The Fonds and EDC invest another $16.3M in UgoWork
MONTRÉAL, July 31,
2024 /CNW/ - The Fonds de solidarité FTQ (the Fonds)
and Export Development Canada (EDC) are announcing a $16.3 million investment in UgoWork
under EDC's expanded Investment Matching Program. Building upon
their successful collaboration the Fonds and EDC will continue to
leverage their complementary financial solutions and expertise to
help Quebec businesses grow
internationally.
Another investment in UgoWork
UgoWork is a prime example of the success of this partnership.
The Fonds and EDC are united in their support of UgoWork, which
specializes in producing lithium-ion batteries and charging
infrastructure for industrial vehicles while optimizing its
clients' energy consumption through an artificial intelligence
software platform. Through this platform, UgoWork provides Energy
as a Service (EaaS) solutions that aim to improve its clients'
performance and decrease their carbon footprint.
After building relationships with its first major clients,
including Toyota, UgoWork is now embarking on a global expansion
strategy. This move has led to a new $16.3 million investment, for a total of
$29.3 million invested jointly
since November 2022. For this most
recent investment, the Fonds and EDC worked together to provide
solutions tailored to UgoWork's specific needs.
"We warmly thank the Fonds and EDC, who believed in us and
understood from the start that we are a pioneer in the
electrification of industrial vehicles," says Philippe Beauchamp, UgoWork's CEO. "We have
already set high expectations in the market thanks to the
performance, innovation and unprecedented business value our
solutions offer. We are delighted to be able to count on the
support of the Fonds and EDC as we grow."
The partnership by the numbers
Through their partnership, the Fonds and EDC have supported more
than 15 businesses and jointly invested more than $230 million
since 2020. Having originally worked together to help Canadian
exporters address pandemic-related challenges, the partnership now
focuses on enhanced collaboration between the two organizations and
aims to support businesses in their international growth
efforts.
EDC's Investment Matching Program was relaunched in
June 2023 to increase available capital from $5 million
to $25 million.
"The Fonds is proud to once again support UgoWork's boldness and
vision through a program that already has strong momentum behind
it," says Dany Pelletier, Executive
Vice-President, Private Equity and Impact Investing at the Fonds de
solidarité FTQ. "The decision to renew the Investment Matching
Program with EDC will help grow a number of businesses, like
UgoWork, that want to make a positive impact in the local
technology sector and think outside the box."
"The Fonds has been a long-standing and valued partner with EDC
in helping us deliver more capital to Canadian businesses and
growing their international presence," said Lissa Bjerkelund, EDC's Vice-President,
Investments and Mid-Market Lending. "We have been proud to work
alongside the Fonds as we've expanded our solutions to further help
innovative businesses like UgoWork unlock more international growth
opportunities."
About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ is a source of pride in Québec,
fulfilling its mission through a unique business model created more
than 40 years ago. Since then, the Fonds has rallied Québec
into action thanks to the retirement savings of over 785,000
shareholders.
With net assets of $20 billion as at May 31, 2024, the Fonds supports thousands of
companies through venture and development capital investments based
on the belief that impact is created as much by financial as
societal returns. For more information,
visit fondsftq.com or our company page
on LinkedIn.
About EDC
Export Development Canada (EDC) is a financial Crown corporation
dedicated to helping Canadian businesses make an impact at home and
abroad. EDC has the financial products and knowledge Canadian
companies need to confidently enter new markets, reduce financial
risk and grow their business as they go from local to global.
Together, EDC and Canadian companies are building a more
prosperous, stronger and sustainable economy for all Canadians.
For more information and to learn how we can help your company,
call us at 1-800-229-0575 or visit www.edc.ca.
About UgoWork
UgoWork is a pioneering technology company specializing in
advanced lithium-ion power solutions for the material handling
industry. It develops, manufactures and distributes a fully
integrated batteries and cloud software ecosystem that provides
actionable insights and helps optimize daily operations and costs
for fleet operators. UgoWork transforms traditional energy
solutions with its universal and standardized charging
infrastructure, continuous field-service monitoring and proactive
expertise. Moreover, its Energy as a Service (EaaS) model is
tailored for the material handling industry.
Headquartered in Quebec,
Canada, UgoWork serves a diverse range of industries,
including food and beverage, manufacturing, transportation, and
distribution, across North
America. The company's cost-efficient and reliable energy
management programs are trusted by numerous Fortune 500 companies.
Experience the UgoWork difference by visiting ugowork.com.
SOURCE Le Fonds de Solidarité des Travailleurs du Québec
(FTQ)