Charlie V
1 month ago
West Seneca, New York , March 18, 2024 (GLOBE NEWSWIRE) -- Worksport Ltd. (Nasdaq: WKSP; WKSPW) (“Worksport” or the “Company”) is pleased to announce today that it has entered into a securities purchase agreement with a single institutional investor to purchase 3,850,132 shares of common stock (or pre-funded warrants to purchase shares of common stock in lieu thereof) in a registered direct offering. In a concurrent private placement, the Company also agreed to issue and sell to the investor warrants to purchase up to 7,700,264 shares of common stock. The combined effective offering price for each share of common stock (or pre-funded warrant in lieu thereof) and accompanying warrant is $0.74 , priced at-the-market under Nasdaq rules. The warrants will become exercisable six months from issuance, expire five and a half years from the issuance date, and have an exercise price of $0.74 per share.
The gross proceeds to the Company from the registered direct offering and concurrent private placement are estimated to be approximately $2.8 million before deducting the placement agent’s fees and other estimated offering expenses payable by the Company. The offering is expected to close on or about March 21, 2024 , subject to the satisfaction of customary closing conditions. The Company intends to use the net proceeds from the offering for working capital and general corporate purposes.
The shares of common stock (or pre-funded warrants in lieu thereof) are being offered by the Company pursuant to an effective shelf registration statement on Form S-3 (File No. 333-267696) that was filed with the SEC on September 30, 2022 , and subsequently declared effective on October 13, 2022 . The offering of shares of common stock (or pre-funded warrants in lieu thereof) will be made only by means of a prospectus supplement that forms part of the registration statement. The warrants to be issued in the concurrent private placement and the shares issuable upon exercise of such warrants were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Act”), and Regulation D promulgated thereunder and have not been registered under the Act or applicable state securities laws. A prospectus supplement relating to the shares of common stock and pre-funded warrants will be filed by Worksport with the SEC . When available, copies of the prospectus supplement relating to the registered direct offering, together with the accompanying prospectus, can be obtained at the SEC’s website at www.sec.gov.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Ambro24
2 months ago
$WKSP $WKSP I found some great news!!!
Worksport COR product set to begin sales, pending final approval
Sep. 13, 2022 10:00 AM ETWorksport Ltd. (WKSP)
Richmond Hill, Ontario, Canada, Sept. 13, 2022 (GLOBE NEWSWIRE) -- Worksport Ltd. (WKSP) (the “Company” or “Worksport”), is announcing it is nearing the completion of tooling for its COR portable energy storage system. This is the final step in a long effort to perfect the product and prepare it for market launch. COR, modular batteries and advanced hot-swap technology, works with SOLIS, Worksport’s groundbreaking advanced truck bed tonneau cover with integrated solar panels.
Charlie V
2 months ago
$WKSP
West Seneca, New York , March 07, 2024 (GLOBE NEWSWIRE) -- Worksport Ltd. (Nasdaq: WKSP) (“Worksport” or the “Company”), a manufacturer of truck beds and solar-integrated tonneau covers for pickup trucks, is excited to announce the anticipated summer launch of its revolutionary SOLIS Solar Cover and COR Battery System. With immense popularity, Tesla Inc. (“Tesla” or “Cybertruck”) with the Tesla Cybertruck could, one day, become an ideal candidate for the Worksport SOLIS and COR bundle, as the Tesla Cybertruck reaches mass market through increased deliveries. The SOLIS Cover is expected to be available at start for major brands including the Ford Motor Company (“Ford”), the General Motors Company (“General Motors or “GM”) and the Hyundai Motor Company (“Hyundai”).
The innovative SOLIS and COR duo is on track for its scheduled release this summer, promising to deliver an unparalleled off-grid power solution perfect for pickup truck users who enjoy camping, remote work, sports, and various outdoor activities. There also is a large market opportunity for both COR and SOLIS products for light trucks and those who work within military, law enforcement, and first responders within North America and globally.
