UgoWork obtains $2 million in funding from Investissement Québec’s Compétivert initiative to accelerate the commercialization of its lithium-ion batteries for industrial vehicles
UgoWork, a Canadian manufacturer of lithium-ion battery solutions for industrial vehicles, today announced that it has received $2 million in loan financing from Investissement Québec as part of the Compétivert initiative.
This financing comes on the heels of several key commercial achievements and the adoption of its solution by major US clients. This support from Investissement Québec confirmed the tremendous potential of UgoWork’s solutions and its alignment with the Government of Québec’s battery strategy for commercial electric vehicles. The funds will be used for UgoWork’s market expansion across North America.
In an unprecedented global context whereby the supply chains and energy efficiency are major challenges, UgoWork offers industrial fleet operators turnkey lithium-ion battery solutions that help optimize their resources, make data-driven decisions and take a step towards a zero-carbon footprint. Its Energy as a Service (EaaS) subscription model reduces upfront costs for faster deployment and enables customers with access to the latest UgoWork lithium technology, software suite and best-in-class support with maintenance and technology updates.
“With its lithium-ion battery for forklifts, UgoWork is helping to achieve one of our government’s objectives: to develop a comprehensive battery industry. The solutions offered by this manufacturer will contribute to the green transformation of our businesses, while reinforcing Québec’s position as a leader in the electrification of transportation,” says Pierre Fitzgibbon, Minister of the Economy and Innovation and Minister Responsible for Regional Economic Development.
“We are proud to once again participate in UgoWork’s growth and transformation initiatives. Our financial support today demonstrates our commitment to shift to a low-carbon economy, to create an end-to-end lithium value chain here at home — from ore extraction to battery recycling — and to ensure Québec becomes a top-notch North American hub in this sector. By supporting innovative solutions from companies such as UgoWork, we will be able to achieve our goals and secure a green and prosperous future”, mentioned Guy LeBlanc, President and CEO of Investissement Québec
“The growing popularity of our solutions in North America is a clear indication of the quality and differentiation of our end-to-end offer,” explained Philippe Beauchamp, CEO at UgoWork. “We believe the market is ready to embark on a true transition to more viable energy solutions. There is tremendous momentum behind lithium-ion technology and we believe that UgoWork is strategically positioned to lead the wave. We are proud to count on the support of Investissement Québec so that we can continue fulfilling our vision of a more sustainable future in material handling.”
Through innovative financing and coaching solutions, including an industrial environmental performance diagnostic offered by technical experts, Compétivert, a green economy initiative, encourages businesses to adopt clean technologies and eco-responsible practices in order to become more competitive while reducing their environmental footprint.
About Investissement Québec
Investissement Quebec’s mission is to play an active role in Quebec’s economic development by stimulating business innovation, entrepreneurship and business acquisitions, as well as growth in investment and exports. Operating in all of the province’s administrative regions, the Corporation supports the creation and growth of businesses of all sizes with investments and customized financial solutions. It also assists businesses by providing consulting services and other support measures, including technological assistance available from Investissement Québec – CRIQ. In addition, through Investissement Québec International, the Corporation prospects for talent and foreign investment, and assists Quebec businesses with export activities.
UgoWork develops, manufactures, and distributes innovative lithium-ion power solutions and energy expertise that unlock the possibilities of Energy as a Service for the material handling industry. The company leverages telemetry to proactively help its clients solve operational challenges through accessible pay-per-use plans. UgoWork’s products and energy solutions cater to industrial vehicles operating in the food and beverage, manufacturing, transportation, and distribution sectors.
Based in Quebec, Canada, the company offers its solutions across North America to many fortune 500 companies. Visit ugowork.com.