The vast project of electrification of transport calls for innovations everywhere. With this in mind, material handling vehicle energy storage solutions provider UgoWork recently secured $51 million in funding.
Posted at 1:53 a.m.
Updated at 11:00 a.m.
Jean Gagnon
Special collaboration
UgoWork’s growth is undeniable. For three years, the Quebec firm, which now employs 80 people, has experienced growth of 207%, according to the survey conducted annually by the Globe and Mail among SMEs, underlines Jean-François Marchand, director, marketing and customer success of the company.
Founded in 2015, UgoWork helps material handling companies electrify and modernize their vehicle fleets by offering them lithium-ion batteries integrated with a cloud software infrastructure.
The recent round of financing was led by the Fonds de solidarité FTQ with the participation of investors already present in the firm’s capital, notably Investissement Québec (IQ) and Exportation et développement Canada (EDC). Added to this is a credit facility provided by Desjardins Tech & Innovation. This recent financing was the third and it brings the amount of capital raised to 77 million.
This new capital will, among other things, accelerate growth in the marketing and distribution network sectors.
PHOTO EDOUARD PLANTE-FRÉCHETTE, LA PRESS
Jean-François Marchand, director, marketing and customer success of UgoWork
The handling market is very fragmented. For us, the objective is to establish partnerships with cart and lift manufacturers.
Jean-François Marchand, director, marketing and customer success of UgoWork
The financing will also allow UgoWork to increase its production capacity. The proportion of lithium batteries used in the handling sector is currently only 10%, but it is estimated that it will reach 50% in 2030.
UgoPilot
UgoWork doesn’t stop at selling lithium-ion batteries. To ensure the efficiency of equipment, the firm offers UgoPilot, a software platform that allows you to monitor data in real time and thus manage operations on a daily basis. “UgoPilot offers our customers knowledge, resources and ongoing support, allowing them to optimize the use of their fleet of handling instruments, while extending their lifespan,” explains Jean-François Marchand .
It is a customizable dashboard to reduce downtime and maximize the performance of lithium-ion technology. By consulting the dashboard, the user can measure the flow of operations and thus control the operation of the fleet. Tailored reports allow users to adjust their processes and thus promote optimal use.
PHOTO EDOUARD PLANTE-FRÉCHETTE, LA PRESS
UgoWork chargers are integrated into the battery.
Station de recharge multivoltage
To facilitate battery charging, UgoWork offers a charging infrastructure that stands out for its design, underlines Jean-François Marchand. The chargers integrated into the battery allow seamless connection to the charging infrastructure, and the charging stations are compatible with all UgoWork batteries. They are compact and robust, and fit into all environments.
