The Next Tech Upgrade Has Arrived for Electric Vehicles. Can You Guess It?
Worksport Ltd. (OTC: WKSP) is the leading North American designer, manufacturer and distributor of high quality tonneau covers for light trucks. They are one of many, but one key factor differentiates them from all other competitors – solar panels.
How are the other tonneau cover manufacturers competing with Worksport? Well, to be frank, they are not. Worksport is literally in a class by itself, bringing tonneau covers into a completely new realm.
Solar to Lead the Charge
Although solar panels are currently not able to independently power an entire journey, the vision is there. On average, they typically have efficiencies ranging between 15-20 percent, with some models extending past this known as high efficiency solar panels. Eventually, with extremely efficient solar panels, it is not unrealistic to envision fixed solar panels on vehicles leading the charge. Especially under the new Biden administration, we expect more resources being invested into further solar panel research.
The EV light truck market is on a cusp of a significant breakthrough. Several of the major automotive giants including Ford (NYSE: F), General Motors (NYSE: GM) and Nissan (OTC: NSANY), plus EV-exclusive companies including Lordstown Motors (NASDAQ: RIDE) and Nikola (NASDAQ: NKLA), are working on EV trucks that will either debut later this year or in 2022.
Worksport is teaming with Hercules Electric Mobility Inc. to be a Tier One OEM supply partner for its forthcoming Alpha Electric Pickup, created in partnership with Nissan. It is also working with Atlis Motor Vehicles to configure the TerraVis solar charging system as an OE accessory for its upcoming Atlis XT electric pickup truck.
Next Generation Tonneau Covers
One of the most exciting developments offered by WorkSport has been its TerraVis tonneau cover, which has the ability to convert sunlight into storable energy that can be used for powering almost anything you can imagine.
The TerraVis concept is both simple and ingenious: Solar panels are built into the rugged tonneau cover and collect the sun’s rays, which are stored as energy in multiple battery banks. This stored energy can output up to 1,000 watts of power.
The company’s portfolio includes the Worksport Tri Fold, a soft folding tonneau cover; the Worksport Smart Fold, with a rear smart latch system; the Worksport Quad-Fold, a vinyl wrapped tonneau cover that folds in four sections; and the Worksport Forte GEN2 tonneau covers.
The tonneau cover market is growing stronger. According to Verified Market Research, the global tonneau covers consumption market was valued at $862.4 million in 2019 (the most recent data currently available) and is projected to reach $1.47 billion 2027.
Meeting the Market Demand
While the new wave of EV light trucks is invigorating, there is a problem: the number of EV charging stations is not keeping up with the increased quantity of vehicles that are on the roads. Indeed, it is not uncommon for many localities – including substantially-sized cities – to only have a handful of EV charging stations, while some have none.
And in major metro markets, charging an EV can be expensive. Last April, the New York Times (NYSE: NYT) reported most of New York City’s “public” chargers were based in commercial garages that billed drivers $40 or more for two hours of parking plus the price of electricity. As the Times noted: “With most E.V.s requiring eight hours or more to refill on Level 2 chargers — still the dominant form for home and public units — that’s a recipe for personal bankruptcy.”
The power generated by Worksport’s TerraVis tonneau cover can also be used remotely for powering off-grid activities, including campsites and power tools. Also in development is the company’s TerraVis COR mobile energy storage system, which can be recharged via solar or conventional A/C power – and plans are being formulated to expand TerraVis COR to grid micro-charging stations for smaller form-factor EVs, as well applications within the freight and transport, marine and rail industries.
Summary
Imagine an array of panels on your vehicle providing clean green watts right to your powertrain. Harnessing the rays of the sun, leaving only a hot zero-carbon emission exhaust in your wake as your autonomous vehicle escorts you to your destination. To some, this is a fairy tale, but this is not far off from our near future and Worksport is going to be a key player. If you are interested in investing, you can find it on the open market (OTC: WKSP).
TerraVis Solar Truck Bed Tonneau System. Photo courtesy WorkSport.
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