Worksport increases R&D for Terravis Energy’s heat pump project

Worksport announces that its subsidiary, Terravis Energy, has increased R&D for its Cold Climate Residential Heat Pump, which is also a cooling product, due to expected large-scale growth in the North American and global markets. The Company is excited to expand its heat pump R&D team concurrently with massive increases in worldwide growth forecasts, including a North American market size currently estimated at US$7.3 billion with a projected 9% annual growth rate between 2023 and 2032, reaching US$24 billion by 2028. In addition, many localities are banning future installation of gas-powered stoves, furnaces, and propane heating, effectively requiring the use of climate-friendly appliances such as heat pumps and induction stoves in many new construction residences. “The Terravis heat pump is the right product at the right time in a very appealing large worldwide growth market,” said Worksport CEO Steven Rossi. “It represents something major for Worksport as we expect to introduce further energy-based products, including the SOLIS solar truck bed cover and its companion COR hot swap battery system. Developing and marketing the Terravis heat pump is expected to be a first step in the transition to an all-energy enterprise that assists consumers with off-grid solutions ranging from pickup trucks to zero-emission heating and cooling. It’s another example of how Worksport and Terravis continue to outpace expectations across the board. We anticipate that the heat pump will be a great addition to our arsenal of clean and sustainable consumer products.”