Business
Workhorse Group Reports Second Quarter 2019 Results
CINCINNATI, Aug. 6, 2019 /PRNewswire/ -- Workhorse Group Inc. (NASDAQ: WKHS) ("Workhorse" or "the Company"), an American technology company focused on
About this update from Workhorse Group, Inc.
[{"type":"text","content":"CINCINNATI, Aug. 6, 2019 /PRNewswire/ -- Workhorse Group Inc. (NASDAQ: WKHS) (\"Workhorse\" or \"the Company\"), an American technology company focused on providing sustainable and cost-effective electric-mobility solutions to the transportation sector, today reported financial results for the second quarter ended June 30, 2019.\nSecond Quarter and Recent Operational Highlights\nJune 2019: Secured $25 million in financing from a private group of institutional investors, the proceeds of which will be used for general working capital and research and development, allowing the company to focus on finalizing the R&D associated with the N-GEN followed by production of its existing contracted backlog. May 2019: Announced discussions with General Motors (GM) and Lordstown Motors Corp. (LMC), an affiliated, newly formed entity, to purchase GM's Lordstown Complex in Lordstown, Ohio. April 2019: Entered an alliance with Duke Energy. The alliance will help reduce the overall costs of fleet electrification and accelerate the adoption of electric vehicles into commercial and government fleets. Through the alliance, Duke plans to offer eFleet solutions to existing and future Workhorse customers. Potential offerings include single-point management and financing of behind-the-meter infrastructure, which is necessary to support depot-wide electrification; vehicle financing/battery management programs; and solar and energy storage and other distributed energy resources. April 2019: Entered into subscription agreement with existing Workhorse investors to sell 3,957,432 shares of common stock resulting in net proceeds of $2.9 million that will be used for working capital and general corporate purposes. April 2019: Partnered with Prefix Corporation to finalize the design, development and production of the N-GEN series all-electric delivery van, incorporating features such as light-weighting the vehicle to improve mileage, performance, driver safety and reducing the burden of infrastructure requirements. March 2019: Continued work with partner Dana Inc. on a key integration project, including providing upgraded battery packs and installing various other technologies. February 2019: Duane Hughes announced as Chief Executive Officer to further support company's successful evolution into full scale production. Previously, Mr. Hughes had served as Wo...