Worksport Ltd. ($WKSP) Announces Global Patent Portfolio Growth, and Joins LOT Network for Enhanced Patent Protection
Worksport (NASDAQ: WKSP) announced a significant expansion of its patent portfolio, growing approximately 25% in the last 12 months. The company has also joined the LOT Network, a global consortium protecting companies from patent assertion entities (PAEs).
The expanded patent portfolio covers innovations for existing product lines, including the patented SOLIS solar tonneau cover and COR portable power system. Additional proprietary assets are being developed through subsidiary Terravis Energy in Cold-Climate Heat Pumps.
By joining LOT Network, Worksport gains protection against PAE litigation through access to over 4.8 million patents, including nearly 50,000 patent assets in relevant technology fields. The network includes major companies like Tesla, Ford, Amazon, Rivian, Hyundai, and Microsoft, offering mutual protection against patent trolls through automatic licensing agreements.
Worksport (NASDAQ: WKSP) ha annunciato un'espansione significativa del suo portafoglio brevetti, aumentando di circa 25% negli ultimi 12 mesi. L'azienda è anche entrata a far parte della LOT Network, un consorzio globale che protegge le aziende dalle entità di affermazione dei brevetti (PAE).
Il portafoglio brevetti ampliato copre innovazioni per le linee di prodotti esistenti, inclusi il brevetto per il copertura tonneau SOLIS a energia solare e il sistema di alimentazione portatile COR. Ulteriori asset proprietari sono in fase di sviluppo attraverso la controllata Terravis Energy, dedicata alle pompe di calore per climi freddi.
Unendosi alla LOT Network, Worksport ottiene protezione contro le cause PAE grazie all'accesso a oltre 4,8 milioni di brevetti, inclusi quasi 50.000 asset brevettuali in campi tecnologici pertinenti. La rete comprende grandi aziende come Tesla, Ford, Amazon, Rivian, Hyundai e Microsoft, offrendo una protezione reciproca contro i troll dei brevetti tramite accordi di licenza automatica.
Worksport (NASDAQ: WKSP) anunció una expansión significativa de su cartera de patentes, creciendo aproximadamente un 25% en los últimos 12 meses. La compañía también se ha unido a la LOT Network, un consorcio global que protege a las empresas de las entidades de afirmación de patentes (PAE).
La cartera de patentes ampliada cubre innovaciones para las líneas de productos existentes, incluyendo la patentada cubierta tonneau solar SOLIS y el sistema de energía portátil COR. Activos adicionales son desarrollados a través de la subsidiaria Terravis Energy en bombas de calor para climas fríos.
Al unirse a LOT Network, Worksport obtiene protección contra litigios de PAE a través del acceso a más de 4.8 millones de patentes, incluyendo casi 50,000 activos de patentes en campos tecnológicos relevantes. La red incluye grandes empresas como Tesla, Ford, Amazon, Rivian, Hyundai y Microsoft, ofreciendo protección mutua contra trolls de patentes a través de acuerdos de licencia automática.
Worksport (NASDAQ: WKSP)는 최근 12개월 동안 약 25% 증가하여 특허 포트폴리오를 대폭 확장했다고 발표했습니다. 이 회사는 또한 LOT Network에 가입하여 특허 주장 실체(PAE)로부터 회사를 보호하는 글로벌 컨소시엄에 합류했습니다.
확장된 특허 포트폴리오는 SOLIS 태양광 토노 커버와 COR 포터블 전원 시스템을 포함한 기존 제품 라인의 혁신을 다루고 있습니다. 추가적인 독점 자산은 Terravis Energy라는 자회사를 통해 냉온열펌프 분야에서 개발되고 있습니다.
LOT Network에 가입함으로써 Worksport는 480만 개 이상의 특허에 대한 접근을 통해 PAE 소송에 대한 보호를 받게 되며, 관련 기술 분야에서 거의 50,000 개의 특허 자산이 포함되어 있습니다. 이 네트워크에는 Tesla, Ford, Amazon, Rivian, Hyundai 및 Microsoft와 같은 대기업들이 포함되어 있으며, 자동 라이선스 계약을 통해 특허 괴물들로부터 상호 보호를 제공합니다.
Worksport (NASDAQ: WKSP) a annoncé une expansion significative de son portefeuille de brevets, augmentant d'environ 25% au cours des 12 derniers mois. L'entreprise a également rejoint le LOT Network, un consortium mondial protégeant les entreprises des entités d'affirmation de brevets (PAE).
Le portefeuille de brevets élargi couvre les innovations pour les lignes de produits existantes, y compris la brevetée couverture tonneau solaire SOLIS et le système d'alimentation portable COR. Des actifs supplémentaires sont en cours de développement par la filiale Terravis Energy dans le domaine des pompes à chaleur pour climats froids.
En rejoignant le LOT Network, Worksport obtient une protection contre les litiges PAE grâce à l'accès à plus de 4,8 millions de brevets, y compris près de 50 000 actifs brevetés dans des domaines technologiques pertinents. Le réseau comprend de grandes entreprises comme Tesla, Ford, Amazon, Rivian, Hyundai et Microsoft, offrant une protection mutuelle contre les trolls de brevets grâce à des accords de licence automatiques.
Worksport (NASDAQ: WKSP) hat eine signifikante Erweiterung seines Patentportfolios angekündigt, das in den letzten 12 Monaten um etwa 25% gewachsen ist. Das Unternehmen ist auch dem LOT Network beigetreten, einem globalen Konsortium, das Unternehmen vor Patentanspruchseinheiten (PAEs) schützt.
