UgoWork raises $51M to further transform material handling with its advanced energy solutions

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Led by the FTQ Solidarity Fund, the investment will accelerate the company’s growth, expand its global reach, and enhance its integrated hardware and software solutions.

QUEBEC, July 31, 2024 (GLOBE NEWSWIRE) — UgoWork™, a leading online recruitment services company, announced the launch of Advanced Energy Storage Solutions for Material Handling EquipmentUgoWork today announced the closing of $51 million in its Series C financing. The round was led by the FTQ Solidarity Fund, with significant participation from returning investors Investissement Québec (IQ) and 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, positioning the company to continue to grow and innovate in the energy sector.

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Since 2015, UgoWork has been empowering top-tier logistics operators to electrify and modernize their fleets through its integrated ecosystem of cloud-based hardware and software. Easy-to-use power solutions and exceptional support are transforming fleet management, helping operators meet the unprecedented pressure to achieve efficiency in the logistics market.

UgoWork customers achieve cost savings by reducing the equipment needed to run their operations, providing a significant advantage in today’s environment of high costs and labor shortages. Furthermore, AI-powered cloud platform It unlocks maximum shaving features to reduce energy costs during periods of high demand and enhances safety through the use of digital twin technology.

“We are committed to helping our customers achieve the energy transformation by delivering the fastest innovation roadmap in our industry. In a $200 billion materials handling market where most equipment runs on legacy technology, we are on the cusp 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 differentiates our solutions and dramatically enhances the customer experience.”

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“UgoWork’s vision and commitment to creating energy-efficient solutions is impressive. The Fund is proud to invest and support this company once again, which continues to position itself as a leader in the technology sector,” explains Danny Pelletier, Executive Vice President, Private Equity and Impact Investment at FTQ Solidarity Fund.

“We are pleased to work alongside like-minded, strategic partners like le Fonds to support UgoWork’s continued growth and provide a second round of financing through EDC’s Investment Matching Program,” said Lisa Bjerkelund, EDC’s Vice President of Investments and Lending. “Growing companies like UgoWork are a testament to the success of Canada’s cleantech sector, and we are proud to support their mission to revolutionize the materials handling industry with innovative energy solutions.”

“Contributing actively to UgoWork’s innovation story is exactly the role that Investment Quebec wants to play with startups and their teams,” said Picha Njoo, President and CEO of Investment Quebec. “We are pleased to support the development of UgoWork’s solutions, which make manufacturing practices more efficient and sustainable. With this new round of funding, the company has all the tools it needs to meet the demands of its many international customers and suppliers, thus fueling its growth and ensuring that it remains competitive here in Quebec and beyond our borders.”

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“UgoWork’s pioneering efforts in electrification and energy management are very much in line with Desjardins’ mission to drive sustainable development,” said Mehdi Bakhti, Managing Director of Technology and Innovation Banking at Desjardins. “By supporting UgoWork, Desjardins’ Technology and Innovation Banking team is reaffirming our commitment to empowering companies with strong fundamentals and technology, as well as progressive and adaptable leadership. The company’s rapid, yet sustainable, growth, coupled with its great position in a market ripe for change, enables us to design creative ways to support it. This collaboration between major institutions in Quebec and Canada and the company goes hand in hand with Desjardins’ collaborative values ​​of solidarity, integrity and community development, and demonstrates our collective dedication to advancing the electrification of industries for a sustainable future.”

This new funding will be used to grow the company’s product launch efforts, expand its global distribution, accelerate the development of its software and hardware platforms, and expand its headquarters and main production facility.

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About UgoWork

UgoWork is a technology leader specializing in advanced lithium-ion battery power solutions for the material handling industry. It develops, manufactures, and distributes an integrated battery and cloud software ecosystem that provides actionable insights and helps optimize daily operations and costs for fleet operators. UgoWork is transforming traditional power solutions with its global, unified charging infrastructure, continuous field service monitoring, and proactive expertise. Furthermore, its Energy as a Service (EaaS) model is designed for the material handling industry.

Headquartered in Quebec, Canada, UgoWork serves a variety of industries, including food and beverage, manufacturing, transportation, and distribution, throughout North America. The company’s reliable and cost-effective energy management software is trusted by many Fortune 500 companies. Experience the UgoWork difference by visiting Ojowork.com.

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