Worksport Granted $1.15M from Canadian Federal Government Partner, MITACS
Worksport Ltd (Nasdaq:
(the “Company”), through its subsidiary Terravis
Energy Inc., has been granted $1.15 Million in matched funding from
MITACS, the Mathematics of Information Technology and Complex
Systems nonprofit Canadian national research organization, in
partnership with the Canadian Federal government.
The grant proposal was drafted by the Company
and Prof. Sheldon Williamson and his research team at Ontario Tech
University (OTU), and was peer-reviewed by technical experts from
around the world in the fields of transportation electrification,
power conversion systems, material characterization and hydrogen
fuel cell construction, thermal analysis, and battery management
systems. Approval for the grant speaks to the technology’s
feasibility and garnishes the non-parasitic electric vehicle (NPEV)
fast charging system with academia and enterprise credibility. The
Company believes it will open additional novel research
opportunities where this technology could branch out to many other
The Canadian Federal government’s support will
allow the Company and OTU to pursue enterprise implementation of
the NPEV fast charging systems as well as any other related
programs over the next two years. The prototype will be a 50-kW,
NPEV fast charging system, covering areas including transportation
electrification, power conversion systems, material
characterization and fuel cell construction, thermal analysis, and
battery management systems.
“The teams that were put together for this
project have decades of R&D expertise in the areas of EV fast
charging, battery technology, e-mobility, renewable energy systems,
and hydrogen fuel cell technology. Our teams have been
retroactively working on this novel, high power, sustainable, NPEV
fast charging solution for the past several months. The tasks
involved and the potential end results make it a one-of-a-kind
project, not only within Canada, but also throughout North America.
The NPEV fast charger project will also, without a doubt, position
Canada at the forefront of e-mobility and smart grid development.
We look forward to the first fully functional system demonstration
at OTU within the next couple of months,” said Prof.
A number of NPEV fast charging systems have
already been requested from several Canadian businesses. As phase
one comes to a successful close, initial production can begin
within 60 days.
“We have been working very hard in making the
NPEV a reality and very soon we will be able to demonstrate its
true potential. This is just the first step in this two-year,
multimillion dollar partnership with OTU, which will see R&D
efforts from Worksport subsidiary Terravis Energy bring to market
some very exciting and innovative products, specifically designed
to achieve net zero emissions and make sustainability a way of
life.” said Lorenzo H. Rossi, CEO Terravis Energy.
About Worksport Ltd.
Worksport Ltd. (Nasdaq: WKSP), 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, www.investworksport.com and
Please follow the company’s social media
accounts on Twitter, Facebook, Linkedin, and Instagram, as well as
sign up for the company’s newsletters at www.worksport.com or
www.investworksport.com. Worksport Ltd. strives to provide frequent
updates of its operations to its community of investors, clients,
and customers to maintain the highest level of visibility.
For additional information, please
Development ManagerWorksport Ltd.T: 1-(888)
The information contained herein may contain
"forward‐looking statements." Forward‐looking statements reflect
the current view about future events. When used in this press
release, the words "anticipate," "believe," "estimate," "expect,"
"future," "intend," "plan," or the negative of these terms and
similar expressions, as they relate to us or our management,
identify forward‐looking statements. Such statements include, but
are not limited to, statements contained in this press release
relating to the view of management of the Company concerning its
business strategy, an up listing to a national exchange, future
operating results and liquidity and capital resources outlook.
Forward‐looking statements are based on the Company's current
expectations and assumptions regarding its business, the economy
and other future conditions. Because forward-looking statements
relate to the future, they are subject to inherent uncertainties,
risks and changes in circumstances that are difficult to predict.
The Company's actual results may differ materially from those
contemplated by the forward‐looking statements. They are neither
statements of historical fact nor guarantees of assurance of future
performance. We caution you therefore against relying on any of
these forward‐looking statements. Factors or events that could
cause the Company's actual results to differ may emerge from time
to time, and it is not possible for the Company to predict all of
them. The Company cannot guarantee future results, levels of
activity, performance, or achievements. Except as required by
applicable law, including the securities laws of the United States,
the Company does not intend to update any of the forward‐looking
statements to conform these statements to actual results. No Stock
Exchange or Regulation Services Provider accepts responsibility for
the adequacy or accuracy of this release.
Historical Stock Chart
From Jun 2022 to Jul 2022
Historical Stock Chart
From Jul 2021 to Jul 2022