mCloud Achieves Milestone with Over C$10M in Oil and Gas Total Contract Value

mCloud Technologies Corp., a leading provider of asset management solutions combining IoT, cloud computing, and artificial intelligence ("AI"), announced it had reached a major milestone in its delivery of solutions to the oil and gas sector, having booked over C$10 million in total contract value ("TCV") since entering the industry segment one year ago. The Company's portfolio of AssetCare solutions is providing solid momentum heading into 2021.

Today, mCloud deploys cloud-based AssetCare solutions to improve the cost efficiency and performance of process industry infrastructure at oil and gas centers around the world. Oil and gas facilities benefit from AI-powered solutions that optimize critical assets, including process control systems, heat exchangers, and connected workers in the field utilizing mobile head-mounted displays and 3D digital twins.

"Our team helps companies generate direct, measurable results that showcase new cost efficiencies, productivity, and Environmental, Social and Governance ("ESG") leadership across organizations," said Russ McMeekin, mCloud's President and CEO. "The demand for AssetCare solutions in oil and gas continues to grow at a rapid pace, and we look forward to furthering the progress we have made in 2020."

mCloud plans to deliver an industry-first AssetCare solution for fugitive emissions management to early adopters by the end of this year. This solution combines state-of-the-art industrial IoT sensors with cloud-based AI to mitigate industrial gas emissions, reinforcing the Company's position as an ESG enabler for the industry and showcasing the power of deploying advanced technology to bolster productivity and drive positive ESG outcomes.