WKSP Worksport Ltd

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): January 22, 2025

 

WORKSPORT LTD.
(Exact name of registrant as specified in its charter)

 

Nevada		001-40681		35-2696895
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

 

2500 N America Dr

West Seneca, New York 14224
(Address of principal executive offices) (ZIP Code)

 

(888) 554-8789

Registrant’s telephone number, including area code

 

Not Applicable
(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class		Trading Symbols		Name of each exchange on which registered
Common		WKSP		The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b -2 of this chapter).

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

Item 7.01 Regulation FD Disclosure.

 

On January 22, 2025, Worksport Ltd. (the “Company”) issued a press release: “Worksport Subsidiary Terravis Energy Announces Two Major Heat Pump Breakthroughs, Begins 21-Day Countdown”. A copy of the press release is attached hereto as Exhibit 99.1.

 

The information under Item 7.01 of this Current Report on Form 8-K and the exhibit attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, or incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in any such filing.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit No.		Description
99.1		Press Release dated January 22, 2025, “Worksport Subsidiary Terravis Energy Announces Two Major Heat Pump Breakthroughs, Begins 21-Day Countdown”
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

	WORKSPORT LTD.
Date: January 22, 2025	By:	/s/ Steven Rossi
	Name:	Steven Rossi
	Title:	Chief Executive Officer (Principal Executive Officer)

 

 

Exhibit 99.1

 

Worksport Subsidiary Terravis Energy Announces Two Major Heat Pump Breakthroughs, Begins 20-Day Countdown

 

Solving Two Key Market Challenges; Successful R&D Has Achieved a Solution Expected to Revolutionize Home Heating & Cooling, While Being Affordable and Highly Efficient.

 

West Seneca, New York, January 22, 2025 — 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, proudly announces that its subsidiary, Terravis Energy [LLC] (“TVE”), a [Delaware] [limited liability company], has developed a groundbreaking heat pump solution that it believes fulfills the future of home heating and cooling. This latest R&D breakthrough is projected to solve two key issues in the heat pump market.

 

The proprietary solution combats changing climates, power affordability, and current technology limitations. Based on early closed-loop feedback, the Company expects major industry actors to take serious notice of this technology upon reveal. Through a breakthrough solution, the Terravis Energy heat pump technology is expected to redefine performance in all climate conditions, while being highly efficient. The technology has been further enhanced with AI-powered adaptability, designed to tailor the system to each individual user’s comfort level, creating an environment that feels uniquely responsive and attuned to their needs.

 

20-Day Countdown to the Global Reveal

 

Terravis Energy is launching a 20-day countdown on its website, aetherlux.terravisenergy.com, leading to the worldwide unveiling of this transformative technology. On February 11, 2025, the countdown will conclude and Terravis will share the breakthrough solution, key performance data, media kits, and exclusive insights into the competitive advantages of its cutting-edge solution.

 

The Company invites journalists and media to contact them ahead of the upcoming global reveal. Contact: media@worksport.com

 

Revolutionizing the Heat Pump Industry

 

Terravis Energy’s heat pump is a revolutionary design engineered to address critical challenges that have long hindered heat pump adoption, particularly in extreme climates. With this innovation, the future of home comfort is here:

 

●

Extreme Weather Resilience: This next-generation heat pump is engineered to perform seamlessly in ultra-cold and high-temperature environments, ensuring consistent comfort in any weather.

 

 

●

AI-Driven Personalization: The system incorporates artificial intelligence to provide personalized feedback, dynamically adjusting its operation to deliver optimal comfort and energy efficiency.

 

●

Affordability and Efficiency: Terravis Energy’s breakthrough is expected to lower cost barriers while providing unparalleled performance.

 

●

Unmatched Innovation: Designed to set a new industry benchmark, this technology resolves longstanding issues with conventional heat pumps, delivering unprecedented reliability and adaptability.

