Worksport Set to Launch Innovative SOLIS & COR System This Summer, Providing Options for Partnerships with Tesla, GM, and Ford.
- Anticipated summer launch of SOLIS Solar Cover and COR Battery System for pickup trucks.
- Potential partnerships with major vehicle manufacturers like Ford, General Motors, Hyundai, and Tesla.
- Targeting a large market including light trucks, military, law enforcement, and first responders.
- Plans to expand product compatibility to include Tesla Cybertruck and other truck brands.
- COR Portable Energy Storage System offers versatile recharge options and innovative features.
- Worksport aims to be a key player in the mobile battery power generator industry.
- None.
Insights
The introduction of Worksport's SOLIS Solar Cover and COR Battery System into the market represents a significant innovation in the automotive accessory sector, particularly for pickup trucks. The anticipated compatibility with major truck brands such as Ford, General Motors and Hyundai and the potential for future integration with Tesla's Cybertruck, suggests a strategic move to capitalize on the growing market for electric vehicles (EVs) and the increasing demand for sustainable, off-grid power solutions.
The emphasis on the utility for not only recreational activities but also for professional use by military, law enforcement and first responders, indicates a broadening of the target market. By expanding beyond pickup truck owners to the global consumer electronics market, Worksport is significantly increasing its addressable market. This strategic pivot could potentially open new revenue streams and partnerships, especially considering the current trend towards portable power solutions and increased interest in renewable energy sources.
Worksport's announcement of the SOLIS Solar Cover and COR Battery System may be an indicator of potential future revenue growth. The company's plan to offer these products to a wider consumer base beyond pickup truck owners and the intention to design and produce the COR System within North America, could enhance its competitive edge in the market. The emphasis on North American innovation and manufacturing aligns with current consumer and investor interest in local production and supply chain resilience.
However, investors should consider the risks associated with production and supply chain issues that have been prevalent in recent times. Delays in the launch or challenges in scaling production could impact the financial performance of the company. Additionally, the market's reception of the Alpha Release and subsequent consumer testing will be critical in determining the viability and profitability of the new products. Positive initial test results are promising, but the true test will come when the products reach the market and face competition.
The integration of solar technology into vehicle accessories, like the SOLIS Solar Cover, reflects a growing trend in the automotive industry towards incorporating renewable energy solutions. Worksport's innovation could have a significant impact on the energy sector by providing additional electric driving range and charging capabilities for EVs. This not only aligns with global efforts to reduce carbon emissions but also offers a practical solution for energy independence on the go.
The potential for the SOLIS Cover to passively charge vehicles like the Tesla Cybertruck represents a step forward in EV technology, potentially reducing reliance on traditional charging infrastructure. The modular and hot-swap features of the COR Battery System also demonstrate a forward-thinking approach to energy storage, offering versatility and convenience for users. These features could set new standards for portable power solutions, influencing future developments in the energy and automotive industries.
West Seneca, New York, March 06, 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. The SOLIS Cover is expected to be available for major brands including the Ford Motor Company (“Ford”), the General Motors Company (“General Motors or “GM”) and the Hyundai Motor Company (“Hyundai”). Also, 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 innovative SOLIS and COR duo is on track for its scheduled release, 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.
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 currently maintains an active partnership with Hyundai for the SOLIS Solar cover. Additionally, Worksport's hard-folding cover, designed and manufactured in-house, is compatible with RAM, Chevrolet, and GMC models from General Motors, as well as Ford, Jeep, Nissan, and Toyota pickup trucks. 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.
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Worksport strives to provide frequent updates of its operations to its community of investors, clients, and customers to maintain the highest level of visibility.
Investors and others should note that the Company announces material financial information to our investors using our investor relations website, press releases, Securities and Exchange Commission (“SEC”) filings, and public conference calls and webcasts. The Company also uses the Accounts to announce Company news and other information. The information shared on the Accounts could be deemed to be material information. As a result, the Company encourages investors, the media, and others to review the information the Company publishes on the Accounts.
In order to comply with Regulation FD, the Company does not selectively disclose material non-public information on any Account. If there is any significant financial information, it is the policy of the Company to release it broadly to the public through a press release or SEC filing prior to publishing it on one of the Accounts.
For additional information, please contact: Steven Obadiah, Investor Relations, Worksport Ltd.
T: 1 (888) 554 8789 E: investors@worksport.com W: www.worksport.com
Forward-Looking Statements
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