Worksport to Introduce Higher Quality, More Powerful COR Portable Energy System for Possible Assembly in North America
June 06 2023 - 7:00AM
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 ObadiahInvestor RelationsWorksport Ltd.
T: 1 (888) 554
8789E: investors@worksport.comW: www.worksport.com
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