energy Information
Administration and after projecting for annual increases in
electricity rates and increased energy demand from increased EV
sales, mCloud estimates its solution will be able to help auto
dealership customers save over 50% on their energy costs over the
lifetime of an AssetCare agreement. These would typically result in
savings in the order of millions of dollars for an auto dealership
location along with the ESG benefits of reducing energy consumption
and improving sustainability.
Alongside the agreement with Vail Buick Dealership, there are
currently 15 additional auto dealership projects in New York state under development, with a
cumulative expected value of more than $14
million. Letters of Intent (each an "LOI") have been signed
for each project, a required step to securing the utility approvals
and city permits needed for final contracting. There can be no
assurance the LOIs will be completed as proposed or at all. These
pending agreements along with other future sites are expected to
have typical AssetCare target gross margins greater than 60% on
service terms of 20 years.
With mCloud's partner JouleSmart and their ongoing relationship
with the New York State Energy
Research and Development Authority (NYSERDA), utilities such as Con
Edison, and industry groups such as the Greater New York Auto
Dealership Association ("GNYADA") who provide vital leadership to
their members, the Company has plans in 2022 to target over 2,000
auto dealerships in New York and
California with the support of its
partner network. The Company also plans to continue collaboration
through its partnership with the Mercedes-EQ Formula E Team by
exploring further projects with the wider Mercedes-Benz family.
"mCloud has a simple, practical solution to managing all the
electric load and escalating energy costs of auto dealerships as
this market transitions to selling electric vehicles," said
Costantino Lanza, mCloud's Chief
Growth and Revenue Officer. "We are well-positioned to become a
solution of choice for auto dealerships as we make EV charging
economical for these facilities, eliminating the uncertainty of
paying utility bills that are expected to quadruple or more
compared to their current energy costs."
"The coming wave of EVs such as the new GMC Hummer EV will
require auto dealerships like ours to upgrade their infrastructure
as new EV chargers expose us to unpredictable and much higher
utility bills," said Greg Vail, Vice
President and Partner, Vail Buick GMC. "mCloud's AssetCare solution
provides us with a proven AI platform to minimize operating costs,
letting us focus on our core business while saving money and
fulfilling our commitment as environmental stewards in our
community."
On November 29, 2021, mCloud
announced it was in the process of negotiating enterprise master
service agreements that would serve as the basis for long-term
contract arrangements beyond the 36-month arrangements seen in
standard AssetCare agreements. The Company noted today these
long-term AssetCare engagements around EV charging optimization
along with those associated with the recently announced ESG-Digital
Hub with Aramco on January 25, 2022
are prime examples of these enterprise master service
agreements.
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
connection of 15 additional dealerships in New York state, the expected length of
AssetCare service terms, plans to target over 2,000 additional
dealerships in New York and
California, and plans to engage
the Mercedes-EQ Formula E team.
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.
