Worksport Subsidiary Terravis Energy Starts To Build Heat Pump Supply Chain
- Terravis Energy is actively seeking partners for the development of the Cold Climate, Air Source Residential Heat Pump
- The Terravis Heat Pump is anticipated to revolutionize heating technology without the use of supplemental heat coils
- Worksport's commitment to a zero-emission future is evident in their product development and company vision
- The PR does not provide specific financial or clinical data related to the product development and testing
- There is no information about potential risks or challenges associated with the development of the Terravis Heat Pump
Insights
The announcement by Worksport Ltd. regarding the development and supply chain considerations for its Cold Climate, Air Source Residential Heat Pump (CCHP) represents a strategic move in the renewable energy and HVAC (heating, ventilation and air conditioning) markets. The involvement of Terravis Energy in seeking partnerships at a major industry event like the AHR Expo indicates a commitment to establishing a robust supply chain. This is critical for ensuring product quality and reliability, which are essential factors in gaining market share in the competitive HVAC industry.
Furthermore, the emphasis on zero-emission technology aligns with global trends towards sustainability and reducing carbon footprints. As governments and consumers increasingly support eco-friendly products, Worksport's focus on developing a heat pump that operates effectively in extreme cold without supplemental heat coils could position the company advantageously. This technology could disrupt traditional heating solutions, potentially creating a new standard for residential heating in cold climates.
The development of the Terravis Heat Pump by Worksport Ltd. is noteworthy from an environmental sustainability perspective. Heating is one of the largest contributors to carbon emissions, particularly in colder regions where traditional fossil-fuel-based heating systems are prevalent. By introducing a zero-emission heat pump capable of operating in harsh winter conditions, Worksport could significantly contribute to reducing the carbon footprint associated with residential heating.
The potential market impact of such a technology is substantial, as it offers a solution that is not only environmentally friendly but also cost-effective in the long run, considering the rising prices of fossil fuels and the increasing regulation of carbon emissions. This innovation could stimulate further advancements in the HVAC industry, encouraging competitors to also invest in green technologies.
Worksport's announcement about the Terravis Heat Pump has several financial implications. Firstly, the product's ability to surpass early test expectations suggests a strong potential for commercial success, which could lead to increased investor confidence and a positive impact on Worksport's stock valuation. The focus on a zero-emission product also taps into a growing segment of environmentally conscious consumers, potentially opening up new revenue streams and diversifying the company's product portfolio.
However, the costs associated with R&D and establishing a new supply chain can be substantial and the company will need to manage these investments carefully to maintain financial stability. The success of this venture will depend on the company's ability to execute its strategy effectively and the market's reception of the new product. Investors should monitor Worksport's progress in finalizing supplier agreements and moving towards production, as these milestones will provide further insight into the company's financial outlook and operational capabilities.
West Seneca, New York, Jan. 30, 2024 (GLOBE NEWSWIRE) -- Worksport Ltd. (Nasdaq:WKSP; WKSPW) (“Worksport”) and its subsidiary, Terravis Energy, Inc. (“Terravis” or the “Company”) are pleased to announce that Terravis has begun to consider partners in a supply chain for the Cold Climate, Air Source Residential Heat Pump (CCHP). Terravis CEO Lorenzo H. Rossi recently returned from Chicago’s 2024 AHR Expo, which attracted more than 50,000 attendees and more than 1,600 exhibits, featuring such leading industry suppliers as Bosch Ltd, Honeywell International, Hitachi Heating and Cooling, and LG Electronics. The annual Expo showcases the latest advancements and technologies in heating, ventilation, air conditioning, and refrigeration. The event is a crucial hub for networking, learning, and business development within the industry. Lorenzo Rossi attended the AHR Expo with a strategic objective – meeting suppliers and instituting a commercial supply chain for the revolutionary CCHP.
“We have reached a tipping point in the development of the Terravis Heat Pump, as it has gone through some ultra-demanding tests in our Toronto R&D facility’s cutting-edge ‘Arctic Chamber’ and is now undergoing extra tests. It was a great experience to be at the AHR Expo alongside leading companies like Bosch Ltd, Honeywell International, Hitachi Heating and Cooling, and LG Electronics.” Lorenzo Rossi continued. “The next step is finding the best suppliers who share our vision for this technologically advanced, zero emission product. We are very encouraged by high level of technology of the suppliers at the Expo. They came from all over the world, and Terravis Energy forged vital industry connections and discovered how these potential partners can help move forward the development of this very promising product.”
