Company utilizing AI in Li-ion battery technology receives new financial support, generating over 60 jobs in Quebec

UgoWork receives $3.2 million in financing from the Government of Quebec's Essor program to create quality jobs in the electrification of industrial vehicles sector

QUEBEC CITY, June 22, 2023 /PRNewswire/ - UgoWork™, a pioneering company at the forefront of AI-driven Li-Ion battery technology for material handling, is pleased to announce that it has secured substantial new financial support aimed at advancing its mission to deliver the most cost-effective energy-as-a-service solution. This support will not only propel the company's growth but also create more than 60 job opportunities within the province of Quebec in the next 36 months.

The new funding, provided through the Essor program managed by Investissement Québec on behalf of the Québec Government, reflects the recognition of UgoWork's cutting-edge technologies and its significant potential to revolutionize how the material handling sector addresses their energy consumption. This financial support will enable the company to accelerate its research and development efforts, further optimize software systems, and expand its operations to meet the growing demand for clean, efficient, and cost-effective energy solutions.

The funds received by UgoWork will have a direct impact on job creation within Quebec. With this financial support, the company plans to expand its workforce in all departments at its Quebec City headquarters. The creation of highly skilled jobs in energy management, artificial intelligence, automation, production and engineering disciplines such as electrical, mechanical and software, will contribute to the local economy and provide valuable opportunities for professionals in the clean energy sector.

"Thanks to its innovative, clean and high-performance material handling solutions, UgoWork is boosting the productivity of many businesses," added Jonatan Julien, Minister of Infrastructure and Minister for the Capitale-Nationale region. "The creativity and ingenuity of our entrepreneurs are helping to promote Quebec and its expertise in the electrification of transportation around the world."

"To succeed in our energy transition, we need to support promising projects that further our efforts to decarbonize our economy," said Pierre Fitzgibbon, Minister of Economy, Innovation and Energy, Minister of Regional Economic Development and Minister for the Greater Montreal Area. "The progress of companies such as UgoWork, with their new green technologies, demonstrates that Quebec has the expertise to excel in the field of industrial electrical equipment."

"We are thrilled to have received this support, which serves as a testament to the groundbreaking work our team has accomplished in developing AI-driven Li-Ion battery technology," said Philippe Beauchamp, CEO of UgoWork. "This financial support will not only allow us to advance our technology but also create meaningful job opportunities within Quebec, fostering economic growth while simultaneously addressing the pressing need for sustainable energy solutions."

UgoWork develops, manufactures, and offers energy expertise and innovative lithium-ion power solutions that unlock the possibilities of Energy as a Service for the material handling industry. The company provides a flexible and cost-efficient consumption model that guarantees uptime and peace of mind. Its cloud-based approach to fleet optimization, pay-per-use program, energy insight, continuous field service, uptime guarantee, and end-of-life management enable fleet managers to execute their energy transition seamlessly. UgoWork's products and energy solutions cater to industrial trucks operating in the food and beverage, manufacturing, transportation, and distribution sectors.

Based in Quebec, Canada, the company offers its advanced, cost-efficient, and proven energy management programs across North America to many fortune 500 companies. Visit ugowork.com.

ugowork.com

SOURCE UgoWork