Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
  1. Homepage
  2. Equities
  3. United States
  4. OTC Markets
  6. News
  7. Summary
    WKSP   US98139Q1004


SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

Worksport™ Announces Supply Partnership with Hercules Electric Mobility for its TerraVis™ Solar Truck Bed Tonneau System

10/19/2020 | 08:30am EDT

TORONTO, Oct. 19, 2020 (GLOBE NEWSWIRE) -- Worksport Ltd,, (OTC:WKSP) (or the “Company”) has signed an agreement with Hercules Electric Mobility Inc., Detroit, Michigan, for Worksport’s groundbreaking TerraVis tonneau cover solar charging system to become the Tier One OEM supply partner for Hercules’ forthcoming Alpha Electric Pickup, with over US $27 million in early customer reservations .

The announcement today reveals Hercules as Worksport’s partner in an agreement between the two companies that is expected to generate up to US$70 million in future revenues for Worksport. A Sept. 3 news release and a subsequent follow up story on Sept. 15 had said that ‘the terms of the agreement are expected to be disclosed in mid-September.’ However, since then, causing a delay in the announcement, the two companies have broadened their discussions, relating to additional deployments for the TerraVis system, merging and up-listing on a senior exchange, and manufacturing collaboration.

“Although we understand the delay of over one month is challenging in today’s volatile market, we appreciate shareholders patience in allowing us to arrive at today’s milestone,” said Worksport CEO Steven Rossi. “We will continue to work tirelessly in progressing our business and keeping our valued shareholders up to date.”

“The economic value of this one relationship is expected to be of profound significance for Worksport and its future growth and development,” added Rossi. “The announced $70 million in projected revenues in the first contract is just the beginning, and it is likely to expand over the longer-term. We’re proud to work with Hercules because of its management’s long history with developing and launching major vehicle platforms.”

The TerraVis system will be exclusively configured and uniquely crafted for Hercules’ highly innovative EV pickup Truck, the Alpha. The durable and technologically advanced TerraVis system will be the very first to provide a meaningful source of recharge, multiple configurations for work and sport and a fusion of cutting edge solar power, storage, and delivery. The platform takes advantage of a standard pick-up truck’s practical capabilities, while also utilizing the power of more sustainable and renewable energy. Proprietary, high efficiency solar panels built into the rugged tonneau cover—the likes of which Worksport has become widely known for—will collect the sun's rays and store energy in multiple portable battery banks.

The anticipated Hercules and Worksport long-term partnership, a pioneering automotive industry agreement, combines factory installed solar charging and structural tonneau covers with a new type of performance electric pickup truck. The companies will co-develop TerraVis technology on the Hercules Alpha with deployment on future SUVs and marine applications. Hercules is developing and deploying high-technology solutions integrating clean power and mobility, to create better products in a multitude of customer-selected configurations. Worksport is working towards a similar goal to reduce pickup drivers’ carbon footprint through use of its TerraVis solar tonneau cover and battery/inverter module for existing light trucks, as well as a number of useful accessories. Hercules and Worksport look forward to jointly launching the Hercules Alpha solar charging.

“We are pleased to be working with the team at Worksport to bring solar charging to our Hercules products,” said Hercules CEO James Breyer, who co-founded the company in 2018 after a successful career in the automotive industry. “It will be part of a luxury experience without plug-anxiety, due to the solar charging truck bed cover. With the Worksport solar solution, our customers can enjoy their on- and off-road activities while adding to their electric charge at the same time.”

“Hercules is taking an unconventional approach, using available services, expertise, and industry capacity to launch products quickly and efficiently,” Breyer added. “This allows Hercules to bring eco-utility vehicles to market faster and with higher levels of personalization and craftsmanship. It also means we don’t have to add redundant manufacturing capacity where it isn’t needed. The Worksport partnership is an example of this approach. Worksport developed a unique product and it is something that will make our electric trucks distinct from all others. We will collaborate on cost optimization and continuous improvement for projects that achieve performance and price advantages against the other industry available cover options.”

Hercules will integrate the solar charging tonneau cover into its core architecture to give freedom to Hercules drivers, specifically “plug freedom.” The solar cover’s overall charging is similar power to a level 1 cord plugged into a standard 110VAC outlet.”

