A Vancouver-based tech company is moving its head office to downtown Calgary at a time when vacancy rates are at a record high in the city.
The company, mCloud Technologies Corp., uses artificial intelligence to measure and mitigate energy waste. They work with clients like Suncor, Bank of America and Starbucks.
Russ McMeekin, the CEO of mCloud, says one thing their company does is help midstream oil and gas operators in order to measure and lower energy use.
"The biggest growth segment we see right now … is in oil and gas, ESG (environmental, social and governance performance), decarbonisation of oil and gas," he told The Homestretch.
He says that if oil and gas companies aren't decarbonizing or enhancing their ESG score, they may be ignored by capital markets,
"It's a very capital intensive industry," he said.
"I see tremendous innovations on the operators in Alberta to want to get ahead of the curve, not just react to it, but get ahead of it."
According to the latest market report by Avison Young, Calgary's downtown vacancy rate sits at a record high of nearly 27 per cent.
McMeekin says their company currently has 80 employees in Alberta, with offices in both Edmonton and Calgary.
But by making Calgary their headquarters, he says they plan on hiring double the amount.
"If you've got a couple of years of experience, (whether) you're a chemical engineer, a mechanical engineer, somebody with an engineering background. You're the perfect candidate for us," he said.
He adds that they also plan to grow their finance, sales and marketing sectors, so cost for space was also considered.
"I mean, we had a lot of options, like Calgary was not just Calgary versus Vancouver, it was Calgary versus Perth, Atlanta, the Bay Area," he said.
The company also knew it was important to be closer to customers.
"We believe the talent and the proximity to innovative customers is going to make a big difference. And technologies and oil and gas that are innovative in Alberta can scale globally," he said.
"We've seen that in Australia and Southeast Asia, so we don't just expect to do this in Alberta for Alberta, but to scale it worldwide."
With files the The Homestretch.