Das erweiterte Patentportfolio umfasst Innovationen für bestehende Produktlinien, einschließlich der patentierten SOLIS Solar-Tonneauabdeckung und des COR tragbaren Energiesystems. Weitere proprietäre Vermögenswerte werden über die Tochtergesellschaft Terravis Energy im Bereich von Warmepumpen für kaltes Klima entwickelt.
Durch den Beitritt zum LOT Network erhält Worksport Schutz vor PAE-Klagen durch den Zugriff auf über 4,8 Millionen Patente, darunter nahezu 50.000 Patentvermögenswerte in relevanten Technologiefeldern. Das Netzwerk umfasst große Unternehmen wie Tesla, Ford, Amazon, Rivian, Hyundai und Microsoft und bietet gegenseitigen Schutz vor Patent-Trollen durch automatische Lizenzvereinbarungen.
- 25% growth in global patent portfolio over 12 months
- Protection against patent litigation through LOT Network membership
- Access to 4.8 million patents and 50,000 relevant technology patents through LOT Network
- None.
Insights
The 25% expansion of Worksport's patent portfolio represents a significant strengthening of their competitive moat, particularly critical as they prepare to launch innovative products like the SOLIS solar tonneau cover and COR portable power system. The timing of this IP expansion is strategically aligned with their market entry plans, providing important protection for their technological innovations.
The decision to join LOT Network is particularly astute given two key factors: First, the company's
The expansion into Cold-Climate Heat Pump technology through Terravis Energy demonstrates strategic diversification of their IP portfolio, positioning them in multiple high-growth clean energy segments. This multi-vertical approach, protected by a robust patent portfolio and LOT Network membership, creates multiple potential revenue streams while minimizing legal risks.
The strategic value of these moves becomes particularly apparent when considering the upcoming product launches. The enhanced patent protection provides:
- Stronger negotiating positions with potential partners and customers
- Reduced risk of copycat products entering the market
- Greater freedom to operate in competitive markets
- Improved attractiveness to potential investors or strategic partners
Strategic Alliance Aims to Lower Legal Costs & Strengthen Market Position, Ahead of Major Product Launches
West Seneca, New York, Jan. 24, 2025 (GLOBE NEWSWIRE) -- Worksport Ltd. (NASDAQ: WKSP) (“Worksport” or the “Company”), a U.S. based manufacturer and innovator of hybrid and clean energy solutions for the light truck, overlanding, and global consumer goods sectors, is pleased to announce that it increased its patent portfolio by approximately
Global Patent Growth
Worksport is proud to announce a ~
Joining LOT Network
In addition to bolstering its patent portfolio, Worksport is excited to join LOT Network. LOT Network community is committed to protecting its members from costly and frivolous litigation initiated by patent assertion entities (PAEs, sometimes referred to as “patent trolls”). Members of LOT Network agree that if a member's patent is enforced by a PAE, other members automatically receive a license to that patent, protecting them from lawsuits by the PAE using that patent. All the usual uses of patents are preserved. With 4.8 million patents in the network and counting, its more than 4,500 members include global leaders such as Tesla, Ford, Amazon, Rivian, Hyundai, and Microsoft. By joining the Network, Worksport is protected against PAE litigation using more than 4.8 million patents – including nearly 50,000 patent assets in technology fields relevant to Worksport – thus safeguarding Worksport and its business ecosystem.
A common misconception is that PAEs target only large companies. In fact, over
"Innovation lies at the heart of Worksport's culture, and we are deeply committed to safeguarding our diverse technical and creative community. Worksport’s IP is growing at a wonderful pace," said Nilay Choksi, General Counsel and Chief IP Counsel at Worksport. "As advocates for fair IP practices, we urge other companies to join us in making the industry safer by becoming part of LOT Network. By collaborating, we can shield the industry from misuse, foster innovation, and drive growth and success for the entire community."
Read More Worksport Press Releases: [Link to Worksport Press Releases].
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About LOT Network
LOT Network, the world’s largest patent licensing platform, is an international, non-profit community of leading global companies committed to protecting themselves against costly litigation from patent assertion entities (PAEs). LOT Network currently protects more than 4,800 members in 56 countries from PAE litigation for more than 4.8 million worldwide patent assets and counting and includes
About Worksport
Worksport Ltd. (Nasdaq: WKSP), through its subsidiaries, designs, develops, manufactures, and owns the intellectual property on a variety of tonneau covers, solar integrations, portable power systems, and clean heating & cooling solutions. Worksport has an active partnership with Hyundai for the SOLIS Solar cover. Additionally, Worksport’s hard-folding cover, designed and manufactured in-house, is compatible with all major truck models and is gaining traction with newer truck makers including the EV sector. 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 Cold-Climate Heat Pump (CCHP) technology. Terravis Energy’s website is terravisenergy.com.
For more information, please visit investors.worksport.com.
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For additional information, please contact:
Investor Relations, Worksport Ltd. T: 1 (888) 554-8789 -128 W: investors.worksport.com W: www.worksport.com E: investors@worksport.com
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FAQ
What is the significance of WKSP's 25% patent portfolio growth in 2024?
How does joining LOT Network benefit WKSP shareholders?
What products are covered by WKSP's expanded patent portfolio?
How many patents does WKSP gain access to through LOT Network?
