Worksport to Introduce Higher Quality, More Powerful COR Portable Energy System for Possible Assembly in North America
Richmond Hill, Ontario, Canada, June 06, 2023 (GLOBE NEWSWIRE) -- 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:
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For additional information, please contact:Steven ObadiahInvestor RelationsWorksport Ltd.
T: 1 (888) 554 8789E: [email protected]W: www.worksport.com
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