Image of TerraVis solar tonneau via Worksport, Ltd.
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.
Steven Rossi, CEO, and founder of Worksport, Ltd. WKSP WKSPW spoke at Benzinga’s EVCon2021 last week, where he broke the news about the company’s TerraVis subsidiary, its TerraVis Solis, and COR technologies. He spoke on the projected state of the market, Worksport’s history as a global designer and producer of original equipment manufacturer (OEM) bed covers for consumer pickup trucks, and where the company plans to go in the near future.
Not only did Rossi talk about his company’s product pipeline and its mission as an innovator in the solar arena, but he also discussed the greater overall market and how Worksport will bridge the divide between on-grid and off-road electrification, taking EV places it's never gone before.
Worksport is the North American leader in tonneaus for pickup trucks, operating in a broader automotive market through its accessories and manufacturing division.
The company works in two pillars. Its wholly-owned subsidiary, TerraVis, is innovating and super-charging the future of electric vehicles (EVs) by introducing the world to renewable and highly efficient hydrogen fuel-cell technologies through EV fast-charging units and microgrid power structures.
The company anticipates, solves, and capitalizes on the challenges of future-centric energy deployment, designing highly intelligent accessories that disrupt the industry. Its green-based energy systems are free from power grid connectivity and dominate the roadways wherever they may be.
Image via Worksport, Ltd.
Through extensive OEM private label production, Worksport has served some of the biggest names in automotive over the last 10 years, including the Stellantis STLA FCAU Ram Truck, and continues to do so through its TerraVis Solis, COR and NPEV, non-parasitic EV product lines.
Worksport as a Global Leader, Establishes New Niche in Microgrid Technologies
Worksport’s global portfolio of heavily guarded intellectual properties includes 15 different patents and 20 trademarks worldwide. Its products have been designed to set a higher standard for others entering into the market, creating substantial barriers and solidifying its own position within the markets it operates.
Molded and shaped from “ideation to creation,” Rossi discusses how the company prides itself on the genuine nature of its operations and its authenticity as a brand — not as a product of any merger or acquisition that came before it.
Worksport and its TerraVis subsidiary have pledged to take on a major cleantech initiative, placing solar-powered and hydrogen-celled technologies into a much broader market, as a staple of sustainable, off-grid power and portable microgrid energy — with FuelCell Energy Inc FCEL as one of the only major competitors in the sector.
TerraVis Energy Steps in and Steals the Show
Solar cover tonneaus are a sensible accessory that already has a market. They are specially designed to fit existing EVs, pushing forward all efforts for the decarbonization of the transportation industry, with the ultimate goal of moving the planet toward viable energy solutions.
TerraVis Energy focuses on the future of sustainable transportation, taking the necessary steps to massively disrupt the sphere of EV technologies forever (see: Worksport Makes the Impossible Possible: Green-Energy Microgrid Systems Power EV Trucking and Off-Grid Lifestyling).
“Our reliance on the grid is outdated and dangerous,” states Rossi, explaining that power coming through the grid still produces CO2 emissions. Worksport’s solutions are free from blackout, power failure, overload, and grid reliance.
Pickup Trucks Dominate North America
Image via Worksport, Ltd.
Rossi points out that EV fast-charge networks only seem available to large EV manufacturers like Ford F, General Motors GM, Tesla TSLA, Amazon’s AMZN Rivian, and Google’s GOOGL Waymo-powered vehicles in metropolitan hubs and areas with higher populations.
Over 12 million pickup trucks were sold in 2019 — 11 million in 2020, despite a global pandemic, an interrupted supply chain, and the clawbacks of production. Last year, there were approximately 56 million pickups on the road. As the price of fuel surged, many called for the overhaul of an outdated infrastructure to make headway for an electrified future.
Worksport expects that 82% of all light-weight vehicles sold in 2028 will be electrified pickup trucks. The company hopes to see a CAGR of 8.5%, with an entire specialty-equipment market already valued at $46.2 billion and the market for tonneau covers estimated at $540 million, annually.
New Markets, One Vertical at a Time
In 2020 and 2021, Worksport implemented leaner, more efficient operations, where growth remained strong and margins were maximized by nearly 70%. This allowed the company to develop new, innovative product lines, grow the bottom line, and expand into new markets — debt-free.
Image via Worksport, Ltd.
Rossi foresees upward profitability as the economies return to normal, ultimately predicting increased scalability, expansion, and distribution with margins reaching heightened economic growth.
He disclosed partnerships with Atlis and Hercules, as well as OEM, tier 1 strategic partnerships with other global manufacturers. Worksport is also entering deep partnership discussions, with several leading vehicle brands in the global arena, to supply its conventional and solar truck accessories, at this time.
The company has a total market capitalization of $107.510 million, 15.39 million shares outstanding as of September 15, 2021, and over $28 million in liquidity. Its average trading volume falls around 814,570, with total annual expenditures estimated at $1.8 million.
Worksport secured $30 million in finance between 2020 and 2021, has a strong financial backbone and a solid balance sheet.
In the energy sector, TerraVis expects 20.4% growth through 2027, as energy storage hits $19.74 billion. The EV market, in general, will see an additional CAGR of 29% through 2030 — and is predicted to account for 32% of total market share for new cars bought and sold in North America.
With pre-orders available at GoTerravis.com, you can now access more information on Worksport's all-new brand and product line.
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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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