Canadian cleantech company mCloud has struck a deal with Invest Alberta to move its headquarters from Vancouver to Calgary, to help ensure Alberta’s oil and gas assets are managed more efficiently.
The TSX Venture Exchange (TSXV)-listed Vancouver 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 mCloud’s relocation to Calgary.
Invest Alberta hopes this will help position Alberta as a global leader on environment tech and sustainable energy.
mCloud anticipates the move will accelerate the development and adoption of its offerings, while Invest Alberta hopes the company’s presence in the province will help position Alberta as a global leader on environment tech and 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 doors to new strategic relationships with key oil and gas companies across Alberta and help these and many other businesses, locally and globally, improve their ESG standing,” 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 well-heads located in oil and gas facilities. 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 curb their energy waste, maximize their production, and lower their carbon emissions.
Following the move, mCloud intends to expand local hiring in Calgary, and invest more in its IoT, AI, and cloud technology. The company also plans to partner with local institutions.
“Invest Alberta looks forward to assisting mCloud in accessing our global networks and leveraging Alberta’s strengths in ESG and technology,” said David Knight Legg, Invest Alberta’s CEO. “We’re confident mCloud will benefit from Canada’s youngest, highest-educated talent, the lowest corporate and payroll taxes and the great lifestyle that our province has to offer.”
mCloud is currently based in Vancouver with offices worldwide. The company claims to serve 100 blue-chip customers and over 59,000 assets. Blue chip customers are well-established, nationally recognized, financially sound companies.
The company’s tech enables users to conduct virtual walkthroughs and inspections of facilities, “empowering teams to work on critical operations without the need to travel onsite.” 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 top 50 performing companies. It debuted on the TSXV in December 2019. Later that month, mCloud purchased Construction System Associates, an Atlanta-based 3D tech company. In February 2020, mCloud acquired Boston’s AirFusion, which provides AI-powered visual inspection and monitoring services.
In Q4 2020, mCloud said it added 4,692 new IoT-connected assets, a 37 percent rise compared to the previous quarter. In total, according to the company, the number of connected assets it manages has risen by 45 percent since 2019.
The company expects “strong progress in buildings, oil and gas, and connected workers” will continue to drive its growth this year.
Recently, the company set its sights on combatting “fugitive emissions,” a leading source of greenhouse gas emissions consisting of gas or vapour leaks from pressurized industrial equipment. mCloud is currently developing a new fugitive emissions detection solution that it plans to roll out later this year.