Universal mCloud Corp (CVE:MCLD) (OTCMKTS:MCLDF) has delivered the first of its artificial intelligence-powered asset management solutions to oil and gas clients in Alberta, the company announced Monday.
The AssetCare solution is a remote management capability for client support services.
Shares of mCloud powered 5.4% higher by midday Monday trading at C$0.39 and 3.3% higher on OTC markets at US$0.30.
mCloud and Autopro onboarded AssetCare at six oil and gas facilities in Alberta using a Software-as-a-Service (SaaS) model. Annual recurring revenues are expected to total C$1 million over the six facilities.
The remote management technology connects oil and gas assets at upstream, midstream and downstream facilities and allows operators to foresee maintenance issues prior to any disruption in service. AssetCare also provides operators with analytics that link facility data with control system data so that remote asset managers can take corrective action without having to be onsite.
Dr Barry Po, mCloud’s chief product officer, said in a statement that the early customer response the technology provider has received around AssetCare for smart oil and gas has been “tremendous."
"As part of our efforts to bring the mCloud and Autopro teams together, the plans for rolling out AssetCare to customers have been in the works since the acquisition was originally announced,” Po said. “The fact we are seeing immediate traction with customers is a clear signal that AssetCare is in the right place at the right time in the oil and gas industry."
Significant technology provider
Originally developed by Autopro Automation Consultants, the technology came under Universal mCloud’s portfolio following the Vancouver-based company’s July acquisition of Autopro, positioning mCloud as a significant technology provider in the oil and gas sector.
Thanks to the acquisition, mCloud now has access to over 700 midstream oil and gas facilities across western Canada as a potential target market. The company noted that it expects to reach over 14,000 similar facilities in oil and gas centres globally as it expands its international operations.
mCloud has a number of other AssetCare applications in the works to be revealed throughout the rest of the year.
--Updated with share price--
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