In the last few months alone, Universal mCloud Corp. (TSXV:MCLD) (OTCQB:MCLDF) has earned its title as a leading provider of asset management solutions. According to a corporate update from today, the company is currently on track to have more than 40,000 total assets connected by the end of 2019.
These assets—from across all of mCloud’s business segments, which includes Wind, Oil and Gas, and Building—have all been connected with the company’s AssetCare platform.
This announcement was made by Universal mCloud President and CEO Russ McMeekin, and marks the incredible customer growth that the AssetCare platform has brought the company in a remarkably short time.
“We now have a substantial connected footprint beyond buildings with our recent expansion to wind farms and oil and gas facilities, and we remain positioned to grow mCloud’s operations across all our segments as we enter the fourth quarter of 2019,” said McMeekin in a press release.
Universal mCloud’s Rapid Growth in Oil & Gas
On July 11 of this year, the company finalized its acquisitions of Fulcrum Automation Technologies and Autopro Automation Consultants. This signaled Universal mCloud’s entrance into process industries—specifically, oil and gas, petrochemical, and pipeline management.
Some of the technology that mCloud accessed through the Autopro acquisition became the basis for the company’s first remote management application for Smart Oil and Gas. The first delivery of these applications was made on July 22 to six oil and gas facilities in Alberta, Canada.
Using a Software-as-a-Service model, mCloud began earning annual contracted recurring revenue from the delivery. This revenue totals $1 million CAD.
Since July, Universal mCloud has made quick progress in bringing additional AssetCare capabilities online. By leveraging Autopro’s engineering services and customer relationships, the company estimates that it has connected 100 new oil and gas assets since it completed the acquisition.
It also expects to continue adding more process assets to its portfolio through the remainder of the year. mCloud’s long-term goal is to reach over 14,000 midstream facilities in oil and gas centers worldwide.
mCloud’s Expansion into Smart Energy, Smart Facilities and Emerging Solutions
On August 19, Universal mCloud announced the signing of an agreement with Longyuan Construction Investment Wind Power Co., Ltd. The agreement saw the company connect 35 GE wind turbines at Longyuan’s Pu Fa Wind Farm in China.
Since then, mCloud’s Smart Energy team has been working with Longyuan to establish a performance baseline for these turbines. In the coming weeks, the team will be helping operators at three additional wind farms in China collect and classify data about the condition of their wind turbine blades.
AssetCare will allow the operators to identify opportunities to improve wind energy production through better management of their blades. mCloud expects to engage in similar digital blade inspection activities in continental Europe through the remainder of 2019.
Meanwhile, Universal mCloud’s Smart Facilities team continues to onboard new customers adopting AI to save energy via more efficient HVAC and zone lighting. It now has over 7,000 buildings in the AssetCare Smart Facilities portfolio, each with multiple connected assets.
On September 12, the company announced plans to expand its AssetCare offering to focus on emerging solutions. It expects the first of these capabilities to go live sometime in the fourth quarter of 2019.
Takeaway
Universal mCloud continues to create a more efficient future through its AssetCare platform. It has over 100 blue-chip customers and is fast approaching 40,000 total connected assets. Keep watching this space for more developments from this game-changing company.
Featured image: DepositPhotos © SergeyNivens