UgoWork obtains $2 million in funding to accelerate the commercialization of its lithium-ion batteries for industrial vehicles
Summary
UgoWork obtains $2 million in funding to accelerate the commercialization of its lithium-ion batteries for industrial vehiclesUgoWork, a Canadian manufacturer of lithium-ion battery solutions for industrial vehicles, just announced that it has received $2 million in loan financing from Investissement Qu\xe9bec as part of the Comp\xe9tivert initiative.This financing comes on the heels of several key commercial achievements and the adoption of its solution by major US clients. This support from Investissement Qu\xe9bec confirmed the tremendous potential of UgoWorks solutions and its alignment with the Government of Qu\xe9becs battery strategy for commercial electric vehicles. Its Energy as a Service (EaaS) subscription model reduces upfront costs for faster deployment and enables customers access to the latest UgoWork lithium technology, software suite, and best-in-class support with maintenance and technology updates.With its lithium-ion battery for forklifts, UgoWork is helping to achieve one of our governments objectives: to develop a comprehensive battery industry. Our financial support today demonstrates our commitment to shifting to a low-carbon economy, creating an end-to-end lithium value chain here at home from ore extraction to battery recycling and ensuring Qu\xe9bec becomes a top-notch North American hub in this sector. By supporting innovative solutions from companies such as UgoWork, we will be able to achieve our goals and secure a green and prosperous future, mentioned Guy LeBlanc, President and CEO of Investissement Qu\xe9becThe growing popularity of our solutions in North America is a clear indication of the quality and differentiation of our end-to-end offer, explained Philippe Beauchamp, CEO at UgoWork.