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Universal mCloud on track to exceed 40,000 connected assets by the end of the year

The company said it is seeing a rapid uptake of its AssetCare platform among oil and gas, and wind energy clients

wind turbines
The AssetCare platform is used to optimize energy facilities such as wind and oil and gas

Universal mCloud Corp (CVE:MCLD) (OTCMKTS:MCLDF) announced Thursday that it is on track to exceed 40,000 connected assets by the end of 2019. 

The Vancouver-based artificial intelligence and analytics company said that it is seeing a rapid uptake of its AssetCare platform among oil and gas, and wind energy clients.

mCloud also said that it is seeing good progress in China, with strong growth in commercial spaces, retail stores, banks and shopping centres.

READ: Universal mCloud launches new 3D Digital Twin solution to optimize industrial facilities

In August, mCloud signed an agreement with a Chinese wind power company to connect 35 GE wind turbines in China. mCloud’s Smart Energy team has been working with the operator to establish a performance baseline for the turbines.

mCloud’s team will be conducting digital blade inspections at three additional wind farms in China in the coming weeks, it told investors.

The firm said it expects to engage in more digital blade inspection activities in continental Europe throughout the rest of 2019.

In Canada, the adoption of AssetCare is progressing well, with the company having delivered the platform to six oil and gas facilities in Alberta with annual contracted recurring revenues of C$1 million across the facilities.

The company estimates it has connected 100 new oil and gas assets since completion of the Autopro acquisition in July and expects to continue adding more process assets to its portfolio through the remainder of 2019, it said.

"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 Russ McMeekin, mCloud's CEO.

Earlier this week the company launched its new 3D Digital Twin solution to optimize industrial facilities.

Shares of mCloud gained 1.2% on Thursday in Toronto at C$0.41.

--Updated with share price--

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

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Price: 4.38 CAD

TSX-V:MCLD
Market: TSX-V
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