mCloud Technologies Corp. a leading provider of AI-powered asset management and Environmental, Social, and Governance (“ESG”) solutions today announced it had closed US$15 million in funding for the first 30 AssetCare EV implementations at auto dealerships in New York and California in partnership with Carbon Royalty Corp.
On March 30, 2022, mCloud announced it had signed an agreement with Carbon Royalty Corp to partner in the implementation of these solutions. Carbon Royalty Corp fully funds the implementation of these AssetCare contracts and each party receives 50% of the tax incentives, carbon credits, and other financial benefits over the life of these contracts, typically on 20-year terms.
Leveraging cloud-based AI and analytics, mCloud’s AssetCare platform automatically measures and tracks in real-time all the data required to qualify for such incentives, creating the auditable transparency needed to immediately access a number of strategic carbon tax credit programs.
mCloud hosted a showcase of its AssetCare EV optimization solution for auto dealerships at the New York International Auto Show alongside local partner JouleSmart in mid-April. The Company’s AssetCare solution was well-received by those attending, where mCloud had the opportunity to interact with over 200 New York auto dealership owners at the event. The success experienced at the event positions mCloud well to move forward in partnership with Carbon Royalty Corp to implement a next potential round of 30 additional dealerships.
In anticipation of ongoing growth and scale for AssetCare with auto dealerships, mCloud has aligned with key suppliers to ensure the Company’s ability to rapidly meet demand as new dealerships are onboarded.
“The reception we received at the New York International Auto Show was outstanding,” said Costantino Lanza, mCloud’s Chief Growth and Revenue Officer. “At our current run rate, we expect to have added over $3 million in ARR from connected auto dealerships by the end of 2022.”
“We are encouraged by the pace at which mCloud’s AssetCare solution is being taken up by auto dealerships, opening the doors for us to access extensive carbon tax credits, incentives, and benefits in New York and California,” said Amber Brown, President of Carbon Royalty Corp. “AssetCare’s automated optimization, measurement, tracking, and auditable reporting are crucial to making all this possible.”
mCloud continues to expect its partnership with Carbon Royalty Corp will enable both parties to scale beyond 500 auto dealerships by the end of 2023.
For more information about AssetCare for Auto Dealerships, visit assetcare.mcloudcorp.com/auto to learn more.
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.