Worksport Granted $1.15M from Canadian Federal Government Partner, MITACS
Worksport Ltd (Nasdaq: WKSP) has secured $1.15 Million in matched funding from MITACS, in collaboration with the Canadian Federal government, through its subsidiary Terravis Energy Inc. This funding aims to advance the development of a 50-kW non-parasitic electric vehicle (NPEV) fast charging system. The grant proposal was peer-reviewed and emphasized the project's feasibility, promising extensive research applications. The funding facilitates the enterprise implementation of the NPEV system, with initial production planned in 60 days following the project's successful phase one completion.
- Secured $1.15 Million in funding boosts R&D efforts.
- NPEV fast charging system identified as groundbreaking technology.
- Initial production of NPEV systems expected within 60 days.
- Partnership with Ontario Tech University enhances credibility.
- None.
Mississauga, Aug. 04, 2022 (GLOBE NEWSWIRE) -- Worksport Ltd (Nasdaq: WKSP) (the “Company”), through its subsidiary Terravis Energy Inc., has been granted
The grant proposal was drafted by the Company and Prof. Sheldon Williamson and his research team at Ontario Tech University (OTU), and was peer-reviewed by technical experts from around the world in the fields of transportation electrification, power conversion systems, material characterization and hydrogen fuel cell construction, thermal analysis, and battery management systems. Approval for the grant speaks to the technology’s feasibility and garnishes the non-parasitic electric vehicle (NPEV) fast charging system with academia and enterprise credibility. The Company believes it will open additional novel research opportunities where this technology could branch out to many other extensive applications.
The Canadian Federal government’s support will allow the Company and OTU to pursue enterprise implementation of the NPEV fast charging systems as well as any other related programs over the next two years. The prototype will be a 50-kW, NPEV fast charging system, covering areas including transportation electrification, power conversion systems, material characterization and fuel cell construction, thermal analysis, and battery management systems.
“The teams that were put together for this project have decades of R&D expertise in the areas of EV fast charging, battery technology, e-mobility, renewable energy systems, and hydrogen fuel cell technology. Our teams have been retroactively working on this novel, high power, sustainable, NPEV fast charging solution for the past several months. The tasks involved and the potential end results make it a one-of-a-kind project, not only within Canada, but also throughout North America. The NPEV fast charger project will also, without a doubt, position Canada at the forefront of e-mobility and smart grid development. We look forward to the first fully functional system demonstration at OTU within the next couple of months,” said Prof. Williamson.
A number of NPEV fast charging systems have already been requested from several Canadian businesses. As phase one comes to a successful close, initial production can begin within 60 days.
“We have been working very hard in making the NPEV a reality and very soon we will be able to demonstrate its true potential. This is just the first step in this two-year, multimillion dollar partnership with OTU, which will see R&D efforts from Worksport subsidiary Terravis Energy bring to market some very exciting and innovative products, specifically designed to achieve net zero emissions and make sustainability a way of life.” said Lorenzo H. Rossi, CEO Terravis Energy.
About Worksport Ltd.
Worksport Ltd. (Nasdaq: WKSP), through its subsidiaries, designs, develops, manufactures, and owns the IP 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 Ltd. 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. For more information, please visit www.worksport.com, www.investworksport.com and www.goterravis.com.
Connect with Worksport:
Please follow the company’s social media accounts on Twitter, Facebook, Linkedin, and Instagram, as well as sign up for the company’s newsletters at www.worksport.com or www.investworksport.com. Worksport Ltd. strives to provide frequent updates of its operations to its community of investors, clients, and customers to maintain the highest level of visibility.
For additional information, please contact:
Steven Obadiah
Business Development Manager
Worksport Ltd.
T: 1-(888) 506-2013
E: investors@worksport.com
W: www.investworksport.com
Forward-Looking Statements
The information contained herein may contain "forward‐looking statements." Forward‐looking statements reflect the current view about future events. When used in this press release, the words "anticipate," "believe," "estimate," "expect," "future," "intend," "plan," or the negative of these terms and similar expressions, as they relate to us or our management, identify forward‐looking statements. Such statements include, but are not limited to, statements contained in this press release relating to the view of management of the Company concerning its business strategy, an up listing to a national exchange, future operating results and liquidity and capital resources outlook. Forward‐looking statements are based on the Company's current expectations and assumptions regarding its business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. The Company's actual results may differ materially from those contemplated by the forward‐looking statements. They are neither statements of historical fact nor guarantees of assurance of future performance. We caution you therefore against relying on any of these forward‐looking statements. Factors or events that could cause the Company's actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company cannot guarantee future results, levels of activity, performance, or achievements. Except as required by applicable law, including the securities laws of the United States, the Company does not intend to update any of the forward‐looking statements to conform these statements to actual results. No Stock Exchange or Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Attachment
FAQ
What is the significance of the $1.15 Million funding for Worksport Ltd (WKSP)?
When will Worksport Ltd start production of the NPEV fast charging systems?
Who is involved in the MITACS funding proposal for Worksport Ltd?
What are the expected outcomes of the collaboration between Worksport Ltd and Ontario Tech University?
