Older, pneumatic thermostats are preventing facility managers from installing an energy management system like Universal mCloud's to help them cut energy costs.
It is estimated that 70% of North America facilities are still using legacy systems, which prevents them from effectively using IoT based smart building solutions.
Cypress's patented, pneumatic-to-digital controller is the only technology available that effectively upgrades these non-digital energy control systems without significant disruption, Universal said.
"When Cypress's new wireless device is installed, within a mere 15 minutes, a pneumatic, non-digital thermostat becomes a real-time, IoT thermostat, that is controllable via mCloud's AssetCare system, and is ready to be monitored and optimised by AI driven algorithms 24/7. For facility managers this is a dream come true," said Harry Sim, Cypress CEO.
"Replacing pneumatics with a traditional DDC system involves massive rewiring, months of disruptive installation and a huge expense.
"The mCloud-Cypress combined solution enables immediate energy optimisation and savings without significant upfront capital costs and with virtually no downtime. We are truly excited about our partnership with mCloud."
Meanwhile, Russel McMeekin, president and chief executive at mCloud, added: "We expect to jointly close contracts with Cypress in Canada. Cypress has a very impressive Canadian installed base already with a number of large universities, schools, government buildings and hospitals.
"The CEO of Cypress and I have had a very close working relationship when we were both executives at Honeywell. As Canadian natives we see this as a very large and quickly scalable market opportunity."
Universal has been on a roll recently. Earlier this month, it revealed it was making inroads into the huge Chinese market - inking a letter of intent (LOI) for a partnership with SCN Ltd.
SCN is one of the top-20 commercial building contractors in the People's Republic, mCloud, a specialist in AI (artificial intelligence), said.
The agreement is to provide mCloud's AssetCare HVAC (heating, ventilation, and air conditioning) solution, initially at big commercial buildings, and the first installation of the AssetCare product is expected to start by the middle of this year.
The LOI is expected be converted to a definitive agreement later this quarter.
Shares were unchanged in Toronto at 32 cents.