UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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CURRENT REPORT
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Item 7.01 Regulation FD Disclosure
On June 26, 2024, Worksport Ltd. (the "Company") issued a press release: "Worksport Ltd. Boosts Solar Cover Compatibility with MPPT Tech Development". 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.
| Exhibit No. | Description | |
| 99.1 | Worksport Ltd. Boosts Solar Cover Compatibility with MPPT Tech Development | |
| 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: June 26, 2024 | By: | /s/ Steven Rossi |
| Name: | Steven Rossi | |
| Title: | Chief Executive Officer (Principal Executive Officer) |
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Exhibit 99.1
Worksport Ltd. Boosts Solar Cover Compatibility with MPPT Tech Development
West Seneca, New York, June 26, 2024 - Worksport Ltd. (NASDAQ: WKSP), a key 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 significant development in its Maximum Power Point Tracking (MPPT) algorithm that allows Worksport's SOLIS Solar Power System, which is anticipated to launch later this summer, to charge not only Worksport's COR Portable Battery Generator system but also most other portable power stations and power banks on the market. This strategic decision has been made possible due to an advancement in Worksport's programming of highly specialized hardware and firmware, as led by Dr. Rafael Olivera, Worksport's CTO. Further, this decision significantly broadens the utility, market reach, and complementarity of the SOLIS Solar Power System within the wider energy storage market and marks a major milestone in the Company's growth within this market.
Market Potential and Strategic Partnerships
The market potential for Worksport's patented SOLIS Cover is expected to be substantial. The global market for solar-integrated accessories is rapidly growing, driven by increasing demand for sustainable energy solutions. The Worksport SOLIS Cover, with an Alpha release planned for summer of this year, is designed to revolutionize the market. With potential OEM integrations, such as that anticipated in Worksport's Collaboration with Hyundai, the SOLIS Cover could add up to approximately 10 miles of range per day to some electric vehicles, presenting a significant value proposition for EV owners.
With over 60 million pick-up trucks on the road in the USA and an estimated 7.77 million tonneau covers sold annually, Worksport believes the market potential for its SOLIS Solar Cover may grow to 9-figures within 24-36 months. Worksport is thrilled to develop MPPT technology that not only enhances compatibility with the Worksport COR Portable Battery Generator system but also extends to most other battery systems, including existing mobile battery generators and static battery banks - increasing the SOLIS Cover's desirability, compatibility, and versatility.
Solar Charger (MPPT) Technology
The solar charger is a vital component that bridges the Worksport SOLIS and COR systems, optimizing power output by continuously seeking the maximum power point from solar panels. This solar charger now charges batteries from 12V to 48V and power stations up to 60V, thus enabling compatibility with a wide range of power storage products. The Worksport MPPT can also accept up to 150V of solar power input, making it among the most versatile MPPT systems available. Later this year, the solar charger is expected to feature a patented topology based on Gallium Nitride power switches, which would allow the charger to reach close to 98% efficiency - representing a significant breakthrough within the solar charger market.
Featuring 1000W power input, Bluetooth® connectivity, CAN Bus integration, and a mobile app, the upgraded MPPT enhances the usability of both Worksport and third-party products, thereby improving the utility and market potential of the Company's first-to-market, patented SOLIS Solar Cover.
USA Production Hub for the SOLIS Cover
Worksport's state-of-the-art facility in West Seneca, New York, is set to be the production hub for the SOLIS Cover. Currently home to our Made-in-America AL3 Tonneau cover line, this facility, with its robust production capacity, is well-equipped to meet the anticipated demand for the SOLIS Cover and other innovative products in Worksport's pipeline. It was recently awarded a Grant from the State of New York for up to $2.8MM.
CEO & CTO Statements:
"The development of our MPPT technology marks a significant milestone for Worksport," said Steven Rossi, CEO of Worksport. "By expanding compatibility with a wider range of batteries and power stations, we are positioning the SOLIS and COR systems for broader market adoption. We are excited about the potential these products hold and look forward to their impact on the market. We plan to present to the world some of our most exciting product innovations to-date once we've launched our highly anticipated SOLIS in the very near future."
"Our MPPT device is engineered to work with the COR system or independently, charging Worksport products or those from other manufacturers," said Dr. Oliveira. "The broader COR ecosystem has aggressive technical goals, where the COR battery, hub, and MPPT are just the beginning. We aim for state-of-the-art power electronics, battery technology and safety, smart architecture, and innovative designs and applications."
Key Press-Releases released in 2024:
Read all Worksport press releases: [Link to All Press Releases].
Stay Connected
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.
Investor Relations, Worksport Ltd. T: 1 (888) 554-8789 -128
W: investors.worksport.com E: investors@worksport.com W: worksport.com
Subscribe to our Investor Newsletter for automatic email notifications of future Worksport press releases: Link to 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, 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.
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.
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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 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:
Steven Obadiah, 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," "expect," "future," "intend," "plan," "project," "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, including, but limited, to the achievement of our financial projections. 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) our ability to achieve our sales projections; (ii) supply chain delays; (iii) acceptance of our products by consumers; (iv) 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 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.