UgoWork secures $22.8M to scale EaaS for industrial vehicles
by CM Staff
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.
QUÉBEC — UgoWork™, a provider of 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 technology and connected platform reportedly empowers operators to make data-driven decisions to increase output, optimize resources, and take a step towards a zero-carbon footprint.
“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.”
“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.