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8:30a ET 5/25/2021 - Benzinga
Worksport's Bed Covers Charge EV Pickup Trucks from Ford, GM, Rivian and Atlis
Mentioned: AAPL F GM NKLA TSLA WKSP
The first wave of EV pickup trucks is on the horizon and is anticipated to take over the automotive industry in the U.S.
Last week, Ford Motor Co. (NYSE: F) previewed its new electric F-150 Lightning pickup, a relatively inexpensive electric version of the most popular vehicle in America, during a visit by President Biden. Ford had taken 20,000 reservations in less than 12 hours since the truck was officially unveiled.
Other major contenders like GM (NYSE: GM), Rivian, Atlis, Nikola (NASDAQ: NKLA) and Tesla (NASDAQ: TSLA) are also set to release their EV pickup trucks on American roads soon.
Although there are plenty of pros to owning an EV pickup truck, range anxiety is a common concern among many.
To get the maximum EV range possible, the concept of adding solar panels to tonneau covers or truck bed covers seems like the natural next step. But, this hasn't materialized in production yet.
See also: How to Buy Ford Stock
Worksport (OTC: WKSP), a tonneau cover market leader, provides solutions for forthcoming EV pickup trucks with its proprietary technology â?? the TerraVisâ?¢ system.
About TerraVisâ?¢ Solar Cover System
The TerraVis solar tonneau cover system consists of four monocrystalline foldable solar panels that have an output of approximately 1kW.
The system should be able to add 12 to 15 miles (20 to 24 km) of range to an electric pickup truck, which is 30% of the power needed for the average daily commute under optimal conditions.
The company has already forged original equipment manufacturer (OEM) supply partnerships with two EV Truck nameplates, one of which is in partnership with Nissan.
The TerraVis system is expected to cost less than 5% of the overall cost of a pickup truck. Furthermore, TerraVis is in development now to give current pickup truck owners access to EV tech without investing in a new truck and to further leverage the power of their electric truck in the future. It is a future-proof product that truck owners will bring as they upgrade and expand with more modular storage.
Not a One-Trick Pony
The TerraVisâ?¢ system's application is not just limited to extending the mileage of EV pickup trucks.
The battery system, Terravis 'Cor' can also be touted as a mobile power plant. The system will take power from the cover and store it in modular battery packs â?? storing 1.5kWh of energy in up to four batteries. This can be stored and transported in the truck's bed using the TerraVisâ?¢ mounting system.
The batteries can power almost anything with its built-in 2kWh power inverter from the job site or campsite which can be used in the event of a natural disaster or power outage.
The unique feature of the battery system is that it can be available for purchase as a standalone consumer product â?? even if you're not a truck owner.
Massive Potential
Worksport has been around for over a decade and has been successful with its lineup of five unique truck bed cover models. The company has an intellectual property portfolio of over 30 assets of utility patents and trademarks.
The company competes in many multibillion-dollar markets. The EV market is estimated to increase to $30 billion by 2030. This value may be much more than what is estimated with rumors about Apple Inc. (NASDAQ: AAPL) joining the bandwagon with its first generation of EVs. According to The Korea Times, Apple is close to signing an agreement with LG Magna e-Powertrain. If the agreement were to take place, we could expect a prototype to be teased in early 2024.
The specialty-equipment market has a market value of over $12 billion as pickups alone account for over 25% of the market. The other big markets include the tonneau cover market ($600 million), the battery storage system market ($2.9 billion in 2020).
With the cumulative size forecasted over $24 billion by 2025, Worksport stands a chance to generate revenue over 1.5 billion, assuming a 5% market share. The company's market stretches beyond just the U.S., into Canada, Latin America, Australia and more.
Worksport currently has over $10 million in cash and cash equivalents and no long-term debt. In February 2021, the company closed its oversubscribed Reg-A offering, raising $4 million. To date, the company has received over $2.9 million from the exercise of warrants associated with its Reg-A offering and has also raised an additional $3 million from non-brokered Private Placement.
'TerraVis is the culmination of Worksport's effort to look beyond our core business producing the highest quality tonneau covers for all truck owners,' said Steven Rossi, CEO and founder of Worksport. 'We're dedicated to pushing the boundaries of what a truck accessory can offer, and to do so, we are looking to the future of EV trucks to bring that technology one step closer to today's truck owners. Our solar-powered tonneau cover will allow anyone to generate and store power for use in their daily life â?? work and sport.'
