The Fonds de solidarité FTQ and EDC expand their partnership to help more businesses grow internationally

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.

Media Contact:

Frédérique Lavoie-Gamache
Advisor, Media Relations and Communications
Fonds de solidarité FTQ
438 364-1596
frederique.lavoie@fondsftq.com

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.

Media Contact:

Jean-François Marchand
Marketing and Customer Success Director
UgoWork
1.418.999.7477
jf.marchand@ugowork.com