mCloud Signs MOU with Aramco to Explore Co-Development of ESG and Digitalization Hub in the Kingdom of Saudi Arabia
- Digital Hub to include team of ESG and digital transformation experts based in Saudi Arabia who will leverage recently announced cloud partnership with Virtual Vision to deploy ESG applications in-Kingdom
- Plan includes joint development of new innovative AI-powered technologies focused on decarbonization and waste reduction targeting complex energy-intensive assets
mCloud Technologies Corp. (Nasdaq: MCLD) (TSXV: MCLD), (“mCloud” or the “Company”) a leading provider of AI-powered asset management and Environmental, Social, and Governance (“ESG”) solutions today announced it had signed a Memorandum of Understanding (“MOU”) with Aramco. The MOU sees mCloud joining forces with Aramco to explore the co-development of a digital technology hub for delivering ESG solutions in the Kingdom of Saudi Arabia.
This hub would enable both parties to jointly develop new AI-powered innovations to facilitate the carbon reduction of complex energy-intensive assets throughout the Kingdom and abroad. Additionally, mCloud plans to develop a center of excellence that will serve as a home base for a dedicated team of ESG and digital transformation experts based in Saudi Arabia.
Following mCloud’s December 2021 cloud agreement with Saudi-based Virtual Vision (“V2”), this center of excellence would leverage V2’s high performance infrastructure to deliver next-generation ESG-focused applications powered by mCloud’s AssetCare™ platform. Targeted application areas include 3D digital twins, AI solutions for asset performance management, visual inspection to drive asset reliability and asset integrity, fugitive gas and leak detection, mobile connected work, and digital facility management.
“This MOU with Aramco is the largest, most ambitious agreement signed by mCloud to-date and is the basis for tremendous growth and innovation,” said Russ McMeekin, mCloud President and CEO. “As the world’s largest integrated energy and chemicals company, Aramco is driving the digitalization of oil and gas and the adoption of advanced technologies to decarbonize and drive positive ESG outcomes.”
“The collaboration between mCloud and Aramco has remarkable strategic and operational significance to mCloud’s growth, and I intend to have a regular minimum quarterly presence in the Kingdom of Saudi Arabia to support the success of this initiative for many years to come,” McMeekin added.
SOURCE mCloud Technologies Corp.