Worksport Ltd. (Nasdaq: WKSP; WKSPW) (“Worksport” or the
“Company”) is pleased to announce that its
subsidiary, Terravis Energy, Inc. (“Terravis Energy”),
has increased R&D for its Cold Climate Residential Heat Pump,
which is also a cooling product, due to expected large-scale growth
in the North American and global markets.
An air source heat pump, such as the one
Terravis Energy is creating, utilizes the phase change of a special
fluid to transfer heat. When heating your home, the pump takes heat
from the outdoor air and uses the phase change from liquid to gas
to bring that heat indoors. When cooling, it employs the opposite
phase change, from gas to liquid, to move heat from inside your
home to the outside.
“Most North American households depend on fossil
fuel-powered central furnaces, which generate and blow air through
duct systems,” said Terravis Energy CEO Lorenzo Rossi. “These
systems generate a yearly estimated average of 6,400 pounds of
carbon dioxide per household, a greenhouse gas, and are the third
largest contributor to carbon emissions worldwide. Future
generations, however, will be able to heat and cool their homes
with zero-emission, sustainable clean energy, thanks to cold
climate heat pumps like the Terravis system.”
The Company is very excited to expand its heat
pump R&D team concurrently with massive increases in worldwide
growth forecasts, including a North American market size currently
estimated at US$7.3 billion with a projected 9% annual growth rate
between 2023 and 2032, reaching US$24 billion by 2028. Globally,
the market for residential heat pumps is expected to reach US$121.5
billion by 2032. According to Lorenzo, this highly encouraging
market expansion is stimulated by two primary factors: (1) ongoing
governmental initiatives and incentives to reduce carbon emissions
and (2) a growing consumer demand for energy-efficient, clean and
sustainable heating and cooling technologies.
In addition, many localities are banning future
installation of gas-powered stoves, furnaces, and propane heating,
effectively requiring the use of climate-friendly appliances such
as heat pumps and induction stoves in many new construction
residences. This year, New York was the first state to ban natural
gas and other fossil fuels after 2026 in most new residential
buildings. Previously, cities have led the way. In 2019, Berkeley,
California became the first U.S. city to pass a code banning
natural gas hookups in new buildings. Other cities, including San
Francisco in 2020 and New York City in 2021, quickly followed suit.
Globally, the International Energy Agency recommends that “no gas
boilers should be sold after 2025, if net-zero targets are to be
realized.”
“The Terravis heat pump is the right product at
the right time in a very appealing large worldwide growth market,”
said Worksport CEO Steven Rossi. “It represents something major for
Worksport as we expect to introduce further energy-based products,
including the SOLIS solar truck bed cover and its companion COR hot
swap battery system. Developing and marketing the Terravis heat
pump is expected to be a first step in the transition to an
all-energy enterprise that assists consumers with off-grid
solutions ranging from pickup trucks to zero-emission heating and
cooling. It’s another example of how Worksport and Terravis
continue to outpace expectations across the board. We anticipate
that the heat pump will be a great addition to our arsenal of clean
and sustainable consumer products.”
As always, Worksport will continue to update
investors and shareholders on our progress with all products as
soon as information is available. For further information, please
visit Worksport’s official website for investors
at investors.worksport.com.
About Worksport
Worksport Ltd. (Nasdaq: WKSP; WKSPW),
through its subsidiaries, designs, develops, manufactures, and owns
the intellectual property 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 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. Terravis
Energy’s website is terravisenergy.com. For more information,
please visit investors.worksport.com.
Connect with Worksport
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and Instagram (collectively, the “Accounts”), the links of which
are links to external third party websites, as well as sign up for
the Company’s newsletters at investors.worksport.com. The Company
does not endorse, ensure the accuracy of, or accept any
responsibility for any content on these third party websites other
than content published by the Company.
Worksport strives to provide frequent updates of
its operations to its community of investors, clients, and
customers to maintain the highest level of visibility.
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Investors and others should note that the
Company announces material financial information to our investors
using our investor relations website, press releases, Securities
and Exchange Commission (“SEC”) filings, and public conference
calls and webcasts. The Company also uses the Accounts to announce
Company news and other information. The information shared on the
Accounts could be deemed to be material information. As a result,
the Company encourages investors, the media, and others to review
the information the Company publishes on the Accounts.
In order to comply with Regulation FD, the
Company does not selectively disclose material non-public
information on any Account. If there is any significant financial
information, it is the policy of the Company to release it broadly
to the public through a press release or SEC filing prior to
publishing it on one of the Accounts.
For additional information, please contact:
Steven Obadiah
Investor Relations
Worksport Ltd.
T: 1 (888) 554 8789
E: investors@worksport.com
W: www.worksport.com
Forward-Looking Statements
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“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,”
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management, identify forward‐looking statements. Forward-looking
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conditions. Because forward-looking statements relate to the
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changes in circumstances that are difficult to predict and many of
which are outside of our control. Our actual results and financial
condition may differ materially from those indicated in the
forward-looking statements. Therefore, you should not rely on any
of these forward-looking statements. Important factors that could
cause our actual results and financial condition to differ
materially from those indicated in the forward-looking statements
include, among others, the following: (i) supply chain delays; (ii)
acceptance of our products by consumers; (iii) delays in or
nonacceptance by third parties to sell our products; and (iv)
competition from other producers of similar products. More
detailed information about the Company and the risk factors that
may affect the realization of forward-looking statements is set
forth in the Company’s filings with the SEC, including,
without limitation, our Annual Report on Form 10-K and our
Quarterly Reports on Form 10-Q. Investors and security holders are
urged to read these documents free of charge on the SEC’s web site
at www.sec.gov. As a result of these matters, changes in
facts, assumptions not being realized or other circumstances, the
Company’s actual results may differ materially from the expected
results discussed in the forward-looking statements contained in
this press release. The forward-looking statements made in this
press release are made only as of the date of this press release,
and the Company undertakes no obligation to update them to reflect
subsequent events or circumstances.
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