The benefits and applications for the SOLIS Solar Cover, coupled with the COR Battery System, are designed to transform the utility of pickup trucks by offering off-grid power, allowing over 60 million pickup trucks just in the USA alone to become traveling microgrids. Further, in future partnerships with EV manufacturers, the SOLIS Cover itself can provide additional electric driving range and charging capabilities directly from the sun. Worksport currently has open conversations with multiple OEM vehicle brands and has previously announced the production of prototypes for Hyundai. In addition to applications in pickup trucks such as Ford and General Motors, Worksport engineering departments are exploring new truck compatibility for future additional application coverage which could, one day, include Tesla and the Tesla Cybertruck. Fitment of the Worksport SOLIS with the Tesla Cybertruck is yet to be determined, but possible. A direct partnership between Worksport and Tesla would further integration of the SOLIS to be able to passively charge the Cybertruck. However, as an aftermarket add-on accessory, the SOLIS and the COR system would provide unparalleled utility for portable, mobile, solar energy away from the power grid.
No pickup truck necessary. The Worksport COR Portable Energy Storage System, the Company’s highly anticipated mobile battery power generator system, is also planned to be offered to the domestic and global consumer market, not just pickup truck owners. The COR System can be recharged by any wall outlet or any solar panels, allowing the COR System to be used by anyone, anywhere, to power almost anything. This plan opens Worksport’s addressable market from 60 million pickup truck owners to the coveted global market for consumer electronic devices. The COR System will be one of very few power electronic devices that will be fully designed and produced within North America (using foreign and domestically sourced components). The Company believes North American innovation paired with local manufacturing will make the Worksport COR system among the best and most innovative mobile battery power generators ever released. With exclusive features such as modular batteries, for limitless power, and hot swap features and a clever built in uninterrupted power supply. This innovative power supply is to allow batteries to be changed and recharged without losing power to appliances connected and operating from the COR device.
As the launch date approaches, Worksport is pleased to report that nearly all components for the COR Alpha Release have arrived and are currently undergoing rigorous testing. While results are pending, initial tests appear promising, indicating that the product is likely to meet and exceed expectations. Prior to full market release this summer, the COR System will first have an Alpha Release for real consumer testing to ensure a successful market release.
Concurrently, prototypes of the SOLIS Solar Cover are in development and will be tested on different truck brands, including Hyundai, Ford, General Motors, Stellantis RAM, and more. Worksport's manufacturing facility in Buffalo, New York , is producing the Company’s state-of-the-art innovative hard-folding covers, which serve as the base for the SOLIS Solar Cover and contribute to the Company's current revenue growth. Worksport recently announced compatibility of its hard-folding covers with a wide range of popular truck models, including RAM by Stellantis, General Motors brands GMC and Chevrolet, Ford, Jeep by Stellantis, Nissan, and Toyota.
Steven Rossi , CEO of Worksport , comments on the journey toward this landmark release: "We have faced enormous challenges, including delays caused by issues that have affected supply chains across the globe. Despite these obstacles, our team’s dedication and hard work have kept us on track to deliver, and we now feel confident about releasing the SOLIS Solar Cover and the COR Battery System this summer to consumers. The SOLIS and COR duo embody our commitment to innovation and our vision for a more sustainable future."
The impending release of the SOLIS Solar Cover and COR Battery System marks a significant milestone for Worksport as it continues to push the boundaries of automotive accessory technology, providing customers with smart, eco-friendly solutions for their energy needs. The Company is positioning itself in renewable energy for a better tomorrow.
OEM’s (such as those named above), dealers, and distributors with interest in exploring integration of Worksport’s products with specific vehicles are encouraged to email sales@worksport.com with any inquires.
For more information about Worksport Ltd. , the SOLIS Solar Cover, and the COR Battery System, please visit investor.worksport.com/press-releases/.
Charlie V
2 months ago
West Seneca, New York , Feb. 13, 2024 (GLOBE NEWSWIRE) -- Worksport Ltd. (Nasdaq: WKSP) (“Worksport” or the “Company”) is announcing that it has completed production of the first 1,100 AL3PRO Hard Folding Tonneau Covers at its West Seneca, NY manufacturing facility. The covers are expected to be sold and shipped to new customers in the U.S. The covers produced and currently in stock are suitable for a wide range of trucks, including RAM Trucks by Stellantis, General Motors brands GMC and Chevrolet, Ford, Jeep by Stellantis, Nissan, and Toyota.
