UgoWork, a provider of advanced energy storage solutions for material handling equipment, secured $51 million in Series C funding. Fonds de solidarité FTQ led the round, which included participation from returning investors Investissement Québec (IQ) and Export Development Canada (EDC). The round also included a new credit facility from Desjardins Technology & Innovation Banking, bringing UgoWork’s total funding to $77 million.
The funding will be used to grow the company’s go-to-market efforts, extend its global distribution footprint, accelerate the development of its software and hardware platforms, and expand its headquarters and main production facility.
Headquartered in Quebec, Canada, UgoWork develops, manufactures, and distributes a fully integrated battery and cloud software ecosystem.
“We are committed to helping our customers make their energy transition by offering our industry’s fastest innovation roadmap. In a $200 billion material handling market where old technologies power most equipment, we stand at the brink 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 sets our solutions apart and greatly enhances the customer experience.”
According to Mercom’s recently released 1H and Q2 2024 Funding and M&A report for Energy Storage and Smart Grid, VC funding for Energy Storage companies in 1H 2024 came to $2.4 billion in 48 deals, a 37% decrease year-over-year compared to $3.8 billion in 43 deals in 1H 2023.
Recently, Addionics, an Israel-based chemistry-agnostic battery technology company, raised $39 million in a Series B funding round. The round was co-led by GM Ventures and Deep Insight, with participation from Scania and new and returning strategic investors.
