Workhorse Secures $6.1 Million Loan from Arosa Capital Management

CINCINNATI, July 10, 2018 /PRNewswire/ -- Workhorse Group Inc. (NASDAQ: WKHS), an American technology company focused on providing sustainable and cost-effective electric mobility solutions to the transportation sector, has entered into and closed an agreement for a $6.1 million term loan. The loan is being provided by a fund managed by Arosa Capital Management, an alternative investment manager focused on the energy sector.

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Workhorse utilized the loan proceeds principally to satisfy repayment of the senior secured notes incurred in December 2017 as well as other debt associated with the acquisition of its Loveland, Ohio facility.

The maturity date of the loan is July 6, 2019.  An interest rate of 8% per annum is payable in quarterly installments commencing October 6, 2018. The Company may pre-pay the loan at any time with three days written notice.

"This financing provides us with both the time and flexibility to appropriately address our capital needs," said Workhorse CEO Steve Burns. "We greatly value our relationship with Arosa Capital Management, and the fact that we were able to secure this loan with an established and existing investor like them represents a continued vote of support as well as the best current solution in order to maximize the return for our shareholders in the long run."

Till Bechtolsheimer, CEO of Arosa Capital Management, added: "We are committed to the success of Workhorse and are excited about the opportunity to support the company in additional ways to help them accomplish their mission. The electrification of both fleet vehicles and aircraft present a significant growth opportunity.  We are looking forward to our continued partnership with the Workhorse team."

For additional details, please reference the Form 8-K filed with the U.S. Securities and Exchange Commission on July 10, 2018.

About Workhorse Group Inc.

Workhorse is a technology company focused on providing electric mobility solutions to the transportation sector. As an American original equipment manufacturer, we design and build high performance battery-electric vehicles including trucks and aircraft. We also develop cloud-based, real-time telematics performance monitoring systems that are fully integrated with our vehicles and enable fleet operators to optimize energy and route efficiency. All Workhorse vehicles are designed to make the movement of people and goods more efficient and less harmful to the environment. For additional information, visit

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 "believes," "expects," "anticipates," "estimates," "projects," "intends," "should," "seeks," "future," "continue," 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.

Investor Relations Contact:

Matt Glover and Tom Colton
Liolios Group, Inc.
[email protected]


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SOURCE Workhorse Group Inc.