Workhorse Group Inc. (NASDAQ: WKHS) is an American technology company headquartered in Loveland, Ohio, that is focused on providing sustainable and cost-effective drone-integrated electric vehicles to the last-mile delivery sector.
Founded in 2007 as an original equipment manufacturer, the company designs and builds high performance battery-electric vehicles, including trucks and aircraft. Workhorse also develops cloud-based, real-time telematics performance monitoring systems that are fully integrated with its vehicles and enable fleet operators to optimize energy and route efficiency.
With more electric delivery vehicles on the road than any other company, Workhorse aims to make the movement of people and goods more efficient and less harmful to the environment.
Workhorse’s next generation delivery vehicle, all-electric by design with composite technology and a 100-mile range, is more economical than traditional delivery vans.
- The E-100 and E-GEN delivery vans have more than 4 million total miles of use and are utilized by some of the premier package delivery companies in the world, including UPS, FedEx and W.B. Mason.
- The company’s C650 and C1000 step vans set a new standard in design and efficiency for the last-mile delivery segment, with its 650 cubic foot and 1,000 cubic foot vehicles both weighing approximately 12,500 lbs. when fully loaded.
- Workhorse’s C-Series vehicles are powered by a modular battery pack system, which provides between 35 kilowatt hours (kWh) when equipped with two battery packs and 70 kWh in its standard four pack configuration.
The HorseFly™ UAV is a custom-built, high efficiency hexacopter-based delivery system. Designed to be fully autonomous and to work in tandem with the company’s all-electric delivery vans, Workhorse’s custom-built HorseFly drone technology delivers packages with safety and efficiency using the Aeres App. The truck is the jumping off point for the drone; the pair then reunites after delivery is complete, when the auto-landing HorseFly lands on the vehicle’s roof which is equipped with charging capabilities. The technology enables drivers to maintain line-of-sight operation into the entire UAV delivery process.
Metron™ is the company’s proprietary telematics system, with range of more than four million miles and the capacity to track entire fleets of vehicles. This multi-platform application allows clients to track and monitor the performance of all Workhorse vehicles in their fleets and collect the necessary data to optimize route planning, maintenance, repairs and fuel costs throughout the life of the vehicles.
In April 2020, government and health care officials called for technology solutions to improve the pace of testing and treatment for infected patients amid concern for health care providers on the front lines of the pandemic.
UPS’s drone delivery subsidiary, UPS Flight Forward, and Workhorse partnered to determine how unmanned aerial systems can assist medical professionals in the fight against the coronavirus. Government and health care officials, as well as corporate leaders, see the company’s autonomous drones as a valuable solution.
“We’re proud to be able to help through the use of our drone technology and aerospace team in this crisis,” Duane Hughes, Workhorse Group CEO, stated in a news release (http://nnw.fm/xIbJ7). “We’ve made hundreds of autonomous drone deliveries in the National Airspace System over the last four years using our proprietary technology combined with our all electric delivery vehicles.”
CARB, CoC and FMVSS Certifications
On July 13, 2020, the company announced that its C-Series all-electric delivery trucks have received ‘Executive Order: A-445-0003’ from the California Air Resources Board (CARB), which is valid for production of a vehicle during the specified model year. With this certification, the C-Series trucks are designated as zero-emission vehicles in California. In addition, Workhorse is now the first and only medium duty battery-electric vehicle original equipment manufacturer to receive approvals from both the Environmental Protection Agency (EPA) and CARB.
“Obtaining this Executive Order from CARB is another milestone achievement for Workhorse and for the electric vehicle industry at large,” added Hughes. “As a next step, we will also be continuing with our efforts to be considered for the HVIP (Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project) program, which we expect will be a major growth stimulus as more voucher funds become available in the future.”
The company received a Certificate of Conformity (CoC) from the EPA in March and its Federal Motor Vehicle Safety Standards (FMVSS) certification in June, establishing Workhorse’s leadership position in the electric-vehicle last-mile delivery industry. California, as well as 13 other states, has adopted vehicle standards under Section 177 of the Clean Air Act, which requires additional approvals beyond EPA regulations. Having received credentials from both regulatory bodies, Workhorse can sell its C-Series electric delivery vans in every state throughout the U.S. (http://nnw.fm/HcK1Z).
Duane Hughes serves as the company’s chief executive officer. Hughes has more than 20 years of senior-executive level experience in the automotive, advertising and technology industries. Prior to joining Workhorse, Hughes served as chief operating officer for Cumulus Interactive Technologies Group and spent nearly 15 years in senior management positions with Gannett Co. Inc., including his duties as vice president of sales and operations.
Robert Willison is the company’s chief operating officer. Willison was a partner and chief technology officer at Ray Technology, director of international operations and new business development at PDi Communication Systems and director of fleet technology at Sysco. In addition, Willison held senior management positions at Hughes Aircraft and Texas Instruments. Willison holds a PhD in aero-mechanical engineering, specializing in mechanics, robotics and spacecraft design, and he was named a NASA Fellow.
Steve Schrader serves as the company’s chief financial officer. With more than 16 years of CFO experience with public and private companies in industries including manufacturing, health care and utilities, Schrader also has leadership experience in strategic planning, M&A, corporate finance and investor relations. He has held CFO roles at Fuyao Glass and Oncology Hematology Care. Schrader began his career working for a group of utilities that are now part of Duke Energy, where he became the vice president and CFO of Cinergy’s regulated business prior to Duke’s acquisition in 2006.
- Workhorse Group designs and builds high performance battery-electric vehicles, including trucks and aircraft.
- The company develops cloud-based, real-time telematics performance monitoring systems that are fully integrated with its vehicles and enable fleet operators to optimize energy and route efficiency.
- In April 2020, the company partnered with UPS to determine how Workhorse’s unmanned aerial systems can assist medical professionals in the fight against the coronavirus. Leaders see the company’s autonomous drones as a valuable solution.
- Workhorse is now the first and only medium duty battery-electric vehicle original equipment manufacturer to receive approvals from both the Environmental Protection Agency and the California Air Resources Board.
- The company received a Certificate of Conformity (CoC) from the EPA in March and its Federal Motor Vehicle Safety Standards (FMVSS) certification in June, establishing Workhorse’s leadership position in the electric-vehicle last-mile delivery industry.
- California, as well as 13 other states, has adopted vehicle standards that require additional approvals beyond EPA regulations. Having received credentials from the requisite regulatory bodies, Workhorse can sell its C-Series electric delivery vans in every state throughout the U.S.