Worksport Ltd. (Nasdaq: WKSP; WKSPW) (“Worksport” or the
“Company”) is pleased to announce that its
subsidiary, Terravis Energy, Inc. (“Terravis”), has
refined and completed a working prototype of its Cold Climate, Air
Source Residential Heat Pump intended for use in the residential
home heating and cooling market, and has begun a testing program in
a state-of-the-art climate chamber at Worksport’s Toronto facility.
The company's testing chamber conducts extensive
cold weather trials during product development. For the Heat Pump,
Terravis executes detailed tests that monitor performance across a
range of 12 temperature points from 14ºF (-10ºC) to -31ºF (-35ºC).
These tests include checking 4 refrigerant pressure zones, airflow,
and the energy consumption of each component. The aim is to
optimize the heat pump's efficiency and performance at various
temperatures. Additionally, the heat pump's operation is assessed
at multiple set temperatures within this range. Plans are in place
to expand the testing to include its cooling capabilities at higher
temperatures.
“We are engaged in this rigorous and severe
testing protocol because Terravis’s mission is to offer a
zero-emission residential Heat Pump that sets new standards in
cold-weather performance,” commented Terravis Energy's CEO, Lorenzo
Rossi. Rossi continued, “Many heat pumps on the market are
inadequate in pushing enough hot air into homes at temperatures
under 4ºF (-20ºC), resulting in a failure to maintain indoor
comfort levels at low temperatures. Our heat pump’s goal is to
provide heat to homes in as low -31ºF (-35ºC), which we believe
will make us the most effective heat pump technology in the
market.”
An air source heat pump like the one Terravis is
testing utilizes the phase change of a proprietary fluid to
transfer heat. A heat pump captures existing heat from outside air,
amplifies its warmth, and then moves it indoors to heat our home,
functioning efficiently even in cold weather because 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 outside. Most North American households in colder areas depend
on fossil fuel-powered central furnaces with air blown through duct
systems. Unfortunately, these costly appliances are one of the
largest contributors to carbon emissions worldwide and require
significant amounts of energy. To lower emissions, many localities
are banning future installation of gas-powered stoves, furnaces,
and propane heating. Terravis believes that this move will create a
new, large market and effectively will require the use of
climate-friendly appliances, such as the Terravis Heat Pump, in new
construction residences.
“Terravis’ goal is to create products that help
usher in a zero-emission future,” said Lorenzo Rossi. “With the
advent of ubiquitous electrification, society is clearly moving
away from fossil fuel as an energy source. This must also happen in
home heating. We expect that soon residences will be heated and
cooled with zero-emission, sustainable clean energy, thanks to heat
pumps like the Terravis system, which is expected to be used in
cold and hot climates.”
The Terravis Heat Pump, an innovative solution
for colder North American climates, is designed not only to operate
at lower temperatures, as the testing process is expected to
demonstrate, but also to offer an easier-to-install modular design
for simpler and flexible placement in homes, permitting different
ways of mounting depending on the space needs.
“Worksport is pleased to bring innovation into a
global market where it is long overdue,” said Worksport CEO, Steven
Rossi. “Terravis’ Cold Climate Residential Heat Pump is designed to
save on operating costs, energy, and emissions. It is anticipated
to enter a very large international market comprising numerous
residences wherever there is cold weather and the need for heat.
Worksport and its subsidiary Terravis intend to become an
all-energy, zero emission enterprise, enabling clean and
sustainable off-grid solutions. With the Heat Pump’s simulated cold
climate testing, the Company is very excited to have taken a giant
step forward in its move toward this important new market.”
As always, Worksport 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 on Worksport, 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.
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.
Worksport strives to provide frequent updates of
its operations to its community of investors, clients, and
customers to maintain the highest level of visibility.
LinkedInFacebookX (previously Twitter)InstagramYouTube
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 the Accounts to announce
Company news and other information. The information shared on the
Accounts could be deemed to be material information. As a result,
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
information on any Account. If there is any significant financial
information, it is the policy of the Company to release it broadly
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
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,” or the negative of these
terms and similar expressions, as they relate to us or our
management, identify forward‐looking statements. Forward-looking
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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 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.
Worksport (NASDAQ:WKSPW)
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Worksport (NASDAQ:WKSPW)
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