UgoWork secures $22.8 million for connected energy-as-a service solutions

UgoWork, a leading provider of flexible Energy as a Service (EaaS) solutions for industrial vehicles, announced the closing of its all-equity $22.8 million Series B financing. This round was led by Fonds de solidarité FTQ, with participation from Export Development Canada (EDC), and existing UgoWork investors Desjardins Capital and Investissement Québec.

Proceeds from series B will be used to accelerate the development efforts of its software and artificial intelligence platform, enabling the Energy as a Service program for their lithium-ion battery lineup. It will also be used to grow the sales, and expand its distribution footprint to meet fast-growing international demand.

UgoWork’s battery technology and connected platform empower operators to make data-driven decisions to increase output, optimize resources, and take a step towards a zero-carbon footprint, the company explained. Its Energy as a Service subscription model reduces upfront costs for faster deployment and enables customers with access to the latest technology, connected platform and support and updates.

“We warmly thank both our existing and new partners who understand that we are a pioneer in the electrification of industrial vehicles,” said Philippe Beauchamp, UgoWork’s CEO. “We have ambitious goals and aggressive targets to expand internationally with major Fortune 500 customers. Already, we have set high expectations in the market thanks to the performance, innovation and unprecedented business value our solutions offer. We are delighted to have new partners to support us in the next stage of our growth and we are thrilled to create many high quality jobs in the process.”

“UgoWork’s innovative solutions perfectly fit into the concept of a circular economy. This is one of the reasons why we are very proud to continue our support for this company,” says Marie-Hélène Nolet, Chief Operating Officer of Desjardins Capital. Its founders were pioneers in 2015 by developing a unique technology and business model that has proven to be successful. The demand for UgoWork’s solution is growing rapidly and we are confident that the team in place will be able to achieve the growth that will allow them to take a leading position in the market.”

’’UgoWork stood out for us by its leadership, its desire to innovate and its international reputation. The development of their artificial intelligence and their latest technological advances impressed us. The Fonds believes in UgoWork and will always be there to support and advise the Quebec City based company in its next steps of growth, regarding both technology and exports’’, said Philippe P. Huneault, Vice-President, Private Equity and Impact Investing – Technology and Fund Management, and Chief International Business Development Officer at the Fonds de solidarité FTQ.

This is Investissement Québec’s second round of all equity funding with UgoWork, and is seen as a testament to UgoWorks’ market opportunity. “We are proud to reiterate our support in UgoWork in order to enable it to continue developing its expertise and to propel its growth. UgoWork solutions help support our companies in their efforts to reduce their environmental footprints and to promote our energy transition. Investissement Québec embraces its role in helping Québec to become a leader in the green economy, and this intervention ideally serves that purpose” says Guy LeBlanc, President and CEO of Investissement Québec.