On Thursday, Worksport Ltd (NASDAQ:WKSP) announced the expansion of its sales to Federal Government Agencies. Worksport has established a business relationship with a significant U.S. government entity, supplying its flagship Made-in-USAAL3 Tonneau Covers for regular fleet purchases.
This strategic partnership positions Worksport to expand its reach within the government fleet sector, which includes an estimated 2 million pickup trucks nationwide.
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Additionally, Worksport plans to explore opportunities to introduce its forthcoming clean-tech nano-grid products to these newly established relationships.
Ambassador Ned Siegel (Ret.), a key member of Worksport's Board of Directors and former U.S. Ambassador, will spearhead Worksport's strategic approach to government sales.
Ambassador Siegel will be directly involved in outreach to federal and state agencies, leveraging his extensive network to build strong government relationships.
This outreach will not only focus on Worksport's current tonneau cover products but also on pitching cutting-edge solutions like the SOLIS Solar Tonneau Cover and the COR Portable Energy System.
CEO Steven Rossi: "We expect these relationships to grow, becoming a recurrent source of revenue as we expand our offerings and reach."
According to the Federal Highway Administration (FHWA), there may be over 2 million pickup trucks in government and state-owned fleets, presenting a vast, addressable market for Worksport's products.
Government agencies with the largest fleets of light trucks include the Departments of Natural Resources, Agriculture, and Transportation and Federal, State, and Local Law Enforcement Agencies.
"Our focus on government fleets isn't just about selling our current products," continued Rossi. "With the upcoming launch of our clean-tech solutions, including the SOLIS and COR systems, we see significant growth potential as government fleets increasingly move toward sustainability and energy efficiency."
Price Action: WKSP stock closed higher by 3.35% to $0.4167 on Wednesday.
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