Southern California Public Power Authority (SCPPA) Signs Letter of Intent for 500 Workhorse W-15 Electric Pickup Trucks
CINCINNATI, Feb. 27, 2017 /PRNewswire/ -- Workhorse Group Inc. (NASDAQ: WKHS), an original equipment manufacturer (OEM) of battery-electric vehicles, today announced that it has received a Letter of Intent from Southern California Public Power Authority (SCPPA) for 500 W-15 Plug-In Electric Pickup trucks.
Having already received Letters of Intent from Duke Energy, Portland General Electric, and the City of Orlando and others, SCPPA is the latest Letter of Intent Workhorse has received from fleets.
The Workhorse W-15 light duty platform design is an extension of the E-Gen electric technology used in Workhorse medium-duty delivery trucks. With expected all-electric 80-mile range using Panasonic 18650 Li-ion batteries, the battery pack is expected to cover the vast majority of miles driven in a day by fleet owners of locally driven trucks. If needed, the gasoline generator will then operate after battery power has been depleted, allowing the driver unlimited range to complete the days' tasks. Once production commences, we expect the W-15 to have a $52,500 MSRP. The W-15 electric pickup trucks demonstrate SCPPA's continuing commitment to a green, sustainable fleet.
"We will be testing the truck to confirm our expectation that the W-15 Electric Pickup may save utilities money over the life of the vehicle, when compared to a conventional gasoline-powered pickup," said Michael Webster, SCPPA's Executive Director. "SCPPA and our publicly-owned utility Members are committed to sustainability, the safety of our drivers and the communities we serve. The Workhorse W-15 could assist in all of these areas by reducing emissions, as well as reducing fuel and maintenance costs."
The W-15 will also feature the ability for utility fleets to power equipment directly from the battery power source, allowing a work crew to complete their tasks without having the truck running. With the goal of being the safest pickup truck in America, the trucks' safety features is expected to include an extra large crumple zone, and lower center of gravity while still providing ground clearance. The W-15 is also expected to offer crash mitigation technologies, that include automatic braking and lane centering.
"We discussed the needs of utilities and designed the W-15 to meet those needs," said Steve Burns, Workhorse CEO. "We believe this will be the first plug-in range-extended electric pickup truck built from the ground up by an OEM in America. Our existing electric medium duty, delivery truck business has demonstrated that low Total Cost of Ownership (TCO) is compelling to fleets."
Millions of Pickup trucks are sold in the United States each year and pickup trucks are a leading vehicle platform of choice for fleets. The electric powered W-15 represents an opportunity to bring fuel savings and emissions reduction to the streets of America without sacrificing functionality.
The W-15 electric pickup will be unveiled at the ACT EXPO show in Long Beach, California on May 2nd. Fleet managers are invited to attend and drive the working W-15 which will be at the show.
Fleet managers who would like additional information are directed to contact Jeff Esfeld at [email protected] or 206-228-5400.
About Workhorse Group Inc.
Workhorse Group, Inc. (NASDAQ: WKHS), is a U.S. – based original equipment manufacturer of medium duty EPA-approved battery-electric delivery vehicles and fully integrated truck-launched, FAA compliant unmanned aerial systems (UAS) delivery drones. Workhorse trucks have historically been sold to the largest fleets in the USA and Canada for last-mile delivery and related uses.
For additional information visit www.workhorse.com
About Southern California Public Power Authority (SCPPA)
Southern California Public Power Authority (SCPPA), with headquarters in Glendora, California, is a joint powers agency comprised of eleven municipal utilities and one irrigation district. SCPPA's members consist of the municipal utilities of Anaheim, Azusa, Banning, Burbank, Cerritos, Colton, Glendale, Los Angeles, Pasadena, Riverside, Vernon and the Imperial Irrigation District. Together they deliver electricity to over 2 million customers in the southern California basin, spanning an area of 7,000 square miles, and with a total population that exceeds 5 million. Formed in 1980, SCPPA was created for the purpose of providing joint financing, construction and operation of transmission and generation projects. Today, SCPPA fulfills a broad range of services for its members by providing effective forums of collaboration through committees such as Customer Service, Finance, Public Benefits, Resource Planning, Transmission and Distribution, Engineering and Operations, Natural Gas, and Renewable Energy Resources.
For additional information visit www.scppa.org
Forward Looking Statement
This press release includes forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as "feel," "believes," expects," "estimates," "projects," "intends," "should," "is to be," or the negative of such terms, or other comparable terminology. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein. Factors that could cause actual results to differ materially include, but are not limited to: our limited operations and need to expand in the near future to fulfill product orders; risks associated with obtaining orders and executing upon such orders, the ability to protect our intellectual property; the potential lack of market acceptance of our products; potential competition; our inability to retain key members of our management team; our inability to raise additional capital to fund our operations and business plan; our inability to maintain our listing of our securities on the Nasdaq Capital Market; our ability to continue as a going concern; our liquidity and other risks and uncertainties and other factors discussed from time to time in our filings with the Securities and Exchange Commission ("SEC"), including our annual report on Form 10-K filed with the SEC. Workhorse expressly disclaims any obligation to publicly update any forward-looking statements contained herein, whether as a result of new information, future events or otherwise, except as required by law.
Workhorse Group Inc.
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SOURCE Workhorse Group Inc.
Released February 27, 2017