The government of Quebec is backing a forklift battery vendor with $3.2 million, and UgoWork says it will use the new funding to create more than 60 jobs in the province over the next 36 months in the field of providing lithium-ion batteries for material handling applications.
More specifically, the financing will enable the eight-year-old 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, UgoWork said.
The funding was provided through the Essor program managed by Investissement Québec on behalf of the Québec Government.
"To succeed in our energy transition, we need to support promising projects that further our efforts to decarbonize our economy," Pierre Fitzgibbon, Minister of Economy, Innovation and Energy, Minister of Regional Economic Development, and Minister for the Greater Montreal Area, said in a release. "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."
According to UgoWork, its energy-as-a-service business model supports the use of lithium-ion batteries for forklifts running several shifts per day in sectors including food, pharmaceutical, retail, manufacturing, and logistics. The firm says it backs lithium-ion technology because it offers lower operating costs and environmental concerns than internal combustion engines (ICEs) and better performance with improved safety compared to lead-acid batteries.
Gartner, Inc.
