Led by Fonds de Solidarité FTQ, the investment will accelerate the company’s growth, expand its global reach, and enhance its integrated hardware and software solutions.
Quebec, July 31, 2024 – UgoWork™, a premier provider of advanced energy storage solutions for material handling equipment, today announced the closing of $51M as part of its Series C financing. This investment round was led by Fonds de solidarité FTQ, with significant participation from returning investors Investissement Québec (IQ), Export Development Canada (EDC), and includes a new credit facility from Desjardins Technology & Innovation Banking. This financing brings UgoWork’s total funding to $77 million, strongly positioning the company for continued growth and innovation in the energy sector.
Since 2015, UgoWork has empowered top-tier logistics operators to electrify and modernize their fleets with its integrated hardware and cloud software ecosystem. Its user-friendly power solutions and exceptional support transform fleet management, helping operators meet the unprecedented pressure for efficiency in the logistics market.
UgoWork’s clients achieve cost savings by reducing the equipment needed to run their operations, offering a significant advantage in the current environment of high-costs and labor shortages. Moreover, its AI-driven cloud platform unlocks peak shaving features to lower energy costs during high demand periods and enhances safety through the use of digital twin technology.
“We are committed to helping our customers make their energy transition by offering the fastest innovation roadmap of our industry. In a $200B material handling market where most equipment is powered by old technologies, we stand at the brink of a new era,” said Philippe Beauchamp, President and CEO of UgoWork. “We believe that data is poised to become a pivotal asset in this business, providing transformative opportunities to redefine our industry. Our ability to seamlessly integrate this data sets our solutions apart and greatly enhances the customer experience.”
“UgoWork’s vision and commitment to creating energy-efficient solutions is impressive. The Fonds is proud to invest and support once again this company, which continues to position itself as a game-changer in the technology sector,” explains Dany Pelletier, Executive Vice President, Private Equity and Impact Investing at the Fonds de solidarité FTQ.
“We are thrilled to work alongside strategic and like-minded partners like le Fonds to support UgoWork’s continued growth and provide a second round of financing through EDC’s Investment Matching Program,” said Lissa Bjerkelund, EDC’s Vice-President, Investments and Mid-Market Lending. “Growing businesses like UgoWork are a testament to the success of Canada’s cleantech sector, and we are proud to support their mission to revolutionize the material handling industry with innovative energy solutions.”
“Being an active contributor to UgoWork’s story of innovation is exactly the kind of role Investissement Québec wants to play with young companies and their teams. We are delighted to support the development of UgoWork’s solutions, which make manufacturing practices more efficient and sustainable. With this new round of financing, the company has all the tools it needs to meet the demands of its many international customers and suppliers, thereby fueling its growth and ensuring it remains competitive both here in Québec and beyond our borders,” declared Bicha Ngo, President and Chief Executive Officer, Investissement Québec.
“UgoWork’s pioneering efforts in electrification and energy management greatly align with Desjardins’ mission to drive sustainable development,” said Mehdi Bakhty, Managing Director at Desjardins’ Tech & Innovation Banking. “By supporting UgoWork, Desjardins’ Tech & Innovation Banking team underscores our commitment to empowering companies with strong fundamentals and technology as well as forward-thinking and adaptable leadership. The company’s rapid, while still sustainable growth, coupled with its great position in a market ripe for disruption further enables our willingness to tailor creative ways to support it. This collaboration between major Québec and Canada institutions and the company goes hand in hand with Desjardins’ cooperative values of solidarity, integrity, and community development, and demonstrates our collective dedication to advancing the electrification of industries for a sustainable future,” he concludes.
This new funding will be used to grow the company’s go-to-market efforts, extend its global distribution footprint, accelerate the development of its software and hardware platforms, and expand its headquarters and main production facility.
About UgoWork
UgoWork is a pioneering technology company specializing in advanced lithium-ion power solutions for the material handling industry. It develops, manufactures and distributes a fully integrated batteries and cloud software ecosystem that provides actionable insights and helps optimize daily operations and costs for fleet operators. UgoWork transforms traditional energy solutions with its universal and standardized charging infrastructure, continuous field-service monitoring and proactive expertise. Moreover, its Energy as a Service (EaaS) model is tailored for the material handling industry.
Headquartered in Quebec, Canada, UgoWork serves a diverse range of industries, including food and beverage, manufacturing, transportation, and distribution, across North America. The company’s cost-efficient and reliable energy management programs are trusted by numerous Fortune 500 companies. Experience the UgoWork difference by visiting ugowork.com.
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