Worksport's Plan To Launch New Company Leaked: Here's What We Could Expect

The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.

Worksport Ltd. WKSP, a leading provider of next-generation tonneau covers for pickup trucks, has impressed many with its revolutionary proprietary tech — TerraVisTM.

The technology is a first-of-its-kind mobile solar power generation system that can store energy using solar panels. It can even power upcoming electric vehicles (EVs) from traditional automakers like Ford F and General Motors GM as well as tech companies such as Amazon AMZN and Apple AAPL.

What’s more exciting about Worksport is that a recent leak suggests that it will launch a new company using yet another groundbreaking technology.

What We Know

According to the United States Patent and Trademark Office (USPTO), Worksport has filed a trademark application with the name “TerraVis Energy, Inc.” along with a logo.

The trademark registration covers the categories of fuel cells, charging stations for electric vehicles, uninterruptible power supplies and fueling of hydrogen gas for vehicles.

The company application was filed in Colorado on May 24, 2021, under the category of domestic profit corporation. The trademark application was filed on June 8, 2021, and has been accepted by the office as it has met the minimum filing requirements.

What We Could Expect

Although Worksport has not officially revealed anything about TerraVis Energy, we know that it will likely be building on the already announced TerraVis and will fit well with its ecosystem as a subsidiary.

Could Worksport be trying to deploy a robust network of EV charging stations with hydrogen as the source of energy?

Battery-powered vehicles like Tesla TSLA pale in comparison to fossil fuel-powered cars because of their inconvenience in terms of charge, range and cost.

Hydrogen charging stations could change that.

Hydrogen fuel cells are more viable as they don’t rely on an electric grid and negates the possibility of interruptions. In terms of charging, they can refuel within a couple of minutes, easing the life of an EV owner.

Given that the global EV purchases are forecasted to rise to 12.2 million units by 2025, TerraVis Energy could fill the gap between the number of charging stations in an optimal ratio with the number of EVs in the state.

Much like how Worksport is in a class by itself, bringing tonneau covers into a completely new realm, we can expect the company to change the game of energy as we know it.

That said, the company could be using hydrogen fuel cells in not just EVs but also to power buildings, portable electronic devices and backup power systems. They are also an attractive option for critical load functions such as data centers, telecommunications towers, hospitals, emergency response systems, military applications for national defense — the possibilities are endless.

This could lead to true mobile EV charge stations that are not dependent on the grid — allowing EV charging where it wasn’t thought possible.

Since Worksport always aims to raise the bar with every market it competes in, it shouldn’t be surprising if the company uses industry-leading equipment and advanced technologies to replace massive power grids, batteries, diesel generators and even solar panels.

Some of the companies developing such technologies include Blink Charging BLNK, ChargePoint CHPT, Bloom Energy Corporation BE, Nikola Corporation NKLA, Ballard Power Systems Inc. BLDP, Plug Power Inc. PLUG and Cummins Inc. CMI, to name a few. But, Worksport’s trademark focus on hydrogen is a possible hint toward green, off-grid, charge power.

Why Colorado?

The better question is, why not Colorado? Apart from picturesque mountains, plateaus and rivers, Colorado has ambitious plans for alternative fuel and energy.

A House Bill titled “Climate Action Plan To Reduce Pollution” sets Colorado statewide goals to reduce 2025 greenhouse gas emissions by at least 26%, 2030 greenhouse gas emissions by at least 50% and 2050 greenhouse gas emissions by at least 90% of the levels of greenhouse gas emissions that existed in 2005.

The Colorado Energy Office (CEO), Regional Air Quality Council (RAQC), Department of Public Health and Environment and Department of Transportation created the Colorado EV 2020 Plan. The plan calls for Colorado to be a leader in the EV market and accelerate the adoption of EVs by supporting EV infrastructure along Colorado's corridors.

To support plug-in electric vehicle (PEV) and electric vehicle supply equipment (EVSE) adoption by individual drivers and fleets, the CEO and RAQC has provided grants that will fund:

• 80% of the cost of EVSE
• Up to $6,000 for a fleet-only Level 2 station
• $9,000 for a dual-port Level 2 station
• Up to $30,000 for a direct current (DC) fast-charging EVSE
• Up to $50,000 for a charging station capable of 100kW or higher

It’s possible that TerraVis Energy will start in Colorado and gradually progress to other states in the U.S. and potentially go global.

Promising Future

TerraVis Energy is an exciting prospect for many, but more so for shareholders. People know Worksport for being a company that constantly innovates and doesn’t confine itself to a limited market.

Note that everything mentioned in this article is based on leaked information, and there is no guarantee we'll see something similar from Worksport when the company is unveiled. The only assurance we have is that TerraVis Energy will be game-changing with an innovation that has a customer-centric focus and bodes well for a cleaner environmental future.

The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.