Benzinga | Aug 31, 2021 08:10AM EDT

Worksport Reports Formation Of Wholly-Owned Subsidiary, TerraVis Energy

Worksport Ltd (Nasdaq-CM WKSP; WKSPW) ("Worksport" or the "Company") is announcing the incorporation of Terravis Energy, Inc. (or "Terravis Energy"), a wholly-owned subsidiary of Worksport Ltd.

The Company has established Terravis Energy to execute on the Company's global mission to become a leader in the energy creation and storage markets. The Company's initial research into solar and energy storage system (ESS) initiatives uncovered opportunities even greater than initially thought, leading to the creation of Terravis Energy to maximize these opportunities. Terravis Energy will focus on harnessing and advancing renewable, green energy-based technologies, expanding on the vision that began more than five years ago -- leading Worksport to partners who identify with the Company's mission to truly decarbonize transportation. Terravis will be helmed by Mr. Lorenzo Rossi: A director of Worksport, visionary who helped lay the foundation for the Company's solar and energy storage system (ESS) products, and father to Worksport CEO Steven Rossi.

Lorenzo Rossi has been appointed President & CEO of Terravis Energy, Inc. Lorenzo holds numerous degrees including a B.A., B.Ed., and an M.Ed. from the University of Toronto. He is the former Chair of Finance for the York Catholic District School Board and Former Director of NEOTEL, a biometric company listed on the TSX. Lorenzo was also President and founder of Virtual Academy Online, founded in 2009 as the first ministry-licensed e-learning high school in Ontario.

"I am delighted to be appointed to this new role at Terravis Energy," said Lorenzo Rossi. "I hope my role will be instrumental in helping our company bring various forms of renewable energy to the masses. The energy storage market alone is estimated to reach $19.7 billion by 2027, with a more than 20% CAGR between now and then. We believe Terravis Energy is at the forefront of innovation in this growing sector. Our team's duty is to understand clients' needs and the ways in which consumers will want to adopt new green energy technologies, paving the way for our teams to develop solid strategies specifically designed to decarbonize transportation and facilitate the adoption by the masses of both BEVs and FCEVs," Mr. Rossi continued.

Worksport Ltd. CEO Steven Rossi comments, "Terravis Energy will cross-pollinate with Worksport's truck bed systems and branch outwards to broader global markets, shifting to truly green energy production and consumption, independent of current electrical infrastructure. Another part of our grand vision is to deploy Hydrogen-based EV charging solutions as well as neighborhood and private home power grids."