Universal mCloud Corp., an IoT-connected asset care technology solutions provider based in California, announced the closing of its Share Purchase Agreement (SPA) for 100% of NGRAIN (Canada) Corporation.
NGRAIN brings revolutionary Artificial Intelligence (AI) and 3D/Augmented Reality technology to mCloud's AssetCare™ Cloud Solution. This transaction adds 10 patents in applied 3D technology to mCloud's product portfolio, supplementing mCloud's existing patents in HVAC diagnostic technology.
NGRAIN's AI and 3D technology currently serves numerous aerospace and military applications demanding high precision and reliability.
The SPA will enable mCloud to offer these same military-grade capabilities to maximize the performance of critical energy assets.
mCloud plans to go live in Q2 2018 with NGRAIN's AI-powered damage assessment technology, deploying drones to conduct high-resolution aerial surveys of wind turbines.
mCloud aims to use NGRAIN's computer vision capabilities to semi-autonomously inspect turbine blades for damage, correlate blade condition with turbine energy output and provide guidance on all required repairs.
With the ability to assess entire wind farms at scale, and at a fraction of the cost of traditional inspections, mCloud expects these capabilities will dramatically influence the economics of owning and operating wind assets around the world.
Russel McMeekin, President and CEO of mCloud, stated: "According to research studies, turbine blade damage can result in annual energy production losses of up to 25%. We will be the industry's only provider of an AI-powered Digital Blade Inspection capability, setting new standards both in terms of how the industry will conduct inspections going forward and how asset owners will ultimately profit from the optimized performance of their assets. As we head into the second half of 2018 and lead up to 2019, NGRAIN's AI technology, combined with our in-house wind expertise, will allow us to further optimize customer's asset care budgets."
"Feedback from wind technology providers, suppliers, service organizations, and other key stakeholders has been overwhelmingly positive. AI-powered inspections are an incredible market opportunity as the vast majority of turbine assets today operate with no scalable strategy to maximize their energy output, and ultimately their ROI. We expect this to enhance our ability to scale in North Americaand Europe and accelerate our entry into new markets such as China. Since acquiring the joint technology rights of Norwin wind turbine technology and adding Ole Sangill and Yan Zhao to mCloud's team for our China expansion strategy, these global market opportunities have become increasingly compelling," continued McMeekin.
Dr. Barry Po, NGRAIN's Senior Director, Product and Business Development added: "We have been working closely with the mCloud team since announcing this transaction earlier this year. We have made great progress in defining and getting ready for a very aggressive roll-out of our AI-powered damage assessment capabilities as part of the AssetCareTM Wind solution."
The NGRAIN acquisition aims to contribute to mCloud's culture of continuous innovation. Plans are already underway to bring new capabilities and services to the ever-increasing number of connected assets.
Copyright: North America Procurement Council Inc., PBC