Recent WKSP News
- WORKSPORT ANNOUNCES RECEIPT OF SOLAR PANELS REQUIRED TO BEGIN PRODUCTION OF HIGHLY ANTICIPATED SOLIS SOLAR TONNEAU COVER • GlobeNewswire Inc. • 03/28/2024 12:00:00 PM
- WORKSPORT ANNOUNCES PRICING OF APPROXIMATELY $2.8 MILLION REGISTERED DIRECT OFFERING & CONCURRENT PRIVATE PLACEMENT PRICED AT-THE-MARKET UNDER NASDAQ RULES • GlobeNewswire Inc. • 03/18/2024 12:00:00 PM
- Worksport to Advance Power Electronics with Gallium Nitride Semiconductors, improving on Silicone-Based Technology • GlobeNewswire Inc. • 03/13/2024 12:00:00 PM
- Worksport Set to Launch Innovative SOLIS & COR System This Summer, Providing Options for Partnerships with Tesla, GM, and Ford. • GlobeNewswire Inc. • 03/07/2024 12:30:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 03/06/2024 10:15:14 PM
- Worksport Set to Launch Innovative SOLIS & COR System This Summer, Providing Options for Partnerships with Tesla, GM, and Ford. • GlobeNewswire Inc. • 03/06/2024 10:15:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/23/2024 01:00:28 PM
- Worksport Ltd. Announces New Distribution Partnership with Dix Performance North to Expand Presence Across Canada • GlobeNewswire Inc. • 02/23/2024 01:00:00 PM
- Worksport Announces SOLIS Solar Cover Availability for Ford F-150 Lightning, Pioneering Sustainable Off-Grid Energy Solutions for EV Pickup Trucks • GlobeNewswire Inc. • 02/21/2024 01:00:00 PM
- Form SC 13G - Statement of acquisition of beneficial ownership by individuals • Edgar (US Regulatory) • 02/14/2024 08:58:26 PM
- Worksport Completes Production of First 1,100 AL3PRO Hard folding Covers compatible with Ford, General Motors, Stellantis, Nissan, and Toyota Trucks • GlobeNewswire Inc. • 02/13/2024 01:00:00 PM
- Infineon and Worksport collaborate to reduce weight and cost of portable power stations with GaN • GlobeNewswire Inc. • 02/07/2024 01:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/06/2024 01:00:30 PM
- Worksport Reports 2,050% Increase in Q4 2023 YOY Revenue, Following a 2,400% YOY Q3 Revenue Advance • GlobeNewswire Inc. • 02/06/2024 01:00:00 PM
- Worksport Subsidiary Terravis Energy Starts To Build Heat Pump Supply Chain • GlobeNewswire Inc. • 01/30/2024 01:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/29/2024 01:00:29 PM
- Worksport Announces Expansion of B2B Dealer Network and Upcoming Availability on Amazon, eBay, Walmart Marketplaces • GlobeNewswire Inc. • 01/29/2024 01:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/24/2024 01:00:34 PM
- Worksport Unveils AL3 PRO Hard-Folding Tonneau Cover - A Game-Changer in Pickup Truck Accessories - Proudly Made in the USA • GlobeNewswire Inc. • 01/24/2024 01:00:00 PM
- Worksport Announces SOLIS Solar Truck Cover will be Available for FORD, RAM (Stellantis) & GM • GlobeNewswire Inc. • 01/18/2024 01:00:00 PM
- Worksport Ltd. Advances Toward COR Alpha Release: Purchases All Inventory Parts For Alpha Release Production • GlobeNewswire Inc. • 01/16/2024 01:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/11/2024 01:00:36 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/09/2024 01:00:29 PM
- Residential Heat Pump Prototype Shows Exciting Early Test Results Beating Current Market Standards – Terravis Moves Heatpump To Commercial Design Stage • GlobeNewswire Inc. • 01/09/2024 01:00:00 PM
- Worksport Announces Strategic Partnership with NeuronicWorks to Assemble COR Battery System for Alpha Release and Full Production • GlobeNewswire Inc. • 01/03/2024 01:00:00 PM
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