Worksport Increases R&D For Terravis Energy Subsidiary's Heat Pump Project
Portfolio Pulse from Benzinga Newsdesk
Worksport Ltd. (NASDAQ: WKSP) has announced that its subsidiary, Terravis Energy, has increased R&D for its Cold Climate Residential Heat Pump, anticipating large-scale growth in the North American and global markets. The North American market for heat pumps is estimated at $7.3 billion, with a projected 9% annual growth rate between 2023 and 2032, reaching $24 billion by 2028. Globally, the residential heat pump market is expected to reach $121.5 billion by 2032. Worksport CEO Steven Rossi stated that the Terravis heat pump is a significant product for Worksport as it plans to introduce more energy-based products.
October 24, 2023 | 12:12 pm
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Worksport's increased R&D in its subsidiary's heat pump project indicates a strategic move to capitalize on the growing heat pump market. This could potentially boost the company's revenues and market position in the long run.
The news indicates that Worksport is investing more in R&D for its subsidiary's heat pump project, which is a strategic move considering the projected growth in the heat pump market. This could potentially lead to increased revenues for the company and a stronger market position in the future.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100