CINCINNATI, Nov. 16, 2017 — Workhorse Group Inc. (NASDAQ: WKHS), an American technology company focused on providing sustainable and cost-effective solutions to the commercial electric transportation sector, today announced it will conduct the first manned flight of its SureFly™ personal hybrid octocopter on January 8 in Las Vegas prior to the start of the 2018 CES. The date is dependent on several factors, including weather, regulatory approval from the Federal Aviation Administration and local municipalities.
“After productive conversations with the Federal Aviation Administration, we're excited to be on a path forward to experimental status for the SureFly,” said Stephen Burns, CEO of Workhorse. “The response to SureFly's public displays has been enthusiastic, and while we have much work ahead of us in our march toward certification, this first test flight represents a significant milestone for the project.”
SureFly, the world's first personal electric hybrid octocopter, was first unveiled at the Paris Air Show in June. It is scheduled to be statically displayed at CES in Las Vegas, January 9-12, 2018. The Workhorse CES display will be located on the Central Plaza at Booth #31, near the main entrance of the show.
SureFly re-invents the helicopter, making it safer, easier to fly and much more affordable than a conventional helicopter. Its redundant design includes four propeller arms, two fixed contra-rotating propellers on each arm, a backup lithium battery pack to drive the electric motors in the event of engine failure. In addition to the redundant design, a ballistic parachute that safely brings down the craft will be included in the final design.
SureFly's hybrid design leverages Workhorse's battery pack, management systems and controls utilized in its currently commercialized range-extended battery electric road vehicles. It features a gas combustion engine generating electricity and a parallel battery pack offering a redundant backup power source, eliminating the need for long battery charging periods between flights. Pilots who have seen the SureFly like the easy-to-pilot design, as the aircraft is piloted by joystick in a similar fashion to flying a drone. The SureFly is expected to be capable of carrying pilot and passenger or cargo up to 70 miles. After a quick refill, SureFly is ready for the next hop.
Early models will be pilot-operated. Future models will be capable of autonomous flight, with payloads of up to 400 pounds. Anticipated markets for the SureFly are precision agriculture, emergency responders, city commuters and military. The company is working toward full certification of the vehicle in late 2019. The expected price of the SureFly is approximately $200,000, and Workhorse is currently accepting pre-orders for the aircraft at www.workhorse.com.
About Workhorse Group Inc.
Workhorse is a technology company focused on providing sustainable and cost-effective solutions to the commercial transportation sector. As an American original equipment manufacturer, we design and build high performance battery-electric vehicles including trucks and aircraft. We also develop cloud-based, real-time telematics performance monitoring systems that are fully integrated with our vehicles and enable fleet operators to optimize energy and route efficiency. All Workhorse vehicles are designed to make the movement of people and goods more efficient and less harmful to the environment. For additional information visit www.workhorse.com.
This press release includes forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “believes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “should,” “seeks,” “future,” “continue,” or the negative of such terms, or other comparable terminology. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein. Factors that could cause actual results to differ materially include, but are not limited to: our limited operations and need to expand in the near future to fulfill product orders; risks associated with obtaining orders and executing upon such orders; the ability to protect our intellectual property; the potential lack of market acceptance of our products; potential competition; our inability to retain key members of our management team; our inability to raise additional capital to fund our operations and business plan; our inability to maintain our listing of our securities on the Nasdaq Capital Market; our ability to continue as a going concern; our liquidity and other risks and uncertainties and other factors discussed from time to time in our filings with the Securities and Exchange Commission (“SEC”), including our annual report on Form 10-K filed with the SEC. Workhorse expressly disclaims any obligation to publicly update any forward-looking statements contained herein, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE Workhorse Group Inc.
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