Internet of Things group Universal mCloud Corp (CVE:MCLD) hailed a new report by ARC Advisory Group, which describes its AssetCare platform as a "winning energy management solution" for companies - large and small.
mCloud's tech provides tools to monitor and analyze the health of equipment - or assets - such as an HVAC (heating, ventilation, air conditioning) unit or a wind turbine.
Cloud-based
"The mCloud AssetCare offering provides a cloud-based IoT solution that allows "small box" stores a low-cost way to better manage their HVAC assets," said Rick Rys, senior consultant at ARC, which provides tech advice to Fortune 1000 companies.
Notably, the report highlights the delivery by the platform of peak energy efficiency improvements of 20% to the overwhelming majority of the small-to-medium sized businesses.
The report also points to the use of mCloud solutions at Starbucks, Bank of America, Dairy Queen, and Michaels among others, as "ongoing evidence of mCloud's capacity to improve sustainability for a broad range of businesses while reducing operational costs".
"There are over ten million connectable assets within mCloud's reach," said Russel McMeekin, mCloud president and chief executive.
"Through our AssetCare offering, mCloud has eliminated the barriers to entry that were keeping many small-to-medium businesses from adopting better energy management systems. This is a captive market opportunity we're very excited to pursue," he added.
Shares slipped 11% to C$0.40 in Toronto.