In a strategic move geared towards harnessing the anticipated surge in demand within the North American and global markets, Worksport, through its subsidiary Terravis Energy, announced today a significant ramp-up in research and development efforts for its Cold Climate Residential Heat Pump, a versatile cooling and heating solution.
Terravis Energy’s innovation employs an air source heat pump, utilizing a specialized fluid’s phase change to efficiently transfer heat. When warming a residence, the pump extracts heat from the external atmosphere and capitalizes on the transformation from liquid to gas to bring warmth indoors. Conversely, during the cooling process, it orchestrates the reverse phase shift, from gas to liquid, to transport excess heat from within the home to the outdoors.
Terravis Energy’s CEO, Lorenzo Rossi, underscored the environmental significance of this advancement, stating, “Most North American households rely on fossil fuel-powered central furnaces, which annually emit an estimated average of 6,400 pounds of carbon dioxide per household, contributing significantly to global carbon emissions. Future generations, however, will have the ability to regulate their indoor climates with zero-emission, sustainable energy, thanks to cold climate heat pumps like the Terravis system.”
The market response to this announcement was swift, as Worksport’s shares experienced a noteworthy surge following the disclosure.
At the time of this publication, Worksport Ltd stock (WKSP) has witnessed a surge.
Worksport Ltd
Current Price: $1.66
Change : +0.34
Change (%): (25.76%)
Volume: 147.8K
Source: Tomorrow Events Market Data
With a North American market currently valued at US$7.3 billion and an anticipated annual growth rate of 9% forecasted from 2023 to 2032, projected to reach US$24 billion by 2028, Worksport has expanded its heat pump research and development team in tandem with these promising global growth projections. The worldwide market for residential heat pumps is poised to attain a valuation of US$121.5 billion by 2032. Rossi attributes this optimistic market expansion to two pivotal factors: continued governmental initiatives and incentives to curb carbon emissions and a mounting consumer demand for energy-efficient, clean, and sustainable climate control technologies.
Moreover, an increasing number of localities are enacting prohibitions on the future installation of gas-powered appliances, mandating the adoption of eco-friendly alternatives such as heat pumps and induction stoves in new residential constructions. New York took the lead in 2026 by being the first state to impose a ban on natural gas and other fossil fuels in most new residential buildings.
This initiative follows the path forged by cities like Berkeley, California, which in 2019 became the inaugural U.S. city to pass a code prohibiting natural gas hookups in new structures. Other municipalities, including San Francisco in 2020 and New York City in 2021, promptly followed suit. On a global scale, the International Energy Agency advocates for the cessation of gas boiler sales after 2025, if net-zero targets are to be achieved.
Worksport’s CEO, Steven Rossi, emphasized the significance of the Terravis heat pump, declaring, “It represents something major for Worksport as we expect to introduce further energy-based products.” This includes the SOLIS solar truck bed cover and its companion COR hot swap battery system. The development and marketing of the Terravis heat pump are anticipated to mark the initial strides towards a comprehensive energy enterprise, offering consumers a range of off-grid solutions from pickup trucks to zero-emission climate control. Rossi concludes, “It’s another example of how Worksport and Terravis Energy continue to surpass expectations across the board, contributing to our arsenal of clean and sustainable consumer products.”
