Worksport granted $1.5M from Canadian Federal Government Partner, MITACS

Worksport Granted $1.15M from Canadian Federal Government Partner, MITACS

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Mississauga – January 4, 2022 — Worksport Ltd (Nasdaq: WKSP) (the “Company”), through its subsidiary Terravis Energy Inc., has been granted $1.15 Million in matched funding from MITACS, the Mathematics of Information Technology and Complex Systems nonprofit Canadian national research organization, in partnership with the Canadian Federal government.

The grant proposal was drafted by the Company and Prof. Sheldon Williamson and his research team at Ontario Tech University (OTU), and was peer-reviewed by technical experts from around the world in the fields of transportation electrification, power conversion systems, material characterization and hydrogen fuel cell construction, thermal analysis, and battery management systems. Approval for the grant speaks to the technology’s feasibility and garnishes the non-parasitic electric vehicle (NPEV) fast charging system with academia and enterprise credibility. The Company believes it will open additional novel research opportunities where this technology could branch out to many other extensive applications.

The Canadian Federal government’s support will allow the Company and OTU to pursue enterprise implementation of the NPEV fast charging systems as well as any other related programs over the next two years. The prototype will be a 50-kW, NPEV fast charging system, covering areas including transportation electrification, power conversion systems, material characterization and fuel cell construction, thermal analysis, and battery management systems.

“The teams that were put together for this project have decades of R&D expertise in the areas of EV fast charging, battery technology, e-mobility, renewable energy systems, and hydrogen fuel cell technology. Our teams have been retroactively working on this novel, high power, sustainable, NPEV fast charging solution for the past several months. The tasks involved and the potential end results make it a one-of-a-kind project, not only within Canada, but also throughout North America. The NPEV fast charger project will also, without a doubt, position Canada at the forefront of e-mobility and smart grid development. We look forward to the first fully functional system demonstration at OTU within the next couple of months,” said Prof. Williamson.

A number of NPEV fast charging systems have already been requested from several Canadian businesses.  As phase one comes to a successful close, initial production can begin within 60 days.

“We have been working very hard in making the NPEV a reality and very soon we will be able to demonstrate its true potential. This is just the first step in this two-year, multimillion dollar partnership with OTU, which will see R&D efforts from Worksport subsidiary Terravis Energy bring to market some very exciting and innovative products, specifically designed to achieve net zero emissions and make sustainability a way of life.” said Lorenzo H. Rossi, CEO Terravis Energy.

About Worksport Ltd.

Worksport Ltd. (Nasdaq: WKSP), through its subsidiaries, designs, develops, manufactures, and owns the IP on a variety of tonneau covers, solar integrations, and NP (Non-Parasitic), Hydrogen-based true green energy solutions for the sustainable, clean energy, and automotive industries. Worksport Ltd. seeks to capitalize on the growing shift of consumer mindsets towards clean energy integrations with its proprietary solar solutions, mobile energy storage systems (ESS), and NP (Non-Parasitic), Hydrogen-based technology.  For more information, please visit www.worksport.com and investors.worksport.com.

Connect with Worksport:

Please follow the company’s social media accounts on Twitter, Facebook, Linkedin, and Instagram, as well as sign up for the company’s newsletters at www.worksport.com or investors.worksport.com. Worksport Ltd. strives to provide frequent updates of its operations to its community of investors, clients, and customers to maintain the highest level of visibility.

For additional information, please contact:

Steven Obadiah
Investor Relations
Worksport Ltd.
T: 1-(888) 554-8789
E: investors@worksport.com
W: investors.worksport.com
W: www.worksport.com

Forward-Looking Statements

The information contained herein may contain “forward looking statements.” Forward looking statements reflect the current view about future events. When used in this press release, the words “anticipate,” “believe,” “estimate,” “expect,” “future,” “intend,” “plan,” or the negative of these terms and similar expressions, as they relate to us or our management, identify forward looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: a delay in the production of the T3 tonneau cover, supply chain delays, acceptance of our T3 tonneau cover and other products by consumers, delays in or nonacceptance by third parties to sell our products, competition from other producers of similar products. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K and our subsequent Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at www.sec.gov The Company encourages you to consider all of these risks, uncertainties and other factors carefully in evaluating the forward-looking statements contained in this press release. As a result of these matters, changes in facts, assumptions not being realized or other circumstances, the Company’s actual results may differ materially from the expected results discussed in the forward-looking statements contained in this press release. The forward-looking statements made in this press release are made only as of the date of this press release, and the Company undertakes no obligation to update them to reflect subsequent events or circumstances.

Invest in Innovation

Nasdaq: WKSP

Starting as a producer of truck bed tonneau covers for pickups in the United States and Canada, Worksport has since evolved to position itself as an innovator in the automotive aftermarket.

Top Product: SOLIS Solar Cover & COR Battery

Key Innovations: Extra mileage EV Pickups OffGrid Mobile Power from the Sun.

Usability: For both EV Pickups & Petrol Pickups COR Battery with or without pickup

Other Products: Regular Hard and Soft-Folding Covers

WORKSPORT’S SOLIS & COR

Worksport SOLIS and COR provide an adaptable power source for off-grid power. Not just another battery, these powerhouses work in unison to offer continuous clean, rechargeable power from the sun. COR has a fully replaceable system that allows you to swap a depleted battery for a fresh one without losing juice. SOLIS charges batteries to be ready for the exchange.

The truck bed power system

Worksport’s truck bed power system kit will come with COR (which includes one hub inverter and one battery), SOLIS Folding Solar Tonneau Cover, rail mounting system, MPPT (solar charge controller), and all cables necessary.

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