UgoWork, a Canada-based provider of lithium-ion batteries and energy monitoring solutions, announced the closing of its all-equity C$22.8 million (~$17.08 million) Series B funding round led by Fonds de solidarité FTQ.

The other participants in the round include Export Development Canada (EDC), Desjardins Capital, and Investissement Québec.

UgoWork plans to use the new funds to accelerate the development efforts for its software and artificial intelligence platform, enabling the ‘Energy as a Service’ program for its lithium-ion battery lineup and reducing the upfront cost for faster deployments. The funding is also expected to help boost sales and expand the company’s distribution footprint.

Based in Quebec, Canada, UgoWork develops, manufactures, and offers lithium-ion power solutions and energy management programs across North America for industrial trucks operating in the food and beverage, manufacturing, transportation, and distribution sectors.

UgoWork’s battery technology and connected platform help operators make data-driven decisions to increase output, optimize resources, and take a step towards a zero-carbon footprint.

“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.

“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.”

The recent funding is Investissement Québec’s second round in all-equity financing with UgoWork.

According to Mercom’s Funding and M&A Report for Storage, Grid & Efficiency, venture capital funding for energy storage companies in 9M 2022 fell by over 44%, with $4 billion in 73 deals compared to $7.2 billion in 60 deals in 9M 2021.