Worksport to Introduce Higher Quality, More Powerful COR Portable Energy System for Possible Assembly in North America

Rhea-AI Summary

Worksport provides an update on its COR portable battery power generator system, announcing a 50% increase in power capacity to 3kW. The company's power electronics team has also been working to establish a North American supply chain for potential manufacture and assembly of the COR system. Worksport aims to bring the COR system and SOLIS solar tonneau cover to the market later this year.

Positive

• Worksport achieves a 50% increase in power capacity for its COR system, boosting it to 3kW.
• The company is working to establish a North American supply chain for potential manufacture and assembly of the COR system.
• Worksport plans to bring the COR system and SOLIS solar tonneau cover to the market later this year.

Negative

• None.

Richmond Hill, Ontario, Canada, June 06, 2023 (GLOBE NEWSWIRE) -- Worksport Ltd. (Nasdaq: WKSP; WKSPW) (the “Company” or “Worksport”) is excited to provide an update on its groundbreaking COR portable battery power generator system.

Since the last update in September 2022, Worksport’s power electronics engineering team has identified challenges in the production of innovative power electronics in China. The team has worked tirelessly under the guidance of Dr. Rafael Olivera to fully redesign and improve the Company’s COR system, enhancing its interface and increasing its power capacity to 3kW—marking a substantial improvement from its previous capacity of only 2kW. This advancement will enable the Company’s COR battery system to support larger tools effectively and meet higher power demands. Remarkably, Worksport’s power electronics team has achieved this 50% increase in output without altering the unit's size by boosting power density while maintaining its estimated retail price and the Company’s anticipated profit margins.

Also, Worksport's world-class, growing power electronics team has been working diligently towards establishing a North American supply chain for potential manufacture and/or assembly of the COR system within North America. This strategic move follows Worksport's recent accomplishment of assembling its hard tonneau cover samples and tests within the U.S., highlighting the Company’s unwavering commitment to on-shoring and near-shoring the development, design, and production of its innovative products. The manufacture and assembly of the unit, either wholly or partially, within North America has become a genuinely feasible option, further adding to these achievements.

“Delaying COR’s introduction has proven to be an important step that has allowed the Company to improve the product significantly,” said Worksport CEO Steven Rossi. “In aspiring to make our COR system in North America, we can establish the highest standards for product quality and create more efficient distribution as we expect to bring the COR system and the SOLIS solar tonneau cover to the market later this year,” Rossi said. “With these improvements, which are derived in part from changes needed in the pre-UL certification process, we have made a strategic choice to solidify COR’s anticipated market leadership position to better serve a market in which we anticipate a great deal of pent-up demand.”

“With the COR system deployed in a light truck alongside our proprietary SOLIS solar tonneau cover, workplaces and campsites will never be the same,” Rossi continued. “There will be offsite power for tools and camping accessories, and the system can even be plugged into EVs for an extra power boost if needed. We can’t wait to get it into customers’ homes and trucks.” 

The Worksport power electronics team is dedicated to finalizing the design, establishing the supply chain, obtaining UL certification, and beginning production of the COR system. The Company aims to manufacture the COR system later this year (2023).

The Company will continue to share updates with you regarding its progress toward the commercialization of the Worksport COR system.

For further information, please visit Worksport’s official website for investors at investors.worksport.com.

About Worksport Ltd.

Worksport Ltd. (Nasdaq: WKSP; WKSPW), 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

Connect with Worksport: 

Please follow the company’s social media accounts on Twitter, Facebook, Linkedin, YouTube, and Instagram, as well as sign up for the company’s newsletters at www.worksport.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.

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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

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. 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: supply chain delays, acceptance of our products by consumers, delays in or nonacceptance by third parties to sell our products, 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 Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K and our subsequent 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.

FAQ

What is Worksport's update on its COR portable battery power generator system?

Worksport has announced a 50% increase in power capacity for its COR system, bringing it to 3kW.

What improvements have been made to the COR system?

The power electronics team has redesigned and improved the COR system's interface and increased its power capacity to 3kW.

What strategic move has Worksport made for the manufacture and assembly of the COR system?

Worksport is working towards establishing a North American supply chain for potential manufacture and assembly of the COR system.

When does Worksport plan to bring the COR system and SOLIS solar tonneau cover to the market?

Worksport aims to bring the COR system and SOLIS solar tonneau cover to the market later this year.