mCloud Announces First Upstream Digital Oilfield Solutions in the United States
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mCloud Technologies Corp. (Nasdaq: MCLD) (TSX-V: MCLD), ("mCloud" or the "Company") a leading provider of AI-powered asset management and Environmental, Social, and Governance ("ESG") solutions today announced it had commenced onboarding its first AssetCare Digital Oilfield solutions at wellsites in the United States. These oilwells represent the first of multiple waves of customers expected to be onboarded in 2022 as mCloud maintains pace to connect at least 500 wellsites by end of year.
mCloud's AssetCare Digital Oilfield is the industry's only complete, end-to-end, digital upstream oil and gas solution. AssetCare Digital Oilfield uses cloud-based AI to automate production management, continuously optimize wellsite performance, and drive predictive maintenance. Integrated connected worker capabilities enable wellsite operators to eliminate unplanned downtime and correct methane emissions in hours instead of weeks or months.
On May 23, 2022, mCloud was featured in a 2022-2026 Global Augmented Reality Market report published by Research and Markets. The report forecasts growth in the mobile augmented reality market of $153.62 billion accelerating at a CAGR of 46.46% from 2022 to 2026. The Company did not commission this report.
"We are excited to be connecting our first wellsites as we rapidly ramp up our delivery capacity," said Vincent Higgins, mCloud's President, Oil and Gas Digitization. "With over 1.2 million wells in North America serviceable by AssetCare Digital Oilfield, we have direct line of sight to connecting our first 500 wells in 2022 and our plans to connect 3,000 more by the end of 2023."
These AssetCare Digital Oilfield onboarding activities are proceeding as mCloud takes the stage at several key oil and gas industry events in the month of June.
Higgins joins a closed door gathering of key members of the US House and Senate, and energy industry leaders at the 7^th Annual Washington Energy Summit on June 8 and 9 at the Cosmos Club in Washington DC. There, he will address the benefits of AI in oil and gas and showcase AssetCare Digital Oilfield. On June 10, Higgins will also present at the 2022 American Trust Investment Services National Conference in San Diego.
mCloud will also have a major presence at the Reuters Data-Driven Oil and Gas event on June 14 and 15 in Houston. At the event, the Company will showcase AssetCare Digital Oilfield to hundreds of oil and gas executives and technology buyers from around the world. At this event, Higgins will share the stage with oil and gas luminary John Gibson, Chairman and CEO of Flotek Industries, where they will share how connected solutions like AssetCare Digital Oilfield are transforming upstream production while simultaneously addressing the industry's most urgent environmental concerns.
mCloud Launches New AssetCare Mobile Online Store
As announced on May 3, 2022, mCloud showcased AssetCare Mobile, the world's first fully integrated mobile connected worker solution at the IQPC Oil and Gas Connected Worker Summit and hosted a special launch event in Houston in the first week of May. These events have created significant demand for the Company's connected worker capabilities.
As uptake and interest in AssetCare Mobile continues to grow, mCloud also announced today it has launched a new online store enabling customers to purchase AssetCare Mobile subscriptions online. The new store enables one-stop shopping for organizations seeking an all-in-one connected worker solution, enabling the company to rapidly reach customers around the world and expedite the delivery of AssetCare Mobile as the Company scales to meet growing demand.
The new online store is available today and those interested in AssetCare Mobile are invited to visit assetcare.mcloudcorp.com/mobile/ to learn more.
