Worksport Ltd.
(Nasdaq: WKSP; WKSPW) (“Worksport”)
and its subsidiary, Terravis Energy, Inc. (“Terravis”), are pleased
to announce a breakthrough in early test results for Terravis’
working prototype of its Cold Climate, Air Source Residential Heat
Pump (CCHP). With traditional CCHP units designed to operate at
approximately -25ºC (- 13º F), Terravis’ CCHP has produced heating
in temperatures as cold as -35ºC (-31º F), surpassing current
commercial units by as much as 40%. These early test results have
surpassed management’s expectations, prompting Terravis to move to
the commercial design stage for this product after further rigorous
testing.
The forthcoming Terravis heat pump, a notable
achievement in modern engineering, is set to redefine the
boundaries of heating technology without the use of supplemental
heating coils. It not only is expected to withstand the harshest
North American winters, but thrive in them, effortlessly
maintaining a warm and inviting indoor atmosphere regardless of how
cold it may be outside. Its innovative design and advanced
technology are expected to ensure comfort and reliability no matter
how severe the weather could become.
“Terravis’ Cold Climate Heat Pump is intended
for use in the residential home heating and cooling market, and to
operate seamlessly even under the most daunting conditions,” said
Terravis CEO Lorenzo H. Rossi. “In our Toronto R&D facility,
our cutting-edge ‘Arctic Chamber’ created a simulated environment
of extreme cold, and the Heat Pump demonstrated its unparalleled
capability to maintain a comfortable temperature, even at a
staggering -35ºC (-31ºF). This extraordinary feat was accomplished
without reliance on typical auxiliary heating coils, a breakthrough
that we believe sets the Terravis Heat Pump apart in the large
worldwide heating solutions market.”
An air source heat pump utilizes the phase
change of a refrigerant to transfer heat, capturing existing heat
from outside air, amplifying its warmth, and then moving it
indoors, functioning efficiently even in cold weather since some
heat is always present in the air. When cooling, it employs the
opposite phase change, from gas to liquid, to move heat from inside
the home to the outside.
Terravis executed detailed tests that monitored
performance across a range of 12 temperature points from -10ºC
(14ºF) to -35ºC (-31F). These tests included checking four
refrigerant pressure zones, airflow, and the energy consumption of
each component. The impressive results from these tests have now
prompted Terravis to move up its timetable for Heat Pump product
development and commit to a commercial design stage in which it
will perfect the product for an eventual market introduction.
“We are very pleased and excited by these early,
very promising test results,” said Worksport CEO Steven Rossi. “The
rapid pace of innovation we are now experiencing in all parts of
the company, including Worksport and Terravis, confirms that the
long overdue climate-friendly, zero emission path that we set out
on some time ago is expected to be closer and closer to fruition.
Fossil-fuel heating, one of the largest contributors to carbon
emissions worldwide, requires significant amounts of energy.
Widespread global adoption of heat pump technology can be a major
contributor to creating the zero-emission future to which our
company has committed itself. These early test results are a giant
step toward that goal.”
As always, Worksport and Terravis will continue
to update investors and shareholders as we refine the heat pump’s
eventual product name, what it looks like, how it will work and
when it will be launched. In addition, we anticipate reporting
milestones on the product testing process and news as the heat pump
and other products like the SOLIS solar truck cover and COR battery
system progress to production models.
Commercial Interest &
Opportunities
Terravis Energy is excited to invite interested
parties to explore potential commercial opportunities associated
with our forthcoming Cold Climate Heat Pump system.
For inquiries and further information, please
contact Terravis Energy at info@terravisenergy.com
To facilitate more personalized and in-depth
discussions, we encourage interested individuals to connect with
our esteemed CEO, Lorenzo Rossi, on LinkedIn. Mr. Rossi's profile
can be found here.
Terravis Energy values collaboration and is
eager to engage with partners who share our vision for a
sustainable future. We look forward to the prospect of forging
meaningful connections and driving innovation in the energy
sector.
For further information, please visit
Worksport’s official website for investors at
investors.worksport.com.
About Worksport
Worksport Ltd. (Nasdaq: WKSP; WKSPW), 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 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.
About Terravis Energy, Inc.
Terravis Energy, Inc., a fully owned subsidiary
of the Company (“Terravis”), designs, develops and manufactures
clean, green energy solutions that power lifestyle markets, with
each segment of the Company feeding into the derivation of the
brand itself – Latin for “Earth” and “Force.”.
Connect with Worksport
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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.
Worksport 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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Investors and others should note that the
Company announces material financial information to our investors
using our investor relations website, press releases, Securities
and Exchange Commission (“SEC”) filings, and public conference
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the Company encourages investors, the media, and others to review
the information the Company publishes on the Accounts.
In order to comply with Regulation FD, the
Company does not selectively disclose material non-public
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to the public through a press release or SEC filing prior to
publishing it on one of the Accounts.
For additional information, please contact:
Steven ObadiahInvestor RelationsWorksport Ltd.T: 1
(888) 554 8789 E: investors@worksport.com
W: www.worksport.com
Forward-Looking Statements
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“forward‐looking statements.” Forward‐looking statements reflect
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forward-looking statements relate to the future, they are subject
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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 SEC,
including, without limitation, our 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
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facts, assumptions not being realized or other circumstances, the
Company’s actual results may differ materially from the expected
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