CINCINNATI, Nov. 13, 2019 /PRNewswire/
-- Workhorse Group Inc. (NASDAQ: WKHS)
("Workhorse" or "the Company"), an American technology company
focused on providing sustainable and cost-effective
electric-mobility solutions to the transportation sector, today
announced that EnerDel would be an additional key
battery supplier for its next generation C-Series delivery vehicle.
In conjunction with this announcement, Workhorse has placed an
initial order for 5,200 EnerDel Vigor+ battery packs, which will be
used in the production of its growing backlog of C-Series customer
orders. Workhorse has secured financing to be able to provide
battery leasing packages for the entire EnerDel partnership.
EnerDel's advanced cell technology features a low-profile
modular pack design that supports Workhorse's lightweight C-Series
vehicles, enabling fleet customers to customize the pack size for
each vehicle based on its duty cycle. Workhorse's selection of
EnerDel as its latest battery supplier of choice complements the
Company's existing utility partnership agreement, which seeks to
generate second-life uses for its batteries.
"EnerDel's proven performance and its production capacity are an
important supplement to our in-house battery manufacturing
operation as we gear up for growth at scale," said Workhorse COO
Dr. Robert Willison. "As an
additional data point, during prototype testing, Workhorse's fully
loaded C-Series vehicles, equipped with EnerDel 70kWh packs, have
demonstrated a range in excess of 125 miles on a single charge.
With that level of performance, we are eager to begin leveraging
the benefits of this powerful technology."
About EnerDel
EnerDel Inc. is a privately held
business headquartered in Indianapolis,
Indiana and a leading supplier of advanced lithium-ion
batteries and electric systems solutions (ESS )for heavy-duty
transportation, including full battery electric vehicle (BEV) and
hybrid electric vehicle (HEV), industrial, and utility
applications. The company's pouch cell design and modular stacking
architecture combine to provide customers with production-ready
solutions that address a variety of power and energy storage needs.
The company's Vigor+ product line is Buy America Compliant
and manufactured in Indianapolis,
Indiana. For additional information, visit EnerDel.com.
About Workhorse Group Inc.
Workhorse is a technology
company focused on providing electric mobility solutions to the
transportation sector. As an American original equipment
manufacturer, we design and build high performance battery-electric
vehicles including trucks and aircraft. Workhorse also develops
cloud-based, real-time telematics performance monitoring systems
that are fully integrated with our vehicles and enable fleet
operators to optimize energy and route efficiency. All Workhorse
vehicles are designed to make the movement of people and goods more
efficient and less harmful to the environment. For additional
information visit workhorse.com.
Forward-Looking Statements
This press
release includes forward-looking statements. These statements
are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These statements
may be identified by words such as "believes," "expects,"
"anticipates," "estimates," "projects," "intends," "should,"
"seeks," "future," "continue," or the negative of such terms, or
other comparable terminology. Forward-looking statements are
statements that are not historical facts. Such
forward-looking statements are subject to risks and uncertainties,
which could cause actual results to differ materially from the
forward-looking statements contained herein. Factors that
could cause actual results to differ materially include, but are
not limited to: our limited operations and need to expand in the
near future to fulfill product orders; risks associated with
obtaining orders and executing upon such orders; the ability to
protect our intellectual property; the potential lack of market
acceptance of our products; potential competition; our inability to
retain key members of our management team; our inability to raise
additional capital to fund our operations and business plan; our
inability to satisfy covenants in our financing agreements; our
inability to maintain our listing of our securities on the Nasdaq
Capital Market; our inability to satisfy our customer warranty
claims; our ability to continue as a going concern; our liquidity
and other risks and uncertainties and other factors discussed from
time to time in our filings with the Securities and Exchange
Commission ("SEC"), including our annual report on Form 10-K filed
with the SEC. Workhorse expressly disclaims any obligation to
publicly update any forward-looking statements contained herein,
whether as a result of new information, future events or otherwise,
except as required by law.
Workhorse Investor Relations Contact:
Matt Glover and Tom Colton
Gateway Investor Relations
949-574-3860
WKHS@gatewayir.com
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SOURCE Workhorse Group Inc.