Responding to interest from its TerraVis™ solar panel, Worksport provided a general update to its audience of interested stakeholders. TerraVis provides users with a fully integrated, scalable cargo bed experience meeting owners’ needs as they change.
COMPANY UPDATES
Management recently concluded agreement negotiations with its first EV truck manufacturer partner. Worksport expects the agreement to generate $70 million in revenues in the near-to-mid-term to start.
Additionally, Worksport announced discussions with other EV truck manufacturers and will announce developments as they become material. The company allotted limited but focused integration bandwidth for TerraVis at the OEM level and will evaluate partnerships closely.
In the future, Worksport will develop an aftermarket TerraVis system version for all popular major light truck models. With such a high-level of demand Worksport expects high revenue potential for the TerraVis system as an aftermarket retail market offering. “We’re simply building a brand that everyone will want,” says Worksport CEO Steven Rossi.
“Worksport values its OEM partners’ management,” Rossi says. “They have identified the value proposition in providing a highly advanced folding truck bed cover system from an independent and innovative provider such as Worksport. Integration of the TerraVis System at an OEM factory level is expected to increase the value, usability, and demand for that particular truck brand.”
TERRAVIS & CONVENTIONAL COVERS
The success of TerraVis, in development since 2015, will continue to expand over the coming weeks and months.
Furthermore, the company will frequently update shareholders, supporters, and investors to maintain the highest level of disclosure and information dissemination as Worksport continues to grow and develop at a very rapid pace.
“Conventional Worksport tonneau covers will continue to be a sizeable part of the Worksport revenue model as the market demand for these covers continues to be strong,” Rossi says. “Worksport will continue to grow towards middle market revenues for its lineup of innovative conventional tonneau covers.”
In other key developments:
- Worksport resumed shipping and recognizing revenues relating to private label manufacturing as well as sales for its major middle market customer. The company also created exclusive versions of conventional tonneau cover product suite for private label sales.
- Worksport’s R&D team is focused on developing conventional bed covers as the demand and market remains exceptionally strong and growing.
- Worksport management also works to augment its board of directors to better suit the company’s strengthening forward path. Worksport will make announcements as it appoints new strategic board members.
Find out more, visit www.worksport.com and www.goterravis.com.
