Innovative Upgrade Reduces Consumer Costs by Up to $400 and Increases Compatibility Across Multiple Battery Generator Brands and Types
West Seneca, New York, Oct. 31, 2024 (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 excited to announce a development for its advanced solar technology system. The Worksport SOLIS solar tonneau cover will be improved to operate at 60V, a meaningful upgrade that is believed to bring substantial cost savings to consumers, expand the addressable market size, and simplify integration with a wider range of other battery generator systems existing in the marketplace.
Cost Savings for Customers & Broader Product Appeal
The change to 60V output provides strong benefits to Worksport's upcoming SOLIS solar cover product line. Key benefits include:
Cost Savings: Anticipated savings of up to $400 USD for the end user, allowing Worksport’s patented SOLIS solar cover to be affordable for a larger portion of the huge global pickup truck market.
Broader Compatibility: Enhanced compatibility with a wider range of existing portable energy systems, expanding market potential.
Same Performance, Less Complex: The lower voltage is not expected to impact the cover’s performance, while also reducing the complexity of Worksport’s Maximum Power Point Tracking (MPPT) system.
Simplified Systems: The 60V configuration streamlines the SOLIS cover and the COR portable energy storage systems, simplifying installation and user experience.
Worksport SOLIS & COR
This planned upgrade to the Worksport SOLIS cover comes as the system is currently in an Alpha release phase, and the Company is collecting real world feedback on the early production units. Worksport's SOLIS Solar Cover and COR Portable Energy Systems are expected for market release in the near term. Together, they form an advanced nano-grid solution that generates clean, portable power for both recreational and professional uses. Positioned in a rapidly growing portable power market exceeding $4 billion, these innovations are expected to drive the future of Worksport’s growth. Investors can read more here.
Streamlined Solutions and Market Potential
The development of the 60V SOLIS solution allows for a simpler connection between the SOLIS Solar Cover and portable energy systems, like the Worksport COR.
This development will be in immediate effect for the Alpha release within the coming days and is expected to enhance both user experience and cost. This advancement aligns with Worksport's strategic vision to capture substantial market share in the booming portable energy market. A redesigned wireway management system, set to be finalized by the end of November, will further improve efficiency and aesthetics.
While providing multiple expected benefits, Worksport does not anticipate any timeline shifts as result of this development, the Company will continue to test and enhance the Alpha release systems in real world conditions. As the Alpha release continues to excitingly advance, the Company is preparing for influencer campaigns and live demonstration events to publicly showcase the quality and performance of the Worksport SOLIS Covers with the Worksport COR & other battery generator systems. The Alpha release will be followed by preorders and a larger scale Beta release.
CEO Commentary
"SOLIS testers spoke, and we listened! With this change we expect to drastically enhance compatibility and materially reduce projected customer costs, so we can make our upcoming sustainable energy solutions more affordable to a wider audience," said Steven Rossi, CEO of Worksport Ltd. "This upgrade not only strengthens our competitive position but also aligns with our commitment to delivering exceptional value and driving growth. We're excited about the future prospects this technology brings and remain dedicated to pushing the boundaries of innovation in our industry. This solar cover will be priced closely to conventional covers in our marketplace. We think this will make it a clear choice for a huge portion of the 60 million pickup trucks on U.S. roads."
Investor Newsletter: Investors and customers are invited to follow Worksport’s progress as it builds on this momentum and strives to redefine industry standards with each new corporate development. Link to Newsletter
Worksport Ltd. (Nasdaq: WKSP), 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 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 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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Immediate change, now more engineering work required.
Timelines not shifted
What’s next: - testing them now, alpha launch will be updated to reflect this, and we will get more out on testing.
