Canadian cleantech firm mCloud has reached an agreement with Invest Alberta to move its headquarters from Vancouver to Calgary to ensure more efficient management of Alberta’s oil and gas assets.
The Vancouver-based TSX Venture Exchange (TSXV) company has signed a Memorandum of Understanding (MOU) with Invest Alberta, a crown corporation that aims to attract investment to the province. The MOU includes the relocation of mCloud to Calgary.
Invest Alberta hopes this will help position Alberta as a world leader in environmental technology and sustainable energy.
mCloud expects the move to accelerate the development and uptake of its offerings, while Invest Alberta hopes the company’s presence in the province will help position Alberta as a world leader in environmental and technology technologies. sustainable energy.
MCloud’s sustainability and environmental, social and governance (ESG) solutions use sensors, artificial intelligence (AI) and data analytics to monitor various energy assets.
“With the support of Invest Alberta, we will be able to open the doors to new strategic relationships with the major oil and gas companies in Alberta and help these companies and many others, locally and globally. , improve their ESG reputation, ”said Russ McMeekin, mCloud’s President and CEO.
MCloud’s cloud-based AssetCare platform aims to improve the sustainability of a variety of energy-intensive assets, including process control systems, heat exchangers, compressors and wellheads located in oil and gas installations. It uses Internet of Things (IoT) sensors to collect data from connected assets and send it to the company’s platform, which applies AI and analytics to help reduce their waste of energy, maximize their production and reduce their carbon emissions.
Following this decision, mCloud intends to expand local recruiting in Calgary and invest more in its IoT, AI and cloud technologies. The company also plans to partner with local institutions.
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“Invest Alberta looks forward to helping mCloud access our global networks and leverage Alberta’s ESG and technology strengths,” said David Knight Legg, CEO of Invest Alberta. “We are confident that mCloud will benefit from Canada’s youngest and most educated talent, the lowest payroll taxes and payroll taxes, and the exceptional lifestyle our province has to offer.
mCloud is currently based in Vancouver with offices around the world. The company claims to serve 100 premier clients and more than 59,000 assets. Blue-chip clients are well established, nationally recognized, and financially sound companies.
The company’s technology allows users to conduct virtual tours and inspections of facilities, “allowing teams to work on critical operations without having to travel to location.” mCloud serves five distinct market segments: commercial buildings, renewable energy, healthcare, heavy industry and connected workers.
Last year, mCloud was named one of TSXV’s 50 Best Performing Companies. It debuted on TSXV in December 2019. Later that month, mCloud purchased Construction System Associates, an Atlanta-based 3D technology company. In February 2020, mCloud acquired AirFusion of Boston, which provides AI-based visual inspection and monitoring services.
In Q4 2020, mCloud said it added 4,692 new IoT-connected assets, an increase of 37% from the previous quarter. In total, according to the company, the number of connected assets it manages has increased by 45% since 2019.
The company expects “solid advancements in buildings, oil and gas, and connected workers” to continue to drive its growth this year.
Recently, the company has focused on combating “fugitive emissions”, one of the main sources of greenhouse gas emissions formed by gas or vapor leaks from pressurized industrial equipment. mCloud is currently developing a new fugitive emissions detection solution that it plans to deploy later this year.
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