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
Labels: electric truckmakers news USA