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Universal mCloud continues expansion in China, inking two new tech deals

The firm's AssetCare product provides real-time and historical data as well as guidance from analysis
Universal is a cloud and IoT (internet of things) specialist

Tech firm Universal mCloud Corp (CVE:MCLD) continues its quest to expand into China - as it unveiled new agreements.

Its AssetCareTM HVAC product provides real-time and historical data coupled with guidance from deep analytics resulting in optimal performance and care of critical equipment.

It has signed a letter of intent (LOI) to provide this technology at one of Heiwado's shopping Centers in Changsha, Hunan Province, China.

Heiwado is a Japanese department store operator and strategic partner of SCN Ltd, with which it is partnered to bring its Smart Buildings HVAC solutions to China.

Also on Wednesday, mCloud revealed it had signed a MOU (memorandum of understanding) with Wuhan City, Qingshan District.

This agreement will focus on promoting mCloud as part of Wuhan's green city initiatives.

"We are pleased to be executing on our China market expansion initiative with the signing of these strategic agreements," said Russel McMeekin, president and chief executive of mCloud.

"We will continue to explore the range of diverse opportunities in this massive Chinese market, where companies and cities are seeking proven AI-driven energy saving solutions."

Recent studies show that electric rates in China have risen 17.5% in the last ten years, while China's electricity consumption per  head has more than doubled since 2005.

In 2016, Wuhan won the "2015 Chinese Sustainable Development City Award" of the United Nations Development Program.

The award considers low input, high output, strong environmental protection and small influence on environment as guiding criteria.

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