UgoWork™, a premier provider of advanced energy storage solutions for material handling equipment, 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.
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.
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“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.
SOURCE: GlobeNewswire