As the world moves away from fossil fuels, companies in various industries are turning to clean, renewable energy sources to reduce costs, save energy, and create a more efficient future. At the same time, there are businesses developing systems that use artificial intelligence (AI), machine learning, cloud computing, and analytics to help companies better manage energy assets. Of those companies using AI to disrupt major industries and create a greener, more energy efficient world, Universal mCloud Corp. (TSXV:MCLD) (OTCQB:MCLDF) stands out in the crowd.
AI has become one of the biggest technological trends that is transforming every business sector around the world, with everyone from corporations to governments jumping on the AI revolution bandwagon. The shift to AI technology is so massive that analysts expect the market to reach $191 billion USD by 2024.
Recently named as one of TSX Venture Exchange’s top performing startups in the technology sector, Universal mCloud is changing the way energy assets are managed through AI-powered solutions that combine IoT, cloud computing, artificial intelligence, and analytics.
The company developed its AssetCare™ platform to help solve some of the world’s most challenging energy problems and boasts an impressive clientele that includes world-class brands like Bank of America, Telus, Dairy Queen, Starbucks, and Cinemark.
Let’s take a look at how Universal mCloud is using AssetCare to reduce energy waste, improve profitability for companies managing energy assets and maximize the lifespan of energy infrastructure around the world.
How AI is Changing the Way Buildings Operate
Universal mCloud is focused on offering asset management solutions to a number of industries, including smart buildings, power utilities, oil and gas, and wind energy. Its smart buildings initiative alone will make a massive dent in the amount of energy being wasted.
According to the U.S. Environmental Protection Agency, commercial buildings lose approximately 30% of their energy, which equates to a loss of $57 billion USD every year. Universal mCloud’s AssetCare platform helps cut this waste by up to 20% by using AI to analyze various data sources like space temperatures, expected occupancy, outdoor weather, and HVAC unit efficiency so it can continuously pinpoint where that building’s energy is being wasted. The platform then makes decisions on a moment-to-moment basis and adjusts settings accordingly to improve comfort and curb unnecessary energy use.
Universal mCloud has already signed numerous agreements to provide commercial buildings with its AssetCare technology, including a six-year agreement with TELUS Corporate Real Estate to upgrade HVAC controls and deploy this technology at one of their premier office towers and upgrade.
The company has also implemented AssetCare at the Heiwado Shopping Center in Changsha, Hunan Province, China as part of a nine-year agreement with the shopping center chain. mCloud’s partner SCN Ltd. plans to take AssetCare to over 1,000 shopping centers in Greater China.
Universal mCloud also signed a deal with Hubei Huayan Zhidian Technology to target commercial buildings throughout 1,200 townships in the Hubei province of China.
AI and Analytics for Peak Wind Power Performance
The push for a greener, more energy efficient planet from government bodies, as well as environmentally savvy individuals, has fueled the demand for renewable energy sources like solar and wind power.
Universal mCloud recognized the opportunity to use AI in this sector, as producing even one megawatt of wind energy can cost a fortune. By bringing AI and analytics to the wind industry, the company is enabling owners and operators of wind turbines to achieve peak performance at a lower cost.
Its AssetCare for Wind Turbines includes virtual blade inspections that identify and characterize blade damage impacting energy production, historical performance data to develop predictive performance models and mobile devices and hands-free digital eyewear to connect maintainers in the field. AssetCare also offers optional drone-assisted field work for fast, cost-effective fleet inspections on demand.
Universal mCloud is collaborating with Britwind, an affiliate of UK’s Ecotricity, to target upgrades of an Endurance E-series fleet of over 1,000 wind turbines.
The upgrade, which is called rEsolve, will see the companies join forces to offer an end-to-end solution that uses mCloud’s AssetCare AI and analytics to enhance the operation of Britwind’s turbines through a five-year warranty in order to improve wind turbine performance and reliability at projects in Europe and China.
How AI Provides Solutions for Smart Utilities
Artificial intelligence is an emerging trend within the electric power industry as well, as utilities look for ways to make systems more reliable, affordable and clean. AI and IoT can assist utilities in a number of areas to improve efficiencies and business performance.
Some of those areas include grid reliability, energy forecasting, generation yield optimization, microgrid management, and back office efficiencies.
Universal mCloud created AssetCare for Transformers to help improve efficiencies for utilities by offering a number of features tailored to their specific needs, extending the lifespan of electrical transformers.
Not only does AssetCare offer predictive maintenance and ongoing monitoring to replace unnecessary site visits, but the IoT-connected transformers will also keep track of key indicators of transformer health like hydrogen concentration, moisture, and oil temperature. In fact, for any given asset, hundreds of variables can be monitored so every aspect of an asset’s health and performance can be tracked.
The live dashboard monitors transformers and includes an early warning system to enable maintainers to prevent power outages as well as extending the operational life of units.
The best part about Universal mCloud’s sensor package for electric transformers? It is designed to allow virtually any existing transformer to become an IoT-enabled asset. The AssetCare platform gives utilities and service providers a complete solution that enables transformers to be connected without the need for wholesale replacement.
It’s clear that Universal mCloud is onto something big with its AssetCare platform and its ability to fine-tune its technology to be used by various industries. Not only will this innovative technology lead to significant savings for businesses and individuals, but it will also play a major role in creating a more clean, energy efficient world.
Investors should keep an eye out for Universal mCloud’s annual financial statements, which are expected to be completed by May 24, 2019.