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Worksport (NASDAQ:WKSP) has updated investors with five press releases so far in 2022. These updates discuss the rollout of the Terravis Energy system as well as the procurement of a large U.S. based manufacturing facility.
January 4th, 2022 – Worksport Granted C$1.15 million from Canadian Federal Government Partner, MITACS
January 20th, 2022 - Worksport Starts Countdown to Unveiling of Terravis Energy Products
February 1st, 2022 - Worksport to Purchase 222,000-Sq Foot, U.S. Based Manufacturing Facility
February 7th, 2022 - Worksport Management Delays Terravis Energy Unveil
February 15th, 2022 - Worksport Pre-Production Terravis System™ Moves to Final Stages of Development
Founded in 2011, Worksport sells pickup truck bed covers (a tonneau cover) and related accessories to both private label end customers and through a direct-to-consumer model. Worksport has been developing a cleantech and energy storage solution system that encompasses solar panels on top of a tonneau cover that will charge electric vehicles as well as a portable power station located in the pickup bed. This system is close to commercial production and will be available for purchase starting in Q2 2022. The company is also in early development stage for a third line of business which involves electric vehicle charging stations that generates electricity from Hydrogen Powered Fuel Cells.
The company expects 2022 to be a breakthrough year in terms of revenue generation across all operating segments. Worksport's new direct-to-consumer eCommerce website is expected to be operational in early 2022. If they obtain only a 1% to 5% market share in premium tonneau covers, this new distribution outlet may generate $1 million to $5 million in sales. The Terravis System is expected to be commercially available in Q2 2022.
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