“In Hercules we have found the ideal development partner for the TerraVis system,” Rossi said. “James Breyer is one of the automotive industry’s most respected executives, with achievements that include perfecting electric vehicles at the two largest Detroit auto manufacturers. We will mutually pursue necessary funding, investment, and working capital for overall project success, including cross-introductions to investment partners. The partnership and products are so innovative that we have no doubts that we will secure financing in the near term. Discussions with financial institutions have already begun.”

While at Ford Research Lab, Breyer was instrumental in launching fuel-cell, hybrid, and electric vehicles, including the Fuel-Cell Focus and others. He also led development of the Volt powertrain and global EV powertrains such as Spark EV. He is complimented by co-founders Julie Tolley and Greg Weber.

“With the recent TerraVis reveal, Worksport enters the most exciting period since inception,” said Worksport CEO Steven Rossi. “We now have the perfect, well established partner and a project that will quickly demonstrate the TerraVis™ system’s attractive and leading-edge approach to providing solar power to the light truck industry. At the same time, Worksport will continue to focus on growth as the lead innovator and manufacturer in the Global Automotive Market for tonneau covers for electric and conventional light trucks. Other important announcements are expected soon.”

Any interested investors or shareholders are encouraged to follow the company’s social media accounts on Twitter, Facebook, LinkedIn, and Instagram as well as sign up for the company’s newsletters on both www.worksport.com and www.goterravis.com, to stay up to date on all of the latest news. 

About Worksport Ltd.

Worksport Ltd., an innovative manufacturer of high quality, functional, and aggressively priced tonneau/truck bed covers for light trucks like the F150, Sierra, Silverado, Canyon, RAM, and Ford F-Series. For more information please visit www.worksport.com. Currently listed on the OTCQB Market under the trading symbol “WKSP.”

Connect with Worksport:


For further information please contact:

Mr. Steven Rossi
CEO & Director
Worksport, Ltd
T: 1-888-554-8789
E: srossi@worksport.com

Forward-Looking Statements

This document may contain forward-looking statements, relating to Worksport, Ltd. operations or to the environment in which it operates, which are based on Franchise Holdings International Inc. operations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, and/or are beyond Worksport, Ltd’s ’s control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place any undue reliance on such forward-looking statements. Worksport, Ltd. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. No Stock Exchange or Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.


Primary Logo

Worksport Ltd,

TerraVis Solar Truck Bed Tonneau System
Worksport Ltd,

TerraVis Solar Truck Bed Tonneau System

© GlobeNewswire 2020
All news about WORKSPORT
06/03WORKSPORT LTD  : Regulation FD Disclosure, Financial Statements and Exhibits (fo..
06/03WORKSPORT  : to Present at LD Micro Invitational XI (Form 8-K)
06/03Worksport to Present at LD Micro Invitational XI
06/01WORKSPORT LTD  : Regulation FD Disclosure, Financial Statements and Exhibits (fo..
06/01WORKSPORT  : Enters into Collaborative Partnership with Ontario Tech University ..
06/01WORKSPORT  : Enters into Collaborative Partnership with Ontario Tech University
05/27WORKSPORT  : Growing Workforce for Strategic Business Expansion and Execution (F..
05/27WORKSPORT LTD  : Regulation FD Disclosure, Financial Statements and Exhibits (fo..
05/27WORKSPORT  : Growing Workforce for Strategic Business Expansion and Execution
05/26WORKSPORT LTD  : Amendments to Articles of Inc. or Bylaws; Change in Fiscal Year..
More news
Financials (USD)
Sales 2020 0,35 M - -
Net income 2020 -1,19 M - -
Net cash 2020 0,40 M - -
P/E ratio 2020 -6,82x
Yield 2020 -
Capitalization 140 M 140 M -
EV / Sales 2019 1,34x
EV / Sales 2020 27,3x
Nbr of Employees 4
Free-Float -
Duration : Period :
WORKSPORT Technical Analysis Chart | MarketScreener
Full-screen chart
Income Statement Evolution
Managers and Directors
Steven Rossi President, CEO & Secretary
Michael Johnston Chief Financial Officer
Lorenzo Rossi Director
Craig Loverock Director