Worksport Announces Strategic Partnership with NeuronicWorks to Assemble COR Battery System for Alpha Release and Full Production
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Insights
The strategic partnership between Worksport Ltd. and NeuronicWorks Inc. to manufacture and assemble the COR battery system represents a significant move in the renewable energy and automotive accessory sectors. This collaboration indicates a growing trend of companies seeking to secure domestic manufacturing capabilities, particularly in the North American market. The emphasis on 'Made in North America' products underlines a strategic pivot towards local production, which could resonate well with consumers increasingly concerned with supply chain transparency and sustainability.
Moreover, the involvement of NeuronicWorks, known for its high-tech electronic product development, suggests a focus on innovation and quality in Worksport's product offerings. The COR battery system and SOLIS solar light truck cover could potentially disrupt the portable power market by integrating renewable energy solutions with automotive technology. This partnership may enhance Worksport's competitive advantage and could lead to increased market share in the niche of mobile microgrids and portable power sources.
The announcement of the partnership and the upcoming Alpha release of the COR battery system may have a positive impact on Worksport's financial performance. Investors might view the move as a proactive strategy to solidify Worksport's manufacturing capabilities and product reliability, potentially leading to an uptick in investor confidence. The market will likely monitor the Alpha release closely, as real-world testing and user experiences could provide critical data that will influence the product's commercial viability and future revenue streams.
It is also important to consider the capital requirements and investment for setting up the manufacturing and assembly operations in Canada. The financial implications of these investments will need to be weighed against the expected return on investment, including potential cost savings from reduced reliance on international shipping and tariffs, which could improve Worksport's gross margins over time.
The partnership's focus on a 'Made in North America' product highlights the increasing importance of sustainability in corporate strategies. By bringing assembly to Canada, Worksport is likely aiming to reduce its carbon footprint and appeal to environmentally conscious consumers. The renewable energy sector is highly sensitive to sustainability practices and Worksport's alignment with these values through the COR battery system and SOLIS solar truck cover could strengthen its brand reputation and customer loyalty.
Additionally, the collaboration with NeuronicWorks, a company that prides itself on innovation in cleantech, enhances Worksport's sustainability narrative. The move may set a precedent for other companies in the sector to prioritize local manufacturing and sustainable product development, potentially influencing industry norms regarding environmental responsibility.
West Seneca, New York, Jan. 03, 2024 (GLOBE NEWSWIRE) -- Worksport Ltd. (Nasdaq: WKSP; WKSPW) (“Worksport” or the “Company”) is pleased to announce that it has formed a strategic partnership with NeuronicWorks Inc., a Toronto-based high-tech custom electronic product development and manufacturing company, to manufacture and assemble the COR battery system in preparation for the system’s anticipated Alpha release. Along with supplying Worksport’s circuit boards for the COR hub, NeuronicWorks will perfect the construction of the full unit.
COR’s Alpha release, which will allow real-world testing and first-hand user experiences, is intended to be a pivotal step towards the manufacturing of the COR system in Canada, and eventually launching it using both international and domestic parts. Working together, Worksport and NeuronicWorks intend to implement a rigorous quality control process to ensure the highest quality standards.
“The partnership with NeuronicWorks is very important for our vision of a ‘Made in North America’ product,” said Rafael Oliveira, Worksport’s Chief Technology Officer. “We will be able to consistently observe NeuronicWorks’ manufacturing our COR battery system. In addition, the physical proximity of Worksport and NeuronicWorks in the Toronto area allows for a deep synergy. It’s exciting to have such a strong partner in the development of mobile microgrids and portable power sources.”
“Selecting a high-tech manufacturing partner like NeuronicWorks is a big step for Worksport on the road to the eventual market introduction of the revolutionary and world-beating SOLIS solar light truck cover and its companion COR battery system,” said Worksport CEO Steven Rossi. “We are thrilled to be partnering with such a distinguished electronic engineering leader and benefit from its substantial track record in bringing to market highly advanced proprietary products. Assembling the COR system in Canada in partnership with this leading electrical engineering company is a testament to our commitment to quality and sustainability. By bringing assembly to Canada, we have further strengthened our position in the renewable energy sector.”
“We are proud to be involved with breakthrough, revolutionary products, such as Worksport’s COR battery system and its companion SOLIS solar truck cover,” said NeuronicWorks CEO Titu Botos. “Innovation and creativity are what drives our team of talented designers and engineers, and we are very excited to be actively engaged in the development of Worksport’s COR portable battery system. This collaboration aligns with our commitment to continue innovation in the field of cleantech and green energy.”
About Worksport
Worksport Ltd. (Nasdaq: WKSP; WKSPW), through its subsidiaries, designs, develops, manufactures, and owns the intellectual property on a variety of tonneau covers, solar integrations, and NP (Non-Parasitic), Hydrogen-based true green energy solutions for the sustainable, clean energy, and automotive industries. Worksport seeks to capitalize on the growing shift of consumer mindsets towards clean energy integrations with its proprietary solar solutions, mobile energy storage systems (ESS), and NP (Non-Parasitic), Hydrogen-based technology. Terravis Energy’s website is terravisenergy.com. For more information, please visit investors.worksport.com.
About NeuronicWorks Inc.
NeuronicWorks Inc., a leading product design engineering and manufacturing house, was established in 2009 in the heart of Canada’s vibrant tech community. NeuronicWorks provides end-to-end, custom electronic product development and manufacturing services all the way from initial concept, and detailed design to prototyping, certification and turnkey manufacturing. Certified by the Professional Engineers of Ontario (PEO) and also IPC and ISO 9001 certified, its talented, customer-oriented designers and engineers are committed to excellence and standards of practice that are the hallmark of professional engineering. We also have a strong network of partners comprising major suppliers and technology providers from around the world.
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For additional information, please contact: Steven Obadiah, Investor Relations, Worksport Ltd. at T: 1 (888) 554 8789; E: investors@worksport.com; W: www.worksport.com.
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