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Feb 2, 2017

Workhorse Group Inc. news * USA

* Ohio - Electric vehicle maker Workhorse taps stock market for more cash

--- Workhorse Group Inc., which makes electric delivery vehicles and drones, is hoping to raise funds to cover working capital by offering 6.5 million shares of its common stock at $3 a share... The company said it expects some $17.6 million in net proceeds from the sale – which closes Wednesday – to cover corporate expenditures, research and development and more... Workhorse has a lot of activity to fund. It is currently on contract with UPS to provide more than 300 battery-electric delivery vehicles... In September, the company said its partner, body manufacturer VT Hackney, is among six candidates to win a contract with the U.S. Post Office to produce hundreds of thousands of a new mail delivery truck. Workhorse and VT Hackney will spend the year developing 50 prototype vehicles for the agency to evaluate... Workhorse is also developing a truck-mounted, FAA-compliant drone delivery system called HorseFly... In May, the company plans to present a working prototype of its W-15 electric pickup work truck at the ACT EXPO Conference in Long Beach, Calif. The W-15 is being billed as the most economical, safest and lowest-emission pickup in the country... The vehicle – which is designed for fleets – has an 80-mile battery-powered range, with a gasoline range-extender. Duke Energy is one of several possible clients that have signed non-binding letters of interest, with a potential purchase order of up to 500 trucks... 
Loveland, OH, USA - Trucks.com, by TIFFANY HSU - FEB 1, 2017

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