The forthcoming Terravis heat pump, is anticipated to redefine the boundaries of heating technology without the use of supplemental heat coils. It not only is expected to withstand the harshest North American winters, but also is anticipated to thrive in them, effortlessly maintaining a warm and inviting indoor atmosphere, regardless of how icy it may be outside. Its innovative design and advanced zero emission technology is expected to ensure comfort and reliability no matter how severe the weather could become.
“The Company anticipates announcing in the near future its final decision on a name for the product, as we perfect and finalize its design,” Lorenzo Rossi said. “Early test results have surpassed our expectations, prompting the Company to begin contacting potential suppliers
With a range of companies present at the event, from Bosch Ltd and Honeywell International to Hitachi and LG Electronics, Terravis will closely review which suppliers best align with their objectives.”
“The Terravis Heat Pump is a very exciting product that is anticipated to not only provide comfort to millions around the globe but also contribute to reducing the carbon footprint caused by fossil-fuel heating, one of the largest contributors to carbon emissions worldwide, the presence of companies such as Bosch Ltd, Honeywell International, Hitachi Heating and Cooling, and LG Electronics at the AHR Expo demonstrates that this is a significant movement in the industry.” said Worksport CEO Steven Rossi. “It is an example of Worksport’s across-the-board commitment to a zero emission future with high technology products that enhance people’s lives – whether it’s a heat pump in a cold climate or the SOLIS solar tonneau cover and its companion COR portable battery system. The future is in zero emission products that help reduce our carbon footprint, and Worksport intends to be at the forefront of this worldwide transformation.”
As always, Worksport and Terravis will continue to update investors and shareholders as we refine the heat pump’s eventual product name, what it looks like, how it will work and when it will be launched. In addition, we will report milestones on the product testing process and news as the heat pump and other products, like the SOLIS solar truck cover and COR battery system, progress to production models. As always, Worksport will continue to update investors and shareholders on our progress with all products as soon as information is available.
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 by Stellantis, General Motors brands GMC and Chevrolet, Ford, Jeep by Stellantis, 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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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.
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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,” “project,” “should," or the negative of these terms and similar expressions, as they relate to us or our management, identify forward‐looking statements. As Worksport continues to innovate and expand the product line, it's important to clarify the compatibility of Worksport's hard-folding cover. This advanced accessory is designed to fit a variety of popular truck models, including RAM by Stellantis, GMC and Chevrolet from General Motors, Ford, as well as Jeep by Stellantis, Nissan, and Toyota pickup trucks. While we are proud of the broad compatibility of our product, we would like to emphasize that this does not imply exclusive partnerships with RAM by Stellantis, GMC, Chevrolet from General Motors, Ford, Jeep by Stellantis, Nissan, and/ or Toyota. Our commitment remains to provide high-quality, versatile truck accessories that meet the needs of a diverse range of customers and their vehicles. This statement looks forward to the possibilities that lie ahead while recognizing the current scope of our product's reach and compatibility. This statement applies to RAM by Stellantis, GMC and Chevrolet from General Motors, Ford, as well as Jeep by Stellantis, Nissan, and Toyota, and to any other model for which we have not officially announced a partnership. Terravis Energy, a fully-owned subsidiary of Worksport LTD, may reference companies such as Tesla as examples for market development, given Tesla's development of a heat pump. However, this does not imply that Terravis Energy has established a partnership with Tesla. Similar references to companies like Tesla in examples or explanations are purely informational and are used solely for the purpose of illustrating market trends or technological developments. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, 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 and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (i) supply chain delays; (ii) acceptance of our products by consumers; (iii) delays in or nonacceptance by third parties to sell our products; and (iv) competition from other producers of similar products. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the SEC, including, without limitation, our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at www.sec.gov. As a result of these matters, changes in facts, assumptions not being realized or other circumstances, the Company’s actual results may differ materially from the expected results discussed in the forward-looking statements contained in this press release. The forward-looking statements made in this press release are made only as of the date of this press release, and the Company undertakes no obligation to update them to reflect subsequent events or circumstances.
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