Worksport Announces 2.8 Million USD Grant from New York State; Plans Significant Growth & Innovation

Worksport Announces 2.8 Million USD Grant from New York State; Plans Significant Growth & Innovation

VoM News Desk | May 8, 2024 | 11:43 PM IST | Breaking News | Follow on Google News

Worksport Announces 2.8 Million USD Grant from New York State; Plans Significant Growth & Innovation

Worksport Announces 2.8 Million USD Grant from New York State; Plans Significant Growth & Innovation

West Seneca, New York, May 8, 2024 — Worksport Ltd. (NASDAQ: WKSP), a leading U.S.-based manufacturer and innovator of hybrid and clean energy solutions for the light truck, overlanding, and global consumer goods sectors, today announced being awarded a major grant worth up to $2.8MM from the State of New York through the Excelsior Jobs Program for job creation and wage support. This grant, following a strategic low-cost power award from New York Power Authority (NYPA) in April 2024, signifies additional state investment in Worksport’s rapidly expanding operations.

With growth exceeding NY State’s forecasts, Worksport expects to create up to or over 280 new jobs from 2025 to 2030 and if achieved will receive cash benefits for the creation of these jobs, amounting to $2.8MM received over the next 10 years. As a market pioneer with multiple patented technologies, Worksport believes it is strategically positioned to penetrate multiple billion-dollar markets, amplify its market presence, and enhance investor appeal.

Steven Rossi, CEO of Worksport, stated, “Our gratitude extends to New York State for its robust support of our vision to redefine the future of employment and innovation in Western New York. Over the next five years, we anticipate significant milestones in our growth trajectory, underscored by the expansion of our American-made Hard Tonneau Cover line. We are also advancing our clean energy portfolio, introducing groundbreaking products like our first-to-market solar tonneau cover, a modular portable energy storage system, and a high-performance extreme-climate heat pump. These initiatives are forecasted to propel our market share and enhance shareholder value, as we capitalize on New York’s conducive business environment.” 

• NY Governor Kathy Hochul said, “Worksport started with just a handful of people and a great idea; just a few years later it will take hundreds of workers to keep up with the growing demand for its products. We are proud that Worksport is choosing to invest in New York State, fostering innovation and green technology, and taking excellent advantage of our high-quality manufacturing workforce.”
• State Senator Patrick M. Gallivan said, “The company’s commitment to our region combined with New York’s financial support will benefit residents and the local economy. I congratulate everyone involved in this exciting announcement.”

As the Company recently signaled the stock as undervalued in its view, this significant news from the State of New York only bolsters its optimism. At full operational capacity, it is estimated that Worksport’s Western New York facility could generate over $300 million annually from sales and production of its solar tonneau covers alone. Given the robust demand in the U.S. market, where over 21,000 tonneau covers are sold daily, Worksport foresees extraordinary growth potential. Moreover, the Company anticipates that the State of New York, and Western New York in particular, will continue to provide exceptional support, enabling new expansion of manufacturing capabilities as demand increases. This strategic positioning underscores the Company’s bullish outlook.

 Further quotes from the organizations involved in Worksport’s Success: 

• Empire State Development Commissioner President & CEO Hope Knight said,“Western New York is a natural front door for international companies, like Worksport, looking to increase their business in the U.S. by having a strategically located production facility. Governor Hochul’s dedication to attracting small businesses by supporting forward-thinking companies will continue to strengthen the economy, foster innovation, and green technology”.
• NYPA chairman and Western New York resident John R. Koelmel said,“Low-cost power from the Power Authority’s Niagara Power Project is one of Western New York’s greatest drivers of economic growth. Worksport’s expansion in West Seneca will stimulate the region’s economy and create the jobs of the future for New York’s talented workforce”.

VoM News Desk

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