Hercules Electric Mobility Announces Supply Partnership with Worksport™ for its TerraVis™ Solar Truck Bed Tonneau System
DETROIT, MI and TORONTO, ON – Sept. 15, 2020- Worksport Ltd., (OTC:WKSP) (or the “Company”), has signed an agreement with Hercules Electric Mobility Inc., Detroit, Michigan, to supply Worksport’s groundbreaking TerraVis™ tonneau cover solar charging system and become the Tier One OEM supply partner for Hercules’ forthcoming Alpha Electric Pickup.
The TerraVis™ system will be exclusively configured and uniquely crafted for Hercules’ highly innovative EV pickup truck. The durable and technologically advanced TerraVis™ system will be the very first to provide a meaningful source of recharging the Alpha’s batteries and will offer multiple configurations for work and sport as a fusion of cutting-edge solar power, storage, and delivery.
The partnership between the two companies is expected to generate up to US$70 million in revenues for Worksport™ going forward, according to Worksport CEO Steven Rossi.
“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 expected 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 their track record and long history of developing and launching major vehicle platforms.
“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 not having 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.”
The Hercules and Worksport collaboration agreement closely followed the first public disclosure of details about TerraVis™. 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 Hercules and Worksport 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 anticipated long-term partnership will co-develop the 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 configurations that each customer selects. Worksport is working towards a similar goal to reduce the carbon footprint of pickup drivers through use of its TerraVis™ solar tonneau cover and battery/inverter module for existing pickups, as well as a number of useful accessories. Hercules and Worksport look forward to jointly launching the Hercules Alpha solar-charging capability.
“Hercules is taking an unconventional approach, using available services, expertise, and industry capacity to launch products quickly and efficiently,” Breyer said. “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 to the voltage of 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. At General Motors, he also led development of the Volt powertrain and global EV powertrains, such as the 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 its 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.”
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.”
About Hercules Electric Vehicles
Founded in 2018 by auto veteran, James Breyer, Hercules Electric Vehicles is a Detroit Mich.-based electric vehicle manufacturer that plans to bring to market customizable, luxury, high-performance electric pickups and SUVs starting with its 1000-HPAlpha pick up in mid-2022. Hercules’ vehicles will offer integrated solar charging, long-range batteries and optional fuel-cell range extender options. Find out more at: www.HerculesEV.com
For further information please contact:
Mr. Daniel Henry
Product Marketing Manager
Hercules Electric Vehicles
E: PR @hercules-EV.com
Mr. Steven Rossi
CEO & Director
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.