Workhorse Group Submits Formal Application to the FAA for Type Certification of its HorseFly™ Delivery Drone

Rhea-AI Summary

Workhorse Group Inc. (Nasdaq: WKHS) announced the submission of its Type Certification application for the HorseFly Unmanned Aerial System (UAS) to the Federal Aviation Administration (FAA). This certification is crucial for establishing the airworthiness of the aircraft, a process that typically takes 12 to 24 months. The HorseFly UAS can autonomously deliver parcels and has successfully completed commercial deliveries, carrying a ten-pound payload up to 10 miles. Workhorse aims to enhance cost-efficiency with operating costs below three cents per mile, marking a significant milestone for the company.

Positive

• Formal Type Certification application submitted to FAA for HorseFly UAS.
• HorseFly UAS demonstrated capability to carry a 10-pound payload up to 10 miles.
• Operating costs of the aircraft at less than three cents per mile, indicating significant cost efficiency.

Negative

• Certification process may take 12 to 24 months, delaying potential revenue generation.

CINCINNATI, Oct. 28, 2020 /PRNewswire/ -- Workhorse Group Inc. (Nasdaq: WKHS) ("Workhorse" or "the Company"), an American technology company focused on providing sustainable and cost-effective drone-integrated electric vehicles to the last mile delivery sector, announced that it has submitted its formal "Type Certification" application to the Federal Aviation Administration ("FAA") for its HorseFly^TM Unmanned Aerial System ("UAS"). A type certificate signifies the airworthiness of a particular category of aircraft according to its manufacturing design. From application to approval, the certification process takes approximately 12 to 24 months.

The HorseFly UAS has been designed to meet the FAA's stringent standards for commercial drone operations and includes a safe, reliable, multi-use aircraft that can deliver parcels, carry sensors and cameras and operate autonomously with a high degree of precision. The system's success has been validated through real-world commercial deliveries, including approximately 80% of most commercial package sizes, shapes, and weights, having demonstrated the ability to carry a ten-pound payload up to 10 miles. The aircraft's flexible design allows users to operate select, patent-pending delivery methods, including air drops, winch deliveries from various altitudes and ground deliveries. Its quick-change battery system also effectively reduces ground time between missions. The aircraft's durable structure supports superior levels of reliability in the high-utilization, demanding markets of commercial and industrial users.              

"FAA Type Certification is the only path to scaling meaningful, long-term commercial revenue operations in the U.S., and we believe our Aerospace division is firmly on that path," said Workhorse CEO Duane Hughes. "We first started developing our unmanned aerial system over four years ago and have come a very long way in that time. Workhorse Aerospace has flown hundreds of live package deliveries in multiple states. With direct operating costs of the aircraft coming in at less than three cents per mile, package delivery integrated via drone represents a true step function improvement in terms of cost and efficiency. While there is much work ahead, this formal application is a milestone achievement for our team. We will continue to work diligently over the coming months as we progress through the various stages of the approval process."

About Workhorse Group Inc. 
Workhorse is a technology company focused on providing drone-integrated electric vehicles to the last mile delivery sector. As an American original equipment manufacturer, we design and build high performance, battery-electric vehicles including trucks and aircraft. Workhorse also develops cloud-based, real-time telematics performance monitoring systems that are fully integrated with our vehicles and enable fleet operators to optimize energy and route efficiency. All Workhorse vehicles are designed to make the movement of people and goods more efficient and less harmful to the environment. For additional information visit workhorse.com.

Media Contact:

Mike Dektas
Creative Storm PR
513-266-3590
mike@creativestorm.com

Workhorse Investor Relations Contact:

Matt Glover and Tom Colton
Gateway Investor Relations
949-574-3860
WKHS@gatewayir.com

 

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SOURCE Workhorse Group Inc.

FAQ

What is the significance of Workhorse submitting a Type Certification application for the HorseFly drone?

Submitting a Type Certification application to the FAA is essential for Workhorse to achieve airworthiness certification, enabling commercial operations of the HorseFly drone.

How long does the FAA certification process take for the HorseFly drone?

The FAA certification process for the HorseFly drone typically takes approximately 12 to 24 months.

What are the capabilities of the HorseFly UAS?

The HorseFly UAS can autonomously deliver parcels, carrying a ten-pound payload up to 10 miles, and has demonstrated various delivery methods.

What are the operating costs associated with the HorseFly UAS?

The HorseFly UAS has operating costs of less than three cents per mile, enhancing cost efficiency for delivery operations.

What milestone has Workhorse achieved with its HorseFly drone?

Workhorse has achieved the milestone of submitting a formal Type Certification application, a critical step toward scaling commercial operations.