UgoWork, a Quebec, Canada-based provider of advanced energy storage solutions for material handling equipment, announced the closing of $51 million in its Series C financing, led by the finance firm Fonds de solidarité FTQ.

The capital infusion, announced at the end of July on MHI’s website, includes a new credit facility from Desjardins Technology & Innovation Banking. The company has raised a total of $77 million, which it says will support expansion in the material handling sector of the broader supply chain.

Since 2015, UgoWork has partnered with logistics operators to upgrade and electrify their fleets using integrated hardware and cloud software. The company claims that clients can achieve cost savings by reducing the equipment required for their operations and by using AI to minimize energy costs during peak demand periods.

“In a $200B material handling market where old technologies power most equipment, we stand at the brink of a new era,” said Philippe Beauchamp, president and CEO of UgoWork. 

“We believe that data is poised to become a pivotal asset in this business, providing transformative opportunities to redefine our industry,” he added. “Our ability to seamlessly integrate this data sets our solutions apart and greatly enhances the customer experience.”

The company said it would use the funding to expand its go-to-market efforts and global footprint, expand its headquarters and main production facility, and help accelerate the development of its software and hardware platforms.

“UgoWork’s vision and commitment to creating energy-efficient solutions is impressive,” said Dany Pelletier, executive vice president at the Fonds de solidarité FTQ. “…[the company] continues to position itself as a game-changer in the technology sector.”

For more information, visit ugowork.com.