The AL3PRO hard folding tonneau cover is a sleek all-new all-aluminum hard folding tonneau cover produced in Worksport’s upstate New York factory. It is proudly "Made in the USA” using 90%+ domestically sourced materials. Each component of the cover has been carefully engineered to cater to the needs of today’s discerning pickup truck owners and their demanding lifestyles. Its robust aluminum construction is crafted to be durable and long-lasting, with a modern design that enhances the appearance of any truck, while remaining user-friendly, easy to install, and functional. The Worksport team continues to ramp up production while focusing on improving manufacturing efficiency.
On this momentous occasion, Steven Rossi , CEO of Worksport , stated, “Our latest tonneau cover has come to fruition, and the product has exceeded our initial expectations. The AL3PRO cover is the culmination of years of research, hard work, and dedication as we strive to deliver nothing but the best to our customers. The cover’s compatibility list is long, including many major models - such as the Ford F-Series, General Motors’ GMC and Chevrolet models. We also have applications for Nissan and Toyota, as well as RAM and Jeep by Stellantis. Also, I am delighted to report that the AL3PRO cover is now available on Worksport's e-commerce site.”
The Company also intends to sell the AL3PRO cover on major sales platforms such as Walmart, Amazon, and eBay, as a part of Worksport’s efforts to extend its B2B dealer network and availability across North America .
Worksport’s plans to expand the number of truck models with which the newest tonneau covers will be compatible are in the works. In addition to Ford, Jeep and RAM by Stellantis, GMC and Chevrolet by General Motors, Toyota, and Nissan, consumers can soon expect the AL3PRO cover to be compatible with the widely popular Honda Ridgeline. More information will be provided as timely as possible.
Meanwhile, Worksport is diligently working on the SOLIS Solar Cover and the COR Battery System, a powerful duo that utilizes clean energy to provide a mobile microgrid. Initial quality testing for the COR battery has shown positive results and our development and QA teams are pleased with the progress. The Company looks forward to providing investors with more updates on these products soon.
Worksport’s dedication to developing innovative truck accessories powered by off-grid energy solutions underlines its belief that clean energy is the future of the industry. Stay tuned to get more information about the product’s availability on the expanded B2B network. Worksport expects to announce when the AL3PRO hard folding tonneau cover becomes available on major sale platforms.
For further information, please visit Worksport’s official website for investors at investors.worksport.com.
Charlie V
3 months ago
Worksport, who specializes in pickup accessories, told a different quarterly story today. Its unaudited revenue for its fourth quarter skyrocketed 2,050% YoY to $839,690, after already reporting an impressive growth of 2,400% in its third quarter.
During the reported quarter, Worksport launched a second production line at its state-of-art U.S. facility as it continues to confidently march ahead to make its mark in the field of sustainable automotive innovation. Both quarters are a reflection of Worksport’s strategic execution as it ramped up production of its “made in the USA’tonneau covers that will be available even on Amazon and Walmart. Besides redefining standards when it comes to light bed tonneau covers, Worksport is preparing for the alpha release of its COR portable battery system, which will be followed by the SOLIS solar-powered tonneau cover. The power duo that Worksport is bringing to the market promises to address range anxiety and bring the opportunity to power remote locations, redefining off-road driving and enhancing camping experiences across the globe.
While some fear the EV progress is slowing down with traditional automakers like General Motors (NYSE:GM) and Ford Motor (NYSE:F) switching gears and scaling down their efforts in response to challenges that are even slowing down Tesla, companies like Worksport could be the ones to turbocharge EVs back to growth with their innovations.
Charlie V
3 months ago
8:26 AM EST, February 07, 2024 (Benzinga Newswire)
Infineon Technologies AG (OTCQX:IFNNY) has announced a collaboration with Worksport Ltd. (NASDAQ:WKSP, ))))). Worksport will use Infineon's GaN power semiconductors GS-065-060-5-B-A in the converters for its portable power stations to increase efficiency and power density. Enabled by Infineon's GaN transistors, the power converters will be lighter and smaller in size with reduced system costs. In addition, Infineon will support Worksport in the optimization of circuits and layout design to further reduce size and increase power density.
