mCloud and Carbon Royalty Corp Sign 20-Year Agreement to Fund First 30 AssetCare™ EV Solutions for Auto Dealerships in the United States

• On the back of first auto dealership recently announced on March 21, mCloud swiftly moving to contract with additional auto dealerships in New York and California
• Agreement enables AssetCare implementation, splitting tax incentives, carbon credits, and other green energy infrastructure charging benefits equally between mCloud and Carbon Royalty Corp over expected 20-year length of AssetCare contracts with auto dealerships
• Plans to use this approach to scale beyond 500 auto dealerships by end of 2023

SAN FRANCISCO, March 30, 2022 /PRNewswire/ - mCloud Technologies Corp. (Nasdaq: MCLD) (TSX-V: MCLD), ("mCloud" or the "Company") a leading provider of AI-powered asset management and Environmental, Social, and Governance ("ESG") solutions today announced it had signed an agreement on March 28, 2022 with Carbon Royalty Corp to proceed with closing and funding the first 30 AssetCare solutions to optimize Electric Vehicle ("EV") charging efficiency at auto dealerships in the states of New York and California.

mCloud previously announced on March 21, 2022 it had signed its first AssetCare contract with the Vail Buick Dealership in Bedford Hills, New York. The Company currently has 21 auto dealerships in planning for contract and installation.

The agreement partners mCloud with Carbon Royalty Corp, enabling the implementation of these AssetCare contracts to be fully funded via Carbon Royalty Corp. As a benefit of this partnership, Carbon Royalty Corp receives 50% of the tax incentives, carbon credits, and other accretive financial benefits mCloud would be eligible to receive in the United States resulting from the implementation of these solutions. These benefits would be split between mCloud and Carbon Royalty Corp over the expected 20-year contract terms of AssetCare arrangements.

"This partnership between mCloud and Carbon Royalty Corp will greatly accelerate mCloud's ability to connect auto dealerships across the United States," said Russ McMeekin, mCloud President and CEO. "Additional Letters of Intent beyond the 21 already signed with other dealerships are in progress toward formal agreements."

"Carbon Royalty Corp is pleased to partner with mCloud to implement this accretive green energy initiative across the United States," said Amber Brown, President of Carbon Royalty Corp. "mCloud's AssetCare Software-as-a-Service technology solution moves auto dealerships in New York and California to a sustainable, green-sourced EV future, proven through their deployment with companies such as Aramco, Bank of America, Mercedes-EQ, and Starbucks to optimize electrical costs and reduce GHG emissions."

"We view this initiative to switch auto dealerships to green power for EV charging as strong and growing, advancing both corporate and government decarbonization goals while also delivering strong financial economics to all parties over the 20-year lifetime of these contracts," Brown added.

mCloud expects to use the approach in place between the Company and Carbon Royalty Corp to scale beyond 500 auto dealerships by the end of 2023.

Those interested in this AssetCare solution for auto dealerships are invited to visit assetcare.mcloudcorp.com/auto to learn more.

mCloud is unlocking the untapped potential of energy intensive assets with AI and analytics, curbing energy waste, maximizing energy production, and getting the most out of critical energy infrastructure. Through mCloud's AI-powered AssetCare™ platform, mCloud offers complete asset management solutions for commercial buildings, renewable energy, healthcare, heavy industry, and connected workers. IoT sensors bring data from connected assets into the cloud, where AI and analytics are applied to maximize their performance.

With a worldwide presence and offices in San Francisco, Vancouver, Calgary, London, Perth, Singapore, and Beijing, the mCloud family includes an ecosystem of operating subsidiaries that deliver high-performance IoT, AI, 3D, and mobile capabilities to customers, all integrated into AssetCare.  With over 100 blue-chip customers and more than 63,000 assets connected in thousands of locations worldwide, mCloud is changing the way energy assets are managed.

mCloud's common shares trade in the United States on the Nasdaq and in Canada on the TSX Venture Exchange under the symbol MCLD. mCloud's convertible debentures trade on the TSX Venture Exchange under the symbol MCLD.DB. For more information, visit www.mcloudcorp.com.

This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information contained herein may include information related to the progress in contracting additional auto dealerships, the expected length of term for AssetCare contracts, and plans to connect 500 auto dealerships by 2023.

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SOURCE mCloud Technologies Corp.