Intermap Continues to Grow Data as a Service with New Multiyear Subscriptions

Rhea-AI Summary

Intermap Technologies (OTCQX: ITMSF) has secured a two-year subscription for its NEXTMap® data as a service with a major U.S. clean energy company, enhancing the integration of geospatial intelligence for planning wind and solar projects. This partnership aims to streamline budgeting and permitting through high-quality elevation models, providing global coverage and improving project efficiency. The U.S. renewable energy sector continues to grow, with expectations for a 219 GW increase in capacity from 2021 to 2026, driven by the appeal of wind and solar energy.

Positive

• New two-year subscription for NEXTMap® data as a service enhances operational efficiency for a leading U.S. clean energy company.
• Provides global coverage with high-quality digital elevation models to support renewable energy projects.
• Facilitates accurate budgeting and project planning by eliminating the need for multiple datasets.

Negative

• None.

U.S. clean energy company integrates NEXTMap® for fast, accurate solutions that drive efficiency in planning wind and solar projects

Renewable energy is the fastest growing source in the U.S. and growth is accelerating

DENVER, Feb. 23, 2022 /PRNewswire/ - Intermap Technologies (TSX: IMP) (OTCQX: ITMSF) ("Intermap" or the "Company"), a global leader in geospatial content development and intelligence solutions, today announced a new two-year subscription for NEXTMap® data as a service with a leading U.S. clean energy company for planning wind and solar projects.

This new subscription further expands Intermap's relationship with one of the world's largest generators of renewable energy to make geospatial intelligence more accessible to the client's entire organization. When budgeting and permitting for new renewable energy projects such as wind and solar, data availability, consistency and quality are essential. The NEXTMap subscription provides an enterprise-wide data as a service solution, offering global coverage with consistent, high-quality digital elevation models to support projects in all areas of operation. NEXTMap data supports production of many critical project requirements, including contours and slope maps for preliminary site assessments and engineering in the planning stages of a project. The data enables accurate budget estimations using a single source, eliminating the need to combine multiple datasets to assess a potential new renewable energy site. Importantly, Intermap's elevation data as a service ensures that the best available data is always integrated into the customer's AOIs. By accessing Intermap's constantly maintained and upgraded 1m elevation global base-map through the cloud, the customer obtains actionable intelligence that is current, precise, and extremely high-resolution in near real time.

The client is integrating Intermap's data services into its master catalogue tool, allowing all users to search, preview and download elevation data for any project location. The catalogue increases resource visibility and provides a list of available data for specific project locations, reducing the potential for siloed data holdings and decreasing the time and cost associated with acquiring and managing data across the whole organization.

Renewable energy is the fastest growing energy source in the United States, increasing 42% from 2010 to 2020 (up 90% since 2000) (Source). Over 2021-2026, renewable energy capacity in the U.S. is expected to grow by 219 gigawatts, 65% greater than the previous five years. This is due to the economic attractiveness of wind and solar, increased federal interest and tax credits, a growing market for corporate power purchase agreements and growing support for offshore wind. Solar energy accounts for 60% of all renewable capacity additions, double the rate over the past five years (Source). With Intermap's global data coverage, energy companies can expand the number of locations where they operate to meet the growing renewable energy demand while maintaining confidence that the data will provide accurate and consistent results across all project areas.

"We are excited to expand our offering to provide our client with cutting-edge elevation datasets," said Patrick A. Blott, Intermap Chairman and CEO. "Easy accessibility to geospatial data boosts productivity and minimizes costs, which is essential for major energy companies that manage projects across countries and multiple departments. Intermap's data services provide team members with the necessary data to plan and execute projects quickly and efficiently while staying within the project's budget."

Intermap Reader Advisory
Certain information provided in this news release constitutes forward-looking statements. The words "anticipate", "expect", "project", "estimate", "forecast", "will be", "will consider", "intends" and similar expressions are intended to identify such forward-looking statements. Although Intermap believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of known and unknown risks and uncertainties. Intermap's forward-looking statements are subject to risks and uncertainties pertaining to, among other things, cash available to fund operations, availability of capital, revenue fluctuations, nature of government contracts, economic conditions, loss of key customers, retention and availability of executive talent, competing technologies, common share price volatility, loss of proprietary information, software functionality, internet and system infrastructure functionality, information technology security, breakdown of strategic alliances, and international and political considerations, as well as those risks and uncertainties discussed Intermap's Annual Information Form and other securities filings. While the Company makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that the Company will derive therefrom. All subsequent forward-looking statements, whether written or oral, attributable to Intermap or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements made herein, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.

About Intermap Technologies
Founded in 1997 and headquartered in Denver, Colorado, Intermap (TSX: IMP; OTCQX: ITMSF) is a global leader in geospatial intelligence solutions. The Company's proprietary 3D NEXTMap® elevation datasets and value-added geospatial collection, processing, analytics, fusion and orthorectification software and solutions are utilized across a range of industries that rely on accurate, high-resolution elevation data. Intermap helps governments build authoritative geospatial datasets and provides solutions for base mapping, transportation, environmental monitoring, topographic mapping, disaster mitigation, smart city integration, public safety and defense. The Company's commercial applications include aviation and UAV flight planning, flood and wildfire insurance, environmental and renewable energy planning, telecommunications, engineering, critical infrastructure monitoring, hydrology, land management, oil and gas and transportation. For more information, please visit www.intermap.com.

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SOURCE Intermap Technologies Corporation

FAQ

What is the significance of Intermap's new subscription for NEXTMap data?

The subscription enhances the integration of geospatial intelligence for renewable energy project planning, improving efficiency and accuracy.

How does the NEXTMap subscription benefit clean energy companies?

It provides high-quality elevation models and global coverage, streamlining budgeting and project permitting processes.

What is the expected growth of renewable energy capacity in the U.S.?

From 2021 to 2026, renewable energy capacity in the U.S. is expected to grow by 219 gigawatts, a 65% increase compared to the previous five years.

How does Intermap support renewable energy projects?

Intermap offers high-resolution elevation data that aids in site assessments, engineering, and accurate budget estimations for wind and solar projects.