"Infineon's high-quality standard and solid supply chain provide us with the best components to ensure power-dense converters for our COR system product line and contribute to a first-class end product performance," said Worksport CEO Steven Rossi. The company's COR battery system can be integrated into a pickup truck or recharged by any solar panel or wall outlet. By replacing the former silicon switch in the power converter with Infineon's GaN power semiconductors and operating the transistors at higher switching frequency, Worksport will be able to reduce the battery system weight by 33 percent and system costs by up to 25 percent.
The working relationship with Infineon will also help Worksport to reduce CO2 in the manufacturing process. GaN is proving itself as a game-changing technology across many markets and applications. For example, in data centers, GaN solutions have a global energy savings potential of 21 TWh annually, 10 million tons1 of Carbon Dioxide (CO2) equivalent. "In order to further drive electrification and decarbonization, the industry's power designs require innovation," said Johannes Schoiswohl, Business Line Head GaN Systems of Infineon's Power & Sensor Systems Division. "With our GaN power semiconductors we enable Worksport to create the next generation portable power stations that users require."
Infineon's GS-065-060-5-B-A is an Automotive-grade 650 V enhancement mode GaN-on-Silicon power transistor. It offers very low junction-to-case thermal resistance for demanding high power applications such as on-board chargers, industrial motor drives and solar inverters. Furthermore, it features simple gate drive requirements (0 V to 6 V) and a transient tolerant gate drive (-20 / +10 V).
More information about Infineon's GaN solutions is available at www.infineon.com/GaN
Charlie V
3 months ago
https://investors.worksport.com/worksport-subsidiary-terravis-energy-starts-to-build-heat-pump-supply-chain/
West Seneca, New York, January 30, 2024 — Worksport Ltd. (Nasdaq:WKSP; WKSPW) (“Worksport”) and its subsidiary, Terravis Energy, Inc. (“Terravis” or the “Company”) are pleased to announce that Terravis has begun to consider partners in a supply chain for the Cold Climate, Air Source Residential Heat Pump (CCHP). Terravis CEO Lorenzo H. Rossi recently returned from Chicago’s 2024 AHR Expo, which attracted more than 50,000 attendees and more than 1,600 exhibits, featuring such leading industry suppliers as Bosch Ltd, Honeywell International, Hitachi Heating and Cooling, and LG Electronics. The annual Expo showcases the latest advancements and technologies in heating, ventilation, air conditioning, and refrigeration. The event is a crucial hub for networking, learning, and business development within the industry. Lorenzo Rossi attended the AHR Expo with a strategic objective – meeting suppliers and instituting a commercial supply chain for the revolutionary CCHP.
“We have reached a tipping point in the development of the Terravis Heat Pump, as it has gone through some ultra-demanding tests in our Toronto R&D facility’s cutting-edge ‘Arctic Chamber’ and is now undergoing extra tests. It was a great experience to be at the AHR Expo alongside leading companies like Bosch Ltd, Honeywell International, Hitachi Heating and Cooling, and LG Electronics.” Lorenzo Rossi continued. “The next step is finding the best suppliers who share our vision for this technologically advanced, zero emission product. We are very encouraged by high level of technology of the suppliers at the Expo. They came from all over the world, and Terravis Energy forged vital industry connections and discovered how these potential partners can help move forward the development of this very promising product.”
The forthcoming Terravis heat pump, is anticipated to redefine the boundaries of heating technology without the use of supplemental heat coils. It not only is expected to withstand the harshest North American winters, but also is anticipated to thrive in them, effortlessly maintaining a warm and inviting indoor atmosphere, regardless of how icy it may be outside. Its innovative design and advanced zero emission technology is expected to ensure comfort and reliability no matter how severe the weather could become.
“The Company anticipates announcing in the near future its final decision on a name for the product, as we perfect and finalize its design,” Lorenzo Rossi said. “Early test results have surpassed our expectations, prompting the Company to begin contacting potential suppliers
With a range of companies present at the event, from Bosch Ltd and Honeywell International to Hitachi and LG Electronics, Terravis will closely review which suppliers best align with their objectives.”
