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Universal mCloud shares nudge up as it expands partnership with Cinemark

mCloud earlier this year added nearly 400 of Cinemark's HVAC units onto its AssetCareTM platform in Southern California.
Universal mCloud shares nudge up as it expands partnership with Cinemark
mCloud Corp is an AI and IoT cloud solutions firm. Pictured is an HVAC unit

Tech firm Universal mCloud Corp (CVE:MCLD) has expanded its partnership with motion picture leader Cinemark, adding its technology at nine new locations and more than 230 rooftop HVAC (heating, ventilation and air conditioning) units.

mCloud earlier this year added nearly 400 of Cinemark's HVAC units onto its AssetCareTM platform in Southern California.

READ THE BIG PIC - Universal mCloud's strong second quarter underlines IoT group's progress

mCloud provides tools to monitor and analyze the health of equipment - or assets - such as an HVAC unit or a wind turbine.

They can be hooked up via the IoT to the company's real-time data platform, where experts can monitor and analyse trends, meaning it can be kept running well and cheaper.

"Cinemark leads the industry with exceptional energy management and we are excited to partner with a company whose goals and objectives align with our vision and trajectory," Dave Weinerth, mCloud's president of Smart Buildings, told investors.

"We are extremely pleased to extend AssetCareTM to more than 600 total Cinemark HVAC units across the US, broadening our total impact on the performance of more than 20,000 total assets expected by year end."

READ:  Universal mCloud co ntinues expansion in China, inking two new tech deals

mCloud and Cinemark have partnered to implement AssetCareTM with support from a ComEd utility incentive program, which ensures accurate measurement of baseline performance and verification of energy savings.

Shares in Universal mCloud Inc added 1.89% in Toronto to stand at C$0.54.

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