The Worksport Limited on Wednesday, has announced being awarded a major grant worth up to $2.8MM from the State of New York in United States, through the Excelsior Jobs Program for job creation and wage support.
According to the statement released by Organisation, stated that 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.
Worksport Ltd. (NASDAQ: WKSP), a leading U.S.-based manufacturer, innovator of hybrid and clean energy solutions for light truck, overlanding, and global consumer goods sectors, expected 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.
It stated further that 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.
Speaking on this development, the CEO of Worksport, Steven Rossi extended his gratitude to New York State for its robust support of company’s vision to redefine the future of employment and innovation in Western New York.
He said, “Over the next five years, we anticipate significant milestones in our growth trajectory, underscored by 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”.
The CEO added that these initiatives are forecasted to propel the company’s market share and enhance shareholder value, as the company capitalize on New York’s conducive business environment.
New York Governor, Kathy Hochul in his response 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.”
Also, the State Senator, Patrick M. Gallivan noted that the company’s commitment to this region combined with New York’s financial support will benefit residents and the local economy while congratulated everyone involved in this exciting announcement.
Meanwhile, 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, 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 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.
