Worksport Announces Strategic Partnership with NeuronicWorks to Assemble COR Battery System for Alpha Release and Full Production
- None.
- None.
The strategic partnership between Worksport Ltd. and NeuronicWorks Inc. to manufacture and assemble the COR battery system represents a significant move in the renewable energy and automotive accessory sectors. This collaboration indicates a growing trend of companies seeking to secure domestic manufacturing capabilities, particularly in the North American market. The emphasis on 'Made in North America' products underlines a strategic pivot towards local production, which could resonate well with consumers increasingly concerned with supply chain transparency and sustainability.
Moreover, the involvement of NeuronicWorks, known for its high-tech electronic product development, suggests a focus on innovation and quality in Worksport's product offerings. The COR battery system and SOLIS solar light truck cover could potentially disrupt the portable power market by integrating renewable energy solutions with automotive technology. This partnership may enhance Worksport's competitive advantage and could lead to increased market share in the niche of mobile microgrids and portable power sources.
The announcement of the partnership and the upcoming Alpha release of the COR battery system may have a positive impact on Worksport's financial performance. Investors might view the move as a proactive strategy to solidify Worksport's manufacturing capabilities and product reliability, potentially leading to an uptick in investor confidence. The market will likely monitor the Alpha release closely, as real-world testing and user experiences could provide critical data that will influence the product's commercial viability and future revenue streams.
It is also important to consider the capital requirements and investment for setting up the manufacturing and assembly operations in Canada. The financial implications of these investments will need to be weighed against the expected return on investment, including potential cost savings from reduced reliance on international shipping and tariffs, which could improve Worksport's gross margins over time.
The partnership's focus on a 'Made in North America' product highlights the increasing importance of sustainability in corporate strategies. By bringing assembly to Canada, Worksport is likely aiming to reduce its carbon footprint and appeal to environmentally conscious consumers. The renewable energy sector is highly sensitive to sustainability practices and Worksport's alignment with these values through the COR battery system and SOLIS solar truck cover could strengthen its brand reputation and customer loyalty.
Additionally, the collaboration with NeuronicWorks, a company that prides itself on innovation in cleantech, enhances Worksport's sustainability narrative. The move may set a precedent for other companies in the sector to prioritize local manufacturing and sustainable product development, potentially influencing industry norms regarding environmental responsibility.
West Seneca, New York, Jan. 03, 2024 (GLOBE NEWSWIRE) -- Worksport Ltd. (Nasdaq: WKSP; WKSPW) (“Worksport” or the “Company”) is pleased to announce that it has formed a strategic partnership with NeuronicWorks Inc., a Toronto-based high-tech custom electronic product development and manufacturing company, to manufacture and assemble the COR battery system in preparation for the system’s anticipated Alpha release. Along with supplying Worksport’s circuit boards for the COR hub, NeuronicWorks will perfect the construction of the full unit.
COR’s Alpha release, which will allow real-world testing and first-hand user experiences, is intended to be a pivotal step towards the manufacturing of the COR system in Canada, and eventually launching it using both international and domestic parts. Working together, Worksport and NeuronicWorks intend to implement a rigorous quality control process to ensure the highest quality standards.
“The partnership with NeuronicWorks is very important for our vision of a ‘Made in North America’ product,” said Rafael Oliveira, Worksport’s Chief Technology Officer. “We will be able to consistently observe NeuronicWorks’ manufacturing our COR battery system. In addition, the physical proximity of Worksport and NeuronicWorks in the Toronto area allows for a deep synergy. It’s exciting to have such a strong partner in the development of mobile microgrids and portable power sources.”
“Selecting a high-tech manufacturing partner like NeuronicWorks is a big step for Worksport on the road to the eventual market introduction of the revolutionary and world-beating SOLIS solar light truck cover and its companion COR battery system,” said Worksport CEO Steven Rossi. “We are thrilled to be partnering with such a distinguished electronic engineering leader and benefit from its substantial track record in bringing to market highly advanced proprietary products. Assembling the COR system in Canada in partnership with this leading electrical engineering company is a testament to our commitment to quality and sustainability. By bringing assembly to Canada, we have further strengthened our position in the renewable energy sector.”
“We are proud to be involved with breakthrough, revolutionary products, such as Worksport’s COR battery system and its companion SOLIS solar truck cover,” said NeuronicWorks CEO Titu Botos. “Innovation and creativity are what drives our team of talented designers and engineers, and we are very excited to be actively engaged in the development of Worksport’s COR portable battery system. This collaboration aligns with our commitment to continue innovation in the field of cleantech and green energy.”
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.
About NeuronicWorks Inc.
NeuronicWorks Inc., a leading product design engineering and manufacturing house, was established in 2009 in the heart of Canada’s vibrant tech community. NeuronicWorks provides end-to-end, custom electronic product development and manufacturing services all the way from initial concept, and detailed design to prototyping, certification and turnkey manufacturing. Certified by the Professional Engineers of Ontario (PEO) and also IPC and ISO 9001 certified, its talented, customer-oriented designers and engineers are committed to excellence and standards of practice that are the hallmark of professional engineering. We also have a strong network of partners comprising major suppliers and technology providers from around the world.
Connect with Worksport
Please follow the Company’s social media accounts on X (previously Twitter), Facebook, LinkedIn, YouTube, 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.
LinkedIn
Facebook
X (previously Twitter)
Instagram
YouTube
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. at T: 1 (888) 554 8789; E: investors@worksport.com; W: www.worksport.com.
Forward-Looking Statements
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,” “project,” or the negative of these terms and similar expressions, as they relate to us or our management, identify forward‐looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, 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 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.
FAQ
What is the ticker symbol for Worksport Ltd.?
What is the strategic partnership announced by Worksport Ltd.?
Where is NeuronicWorks Inc. based?
What is the purpose of the partnership between Worksport Ltd. and NeuronicWorks Inc.?
What is the significance of the Alpha release for the COR battery system?