 

The Heat Pump Market at a Crossroads

 

The global heat pump market is experiencing rapid growth, bolstered by rising energy efficiency demands and government subsidies:

 

●

Based on a consistent compound annual growth rate (CAGR) of 9.4%, the Total Addressable Market (TAM) for North America from 2022 to 2031 is projected to be approximately USD 290 billion. For regions outside the U.S. and Canada, the TAM is estimated at around USD 910 billion over the same period.

 

●

Heat Pumps are Heavily Subsidized: Governments worldwide aim to accelerate adoption, including the U.S. High-Efficiency Electric Home Rebate Act offering up to $8,000 for heat pump installations and Canadian Government’s incentive of up to $10,000 for heat pump installations

 

Despite this growth, traditional heat pumps face significant challenges in extreme temperatures, killing efficiency, thereby limiting their adoption in key markets. Terravis Energy’s groundbreaking technology directly addresses these limitations, paving the way for widespread use in even the harshest climates.

 

The Future of Home Comfort Is Here

 

This isn’t just a heat pump—it is an ingenious system that integrates seamlessly into modern homes, offering a responsive comfort experience powered by AI technology. By adapting to user preferences and environmental conditions, Terravis Energy’s heat pump provides a personalized and resilient climate solution that is unmatched in the market.

 

For more information and to join the countdown to the reveal, visit aetherlux.terravisenergy.com.

 

Read More Worksport Press Releases: [Link to Worksport Press Releases].

 

Stay tuned for more information and join our mailing list to stay up to date with the latest: Join Worksport’s Newsletter

 

 

About Worksport

 

Worksport Ltd. (Nasdaq: WKSP), through its subsidiaries, designs, develops, manufactures, and owns the intellectual property on a variety of tonneau covers, solar integrations, portable power systems, and clean heating & cooling solutions. 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 all major truck models and is gaining traction with newer truck makers including the EV sector. 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 Cold-Climate Heat Pump (CCHP) technology. Terravis Energy’s website is terravisenergy.com.

 

For more information, please visit investors.worksport.com.

 

Connect with Worksport

 

Please follow the Company’s social media accounts on X (previously Twitter), Facebook, LinkedIn, YouTube, and Instagram (collectively, the “Accounts”), the links of which are links to external third party websites, as well as sign up for the Company’s newsletters at investors.worksport.com. The Company does not endorse, ensure the accuracy of, or accept any responsibility for any content on these third-party websites other than content published by the Company.

 

Product social media	Investor social media
Instagram	X (formerly Twitter)
Facebook	LinkedIn
YouTube	Link to Newsletter

 

Investors and others should note that the Company announces material financial information to our investors using our investor relations website, press releases, SEC filings, and public conference calls and webcasts. The Company also uses social media to announce Company news and other information. The Company encourages investors, the media, and others to review the information the Company publishes on social media.

 

The Company does not selectively disclose material non-public information on social media. If there is any significant financial information, the Company will release it broadly to the public through a press release or SEC filing prior to publishing it on social media.

 

For additional information, please contact:

 

Investor Relations, Worksport Ltd. T: 1 (888) 554-8789 -128 W: investors.worksport.com W: www.worksport.com E: investors@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,” “scheduled,” “expect,” “future,” “intend,” “plan,” “project,” “envisioned,” “should,” or the negative of these terms and similar expressions, as they relate to us or our management, identify forward-looking statements. These 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 Securities and Exchange Commission (“SEC”), including, without limitation, our most recent 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.

 

 

v3.24.4

Cover	Jan. 22, 2025
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jan. 22, 2025
Entity File Number	001-40681
Entity Registrant Name	WORKSPORT LTD.
Entity Central Index Key	0001096275
Entity Tax Identification Number	35-2696895
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	2500 N America Dr
Entity Address, City or Town	West Seneca
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	14224
City Area Code	(888)
Local Phone Number	554-8789
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common
Trading Symbol	WKSP
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false

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