CINCINNATI, Dec. 11, 2017 /PRNewswire/ -- Workhorse
Group Inc. (NASDAQ: WKHS), an American technology company focused
on providing sustainable and cost-effective solutions to the
commercial transportation sector, today announced that it has
applied for a loan of $250 million
from the Department of Energy's (DOE) Advanced Technology Vehicles
Manufacturing (ATVM) Loan Program. The company also announced that
DOE has deemed its application to be substantially complete for
purposes of DOE beginning its preliminary evaluation of the
technical, financial, legal and other aspects of the application.
There are a significant number of additional milestones Workhorse
will need to achieve in order to progress its application towards a
conditional commitment and any final loan agreement.
Workhorse is pursuing the ATVM loan, as well as other sources of
financing, in order to equip its manufacturing plant in
Union City, Indiana, for the
production of the company's all-new W-15 four-wheel drive plug-in
electric pickup truck.
"Workhorse has received letters of intent to purchase more than
5,000 W-15s, which we believe demonstrates that fleets are eager to
incorporate range-extended electric pickup trucks," said Workhorse
CEO and President Stephen Burns. "We
are designing our W-15 to be the most economical, the greenest and
the safest electric pickup in America's automotive market
today."
The ATVM program makes direct loans to re-equip, expand or
establish manufacturing facilities in the
United States to produce qualifying light-duty vehicles or
components that provide meaningful improvements in fuel economy
performance in accordance with applicable laws and regulations. The
program has issued loans for projects run by Tesla, Ford and
Nissan. DOE reports the program has supported 35,800 permanent U.S.
jobs, saved more than 287 million gallons of gasoline annually, and
prevented more than 2.5 million metric tons of CO2 emissions
annually. Although the president's America First – A Budget Blueprint to Make
America Great Again, dated March 16,
2017, proposed to eliminate the ATVM program, its long-term
future is subject to congressional action on Fiscal Year 2018
appropriations.
The W-15 is the first electric pickup truck available to
commercial customers from an American original equipment
manufacturer.
"There is an enormous void of alternative-fuel pickups in the
truck market, and the time is right to introduce the W-15," Burns
said. "Securing the ATVM loan would help Workhorse bring the W-15
to market faster to meet the needs of fleet managers who are
demanding a fuel-efficient pickup truck that gets the job
done."
About Workhorse Group Inc.
Workhorse Group Inc. is a U.S.-based original equipment
manufacturer of medium-duty, EPA-approved battery-electric delivery
vehicles and fully integrated truck-launched, FAA compliant
unmanned aerial systems (UAS) delivery drones. The company is also
a developer of a cloud-based, real-time telematics performance
monitoring system that provides fleet operators ultimate energy and
rote efficiency. For additional information visit
www.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 maintain our
listing of our securities on the Nasdaq Capital Market; 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.
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SOURCE Workhorse Group Inc.