mCloud Technologies Corp. announced a commercial subscription agreement with Mercedes-Benz Grand Prix Limited to deploy mCloud's AssetCare Connected Buildings solution at the Mercedes-Benz Grand Prix headquarters in Brackley, UK – home of the Mercedes-AMG PETRONAS Formula One™ Team and the Mercedes-EQ Formula E Team. The AssetCare agreement was signed on July 12, 2022 and commences with the first phase of a multi-year campus-wide implementation of AssetCare.

A recurring AssetCare monthly subscription becomes effective at the completion of the initial installation at Brackley, which is expected to occur in September 2022. The Company deems the initial revenues from this agreement to not meet materiality by regulatory standards. Assets will be added to subscription as they are connected and the Company will disclose should any future additions alter materiality.

This AssetCare deployment is mCloud's Connected Buildings solution to-date, cloud-connecting over 650,000 square feet at Brackley and leverages mCloud's AI and analytics to create new energy efficiencies, reductions in CO2e emissions, and improvements to indoor air quality. When fully connected, mCloud expects the AssetCare implementation at Brackley will comprise significant numbers of new AssetCare connections enabling the Mercedes-Benz Grand Prix team to have continuous visibility into facility HVAC, industrial compressors, EV chargers, renewable energy sources, and more. mCloud and Mercedes-Benz Grand Prix also plan on rolling out an ESG dashboard accessible on campus, creating transparency around energy use and further championing sustainable behaviour onsite.