on February 22, 2022, Worksport Ltd. (NASDAQ:WKSP) (the "Company" or "Worksport") and Hyundai America Technical Center, Inc. ("HATCI") executed a letter of understanding in which both parties agreed that Worksport would produce prototypes of the Worksport SOLIS and a modified version of the COR energy storage system based on the Hyundai Santa Cruz's bed geometry (the "Project").
HATCI, a division of Hyundai Motor Company, has provided to Worksport 3D Data specifically for the Project. The two companies intend to explore the benefit of each other's products working in tandem in order to determine the viability of a future partnership.
Syed Akbari – Project / Program Manager of Vehicle Planning and Analytics for HATCI – commented, "Thank you for your support. We are very excited to collaborate with Worksport on a solar tonneau cover project."
Steven Rossi, Worksport's Chief Executive Officer, stated, "Our Company is looking forward to taking this step with Hyundai," and, "Worksport is confident that Hyundai will be pleased with the working SOLIS and COR systems upon completion."
A tentative timeline was also agreed upon for the Project whereby the working SOLIS and COR models for Hyundai's yet to be announced vehicle would be ready for presentation to Hyundai's head office by October of 2022.