-Norwin Founder, Ole Sangill, Joins mCloud to Lead AssetCareTM Wind Team-
-Norwin IP Already Licensed in over 600 Turbine Installations Worldwide-
VANCOUVER, Dec. 11, 2017 /CNW/ – Universal mCloud Corp. (TSX-V: MCLD) (“mCloud” or the “Company”), a leading provider of Internet Of Things (“IoT”)-connected asset care technology solutions, today announced that it has acquired joint technology rights for the Norwin 225 kW Wind Turbine in an all equity deal. The Company is also pleased to also announce that Norwin’s founder, Ole Sangill, will be joining its team to lead the expansion of AssetCareTM Wind. Ole joins mCloud’s existing team of wind turbine experts and will help fulfill mCloud’s mission of bringing together people, data and knowledge to improve the health and performance of existing wind turbine technology.
Russel McMeekin, President and CEO of mCloud said, “Wind turbines represent one of several key mission critical assets that fit very well into the mCloud platform. We go beyond asset monitoring to provide a complete, fully functional, secure mobile solution that leverages cloud technology and embedded IoT devices to fulfill the Asset‐Circle‐of‐CareTM. I’ve known and worked with Ole for many years. He brings with him deep wind industry expertise that will solidly guide our wind strategy, and we expect that AssetCareTM Wind turbine connected assets will generate meaningful monthly recurring revenue contribution for mCloud in 2018 and beyond. Ole and his team will be working hard to introduce new technological advancements that we believe will be game changing in the wind industry.”
According to the Global Wind Energy Counsel (“GWEC”), in 2016, there was approximately 487 Giga Watts of Wind Energy produced world-wide, with China having the largest installed base of wind turbines and contributing the most to global wind energy growth. Significant global expansion is expected in the wind energy sector through 2020.
The leading wind turbine manufacturers are integrating smart technologies in their latest products. However, the many thousands of existing wind turbines have limited optimization, operation, and monitoring capabilities, which can be improved with low cost IoT and next generation Artificial Intelligence (“AI”) and 3D technologies. Also, service and maintenance that is today largely a manual, paper-based process, can be significantly enhanced. Norwin’s IP for wind turbines forms the basis of mCloud’s AssetCareTM Wind Analytics, and has been licensed in over 600 installations worldwide. AssetCareTM Wind enables and provides an improved level of optimization and an increase in energy production from existing wind turbines, estimated to be in the range of 1% to 3% per year. To put this in perspective, the impact of just 1% increase in the world’s wind energy production is equivalent to installing more than 1000 new 5MW wind turbines.
mCloud is bringing together technologies such as IoT, cloud computing, secure mobility, analytics, as well as 3D and augmented reality, with a central focus on critical energy generating assets including wind turbines. Furthermore, mCloud directly supports field service workers helping them do their jobs faster, more safely and more effectively. This results in wind turbines running more optimally with minimum downtime. Maximizing kW produced per wind turbine and minimizing green‐house gases are targeted key metrics in the mCloud dashboard.
“I am excited to be joining mCloud and to be working with people that have years of experience in asset care cloud solutions as we bring the full breadth of this technology into the wind space,” said Mr. Sangill. “I have been in the wind industry for more than 25 years and I have experienced its fast technical and commercial development. Despite being a lead renewable technology, the wind industry is still maturing, and mCloud will bring its unique solutions that incorporate the latest technologies to help advance the industry.”
This transaction is subject to the approval of TSX Venture Exchange.
About Universal mCloud Corp.
Universal-mCloud Corp. (“mCloud”) is headquartered in Vancouver, BC with technology and operations centers in San Francisco, CA and Bristol, PA. mCloud is an IoT connected asset care cloud solution company utilizing connected IoT devices, leading deep energy analytics, secure mobile and 3D technologies that rally all asset stakeholders around an Asset-Circle-of-Care™, providing complete real‐time and historical data coupled with guidance and advice based on deep analytics and diagnostics resulting in optimal performance and care of critical equipment. It’s all about the asset. The powerful and secure AssetCare™ environment is accessible everywhere, 24/7 through standard mobile devices, ruggedized headsets, and web browsers. For more information, visit www.mCloudCorp.com.
About Norwin Energy
Norwin Energy (“NE”) is a Danish company based on 25 years of Norwin history designing complete own wind turbines in the mid-size range for licensing to partners globally. More than 600 turbines in the 225 kW and 750 kW sizes have been installed worldwide, most notably the 240 m skyscraper Bahrain World Trade Center install, a worlds first successful integration of commercial size wind turbines in buildings. The latest 225 kW product was brought to a new technical and competitive “return on investment” level by combining a modular design with requirement to fit the turbine into containers for low cost shipment, and by using the latest rotor and inverter optimization. Design, advanced control, aerodynamic and load optimization are core competencies of NE. For more information, visit www.norwinenergy.com.
Forward-Looking Information and Statements
This press release contains certain “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. The forward-looking information contained herein may include, but is not limited to, information concerning the future business prospects and potential revenue of the Company.
By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such information and statements.
An investment in securities of the Company is speculative and subject to a number of risks including, without limitation, the risks discussed under the heading “Risk Factors” on pages 29 to 46 of the Company’s filing statement dated October 5, 2017. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information and forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.
In connection with the forward-looking information and forward-looking statements contained in this press release, the Company has made certain assumptions. Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward- looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Universal-mCloud Corp
For further information: Justin Canivet, NATIONAL | Equicom, T: 416-586-1942, email@example.com; Russ McMeekin, Chief Executive Officer, Universal mCloud Corp., T: 415-378-6001