WEST SENECA - Worksport Ltd. (NASDAQ: WKSP), a manufacturer of hybrid and clean energy solutions for light trucks, announced a new sales partnership with a leading Midwest automotive distributor. The company, which began full-scale production in January 2024 and launched direct-to-consumer sales in late March, is expanding its U.S. footprint and expects a significant revenue boost in 2024.
The partnership aims to increase Worksport's market presence and capitalize on the growing demand for its products, including the anticipated SOLIS solar tonneau cover and the COR portable battery generator. With a robust intellectual property portfolio of over 160 issued and pending patents and trademarks, Worksport is positioned to introduce innovative products and capture significant market segments.
Worksport's CEO, Steven Rossi, stated that the partnership is not just about distribution but also about enhancing brand visibility and market position. The company's product lineup includes the Worksport Soft Covers and the Made-in-America AL3 Hard Covers, with a promising $6 million inventory ready for rapid turnover. The highly anticipated AL4 covers are expected to launch in early Q4 2024.
In the clean energy sector, Worksport is set to release multiple products, including the first-to-market SOLIS solar cover this summer and the modular COR system. The company is also developing an extreme climate heat pump, targeting a market expected to exceed $142 billion by 2024.
This announcement follows a series of positive press releases from Worksport, including a 1,506% revenue surge in Q1 and guidance for a 300-433% revenue increase for the year. Investors are encouraged to watch for upcoming developments and industry-first products from the company.
The information in this article is based on a press release statement from Worksport Ltd.
In other recent news, Worksport Ltd., a U.S. manufacturer, has secured a patent for its SOLIS Solar Tonneau Cover, an innovative solar truck bed cover. The company has also announced significant revenue growth projections, expecting to increase from $1.5 million at the end of 2023 to a range of $6 million to $8 million in 2024. Moreover, Worksport has been awarded a grant of up to $2.8 million from the State of New York, aimed at supporting job creation and wage growth within the company.
In a strategic move to expand its market presence, Worksport has partnered with a marketing agency, Chief of Chaos. The company also announced the arrival of custom solar panels at its New York State manufacturing facility, essential for the commencement of production for the SOLIS Solar Tonneau Cover.
These developments come as Worksport prepares for the commercialization of the SOLIS Solar Tonneau Cover and the launch of its COR Battery System. The company's growth is further bolstered by an agreement with Hyundai (OTC:HYMTF) for the SOLIS cover, and its intellectual property portfolio now includes over 160 patents, trademarks, and applications.
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