“The Terravis Heat Pump is a very exciting product that is anticipated to not only provide comfort to millions around the globe but also contribute to reducing the carbon footprint caused by fossil-fuel heating, one of the largest contributors to carbon emissions worldwide, the presence of companies such as Bosch Ltd, Honeywell International, Hitachi Heating and Cooling, and LG Electronics at the AHR Expo demonstrates that this is a significant movement in the industry.” said Worksport CEO Steven Rossi. “It is an example of Worksport’s across-the-board commitment to a zero emission future with high technology products that enhance people’s lives – whether it’s a heat pump in a cold climate or the SOLIS solar tonneau cover and its companion COR portable battery system. The future is in zero emission products that help reduce our carbon footprint, and Worksport intends to be at the forefront of this worldwide transformation.”
As always, Worksport and Terravis will continue to update investors and shareholders as we refine the heat pump’s eventual product name, what it looks like, how it will work and when it will be launched. In addition, we will report milestones on the product testing process and news as the heat pump and other products, like the SOLIS solar truck cover and COR battery system, progress to production models. As always, Worksport will continue to update investors and shareholders on our progress with all products as soon as information is available.
Charlie V
3 months ago
Worksport Announces Expansion of B2B Dealer Network and Upcoming Availability on Amazon, eBay, Walmart Marketplaces
West Seneca, New York, January 29, 2024 – Worksport Ltd. (Nasdaq: WKSP; WKSPW) (“Worksport” or the “Company”) is excited to announce the expansion of its “B2B” (Business-to-Business) dealer network in the U.S. and Canadian Markets. This strategic move aims to establish and increase the presence and accessibility of Worksport products across the United States and Canada including on major platforms such as Amazon, eBay, and Walmart, via B2B resellers.
Worksport anticipates beginning its sales efforts, developing its B2B network with its first client meetings planned in early February. Worksport’s sales team, including multiple sales agencies, are presently preparing for series of product road shows that will span all of North America. Worksport is strategically focused on cultivating robust and lucrative partnerships to seize a share of the estimated $3 billion Tonneau Cover Market. With approximately 60 million pickup trucks on the roads in the United States alone, Worksport aims to position itself as a key player in this thriving market by establishing lasting and mutually beneficial business relationships.
The cornerstone product where Worksport expects the most initial interest is its all-new Made in America AL3 Hard-Folding Tonneau Cover - a product that is 90%+ domestically sourced and a testament to Worksport's commitment to quality and functionality. The AL3 cover is now available on the Worksport e-commerce site. However, in a progressive step forward, this product is expected to be available on major platforms such as Amazon, eBay, and Walmart, via B2B resellers in its rapidly expanding dealer B2B dealer network.
The AL3 cover is anticipated to initially be compatible with and available for a wide range of popular truck models, including RAM trucks by Stellantis, General Motors brands such as the GMC Sierra and Chevrolet Silverado, Ford F-Series, Jeep (Gladiator) by Stellantis, Nissan, and Toyota light trucks.
Steve Ravio, Director of Business at Worksport, commented on the development, “As a Made-in-America business with a keen focus on forging long standing and strong business-to-business relationships, we want to make it clear that Worksport is dedicated to offering the highest quality, best discounts, exclusive product versions, special deals, and the latest products to support its dealer network. We want to fully support local dealers and area distributors to be successful with the Worksport lineup of products. We are gearing up to assist our B2B dealers in making Worksport products available on their e-commerce websites and their Amazon, eBay, and Walmart platforms, as well as automotive stores and showrooms across the US and Canada.”
The Company is excited to build out its dealer network and bring its Made-in-America products to American consumers. With an estimated 70,000+ automotive related dealers across the United States, Worksport's management believes there are tremendous growth opportunities. The team is committed to working diligently with dealers to ensure the AL3 Hard-Folding Tonneau Cover and other products are available in every state and province, enhancing the functionality and style of pickup trucks nationwide.
Steven Rossi, CEO of Worksport, commented, “We are eager to see our AL3 and other covers on pickup trucks across the United States, from California to Florida to New York. Our aim is to cater to a diverse range of vehicles, including models from Stellantis, General Motors, Ford, Nissan, and Toyota. Our vision has always been clear, and now we are actively executing it.”
