Canadian lithium-ion battery solutions manufacturer UgoWork has received CAD2 million (USD1.56 million) in loan financing from Investissement Québec as part of the Compétivert initiative.

The financing comes on the heels of several key commercial achievements and the adoption of its solution by major US clients and will fund market expansion across North America.

UgoWork offers industrial fleet operators turnkey lithium-ion battery solutions that help optimise their resources, make data-driven decisions, and take a step towards a zero-carbon footprint. 

Its Energy as a Service (EaaS) subscription model reduces upfront costs for faster deployment and enables customers with 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 government's objectives: to develop a comprehensive battery industry. The solutions offered by this manufacturer will contribute to the green transformation of our businesses, while reinforcing Québec's position as a leader in the electrification of transportation," says Pierre Fitzgibbon, Minister of the Economy and Innovation and Minister Responsible for Regional Economic Development.

"We are proud to once again participate in UgoWork's growth and transformation initiatives. Our financial support … demonstrates our commitment to shift to a low-carbon economy, to create an end-to-end lithium value chain here at home - from ore extraction to battery recycling - and to ensure Québec 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," says Guy LeBlanc, president and CEO of Investissement Québec.