UgoWork secures $22.8M to scale connected Energy as a Service solutions for industrial vehicles

Thursday, December 8, 2022

Québec, November 22, 2022 – UgoWork™, a leading provider of flexible Energy as a Service (EaaS) solutions for industrial vehicles, announced the closing of its all-equity $22.8M 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.
In an unprecedented global context whereby supply chains, labor shortage and energy efficiency are top concerns, industrial fleet operators are continuously looking for innovative solutions to navigate this new reality. UgoWork’s cutting edge 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. 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 best-in-class 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, a testament to the tremendous market opportunity in the company’s solutions and the confidence the portfolio holders have for its future.
“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.
About Desjardins Capital
Nearly 50 years strong, Desjardins Capital has a mission to value, support and nurture the best of Quebec entrepreneurship. With assets under management of C$2.9 billion as of June 30, 2022, Desjardins Capital helps contribute to the longevity of more than 750 companies, cooperatives and funds in various sectors from across Quebec. In addition to helping to maintain and create many thousands of jobs, this subsidiary of Desjardins Group offers business owners access to a large business network and supports their business growth. For more information, visit our website.
About Export Development Canada (EDC) 
Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian businesses make an impact at home and abroad. EDC has the financial products and knowledge Canadian companies need to confidently enter new markets, reduce financial risk and grow their business as they go from local to global. Together, EDC and Canadian companies are building a more prosperous, stronger and sustainable economy for all Canadians.
About Fonds de solidarité FTQ
The Fonds de solidarité FTQ invests to build a better society by channeling the savings of its 748,371 shareholders into development and risk capital investments to help Québec transition to a green economy, to a human-centered world of work, and to a healthier society. The Fonds offers businesses unsecured financing and strategic support. With $17.4 billion in net assets as at May 31, 2022, the Fonds has supported 3,620 partner companies and 296,927 jobs.
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.
About UgoWork
UgoWork develops, manufactures, and offers energy expertise and innovative lithium-ion power solutions that unlock the possibilities of Energy as a Service for the material handling industry. The company provides a flexible and cost-efficient consumption model that guarantees uptime and peace of mind. Its cloud-based approach to fleet optimization, pay-per-use program, energy insight, continuous field service, uptime guarantee, and end-of-life management enable fleet managers to execute their energy transition seamlessly. UgoWork’s products and energy solutions cater to industrial trucks operating in the food and beverage, manufacturing, transportation, and distribution sectors. Based in Quebec, Canada, the company offers its advanced, cost-efficient, and proven energy management programs across North America to many fortune 500 companies. Visit
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