The AL3 Hard-Folding Tonneau Cover has already generated significant interest with dealers that need tonneau covers that fit the popular truck models. As earlier mentioned Worksports Hard-folding cover fits the RAM by Stellantis, General Motors brands GMC and Chevrolet, Ford, Jeep by Stellantis, Nissan, and Toyota. This product, reflecting the pinnacle of American manufacturing and design, will be accessible through Worksport and Worksport dealers on Amazon, eBay, and Walmart, providing customers with various purchasing options.
Worksport's focus on expanding its dealer network and enhancing product accessibility underlines its commitment to quality, innovation, and customer satisfaction. The Company looks forward to a future of continued growth and success in the North American market.
Charlie V
4 months ago
West Seneca, New York , Jan. 09, 2024 (GLOBE NEWSWIRE) -- Worksport Ltd. (Nasdaq: WKSP; WKSPW) (“Worksport”) and its subsidiary, Terravis Energy, Inc. (“Terravis”), are pleased to announce a breakthrough in early test results for Terravis’ working prototype of its Cold Climate, Air Source Residential Heat Pump (CCHP). With traditional CCHP units designed to operate at approximately -25ºC (- 13º F), Terravis’ CCHP has produced heating in temperatures as cold as -35ºC (-31º F), surpassing current commercial units by as much as 40%. These early test results have surpassed management’s expectations, prompting Terravis to move to the commercial design stage for this product after further rigorous testing.
The forthcoming Terravis heat pump, a notable achievement in modern engineering, is set to redefine the boundaries of heating technology without the use of supplemental heating coils. It not only is expected to withstand the harshest North American winters, but thrive in them, effortlessly maintaining a warm and inviting indoor atmosphere regardless of how cold it may be outside. Its innovative design and advanced technology are expected to ensure comfort and reliability no matter how severe the weather could become.
“Terravis’ Cold Climate Heat Pump is intended for use in the residential home heating and cooling market, and to operate seamlessly even under the most daunting conditions,” said Terravis CEO Lorenzo H. Rossi . “In our Toronto R&D facility, our cutting-edge ‘Arctic Chamber’ created a simulated environment of extreme cold, and the Heat Pump demonstrated its unparalleled capability to maintain a comfortable temperature, even at a staggering -35ºC (-31ºF). This extraordinary feat was accomplished without reliance on typical auxiliary heating coils, a breakthrough that we believe sets the Terravis Heat Pump apart in the large worldwide heating solutions market.”
An air source heat pump utilizes the phase change of a refrigerant to transfer heat, capturing existing heat from outside air, amplifying its warmth, and then moving it indoors, functioning efficiently even in cold weather since some heat is always present in the air. When cooling, it employs the opposite phase change, from gas to liquid, to move heat from inside the home to the outside.
Terravis executed detailed tests that monitored performance across a range of 12 temperature points from -10ºC (14ºF) to -35ºC (-31F). These tests included checking four refrigerant pressure zones, airflow, and the energy consumption of each component. The impressive results from these tests have now prompted Terravis to move up its timetable for Heat Pump product development and commit to a commercial design stage in which it will perfect the product for an eventual market introduction.
“We are very pleased and excited by these early, very promising test results,” said Worksport CEO Steven Rossi . “The rapid pace of innovation we are now experiencing in all parts of the company, including Worksport and Terravis, confirms that the long overdue climate-friendly, zero emission path that we set out on some time ago is expected to be closer and closer to fruition. Fossil-fuel heating, one of the largest contributors to carbon emissions worldwide, requires significant amounts of energy. Widespread global adoption of heat pump technology can be a major contributor to creating the zero-emission future to which our company has committed itself. These early test results are a giant step toward that goal.”
As always, Worksport and Terravis will continue to update investors and shareholders as we refine the heat pump’s eventual product name, what it looks like, how it will work and when it will be launched. In addition, we anticipate reporting milestones on the product testing process and news as the heat pump and other products like the SOLIS solar truck cover and COR battery system progress to production models.
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