Workhorse secures loan, Duke to supply batteries

WORKHORSE Group, which manufactures electric delivery vans for UPS, FedEx- senior secured notes, and to acquire parts Marathon will provide the funds in

lump sum that will be used principally to satisfy repayment of the senior secured

line from which Workhorse may draw as necessary to meet existing and future purchase orders.

“This agreement provides meaningful near-term funding that will go directly toward building and delivering vehicles to customers in 2019,” said Workhorse Chief all covenants associated with that arrangement, including the obligation to sell our eVTOL aircraft, SureFly.”

Workhorse also announced that it continues working with Duke Energy to create a battery leasing program designed to provide customers with a cost-competitive electric vehicle alternative. In November, as the first step in the relationship, a subsidiary of Duke purchased 615,000

from Workhorse. Duke intends to explore further development of eFleet solutions to Workhorse customers, which may include

of all the Behind the Meter (BTM) infrastructure necessary to support depot-wide

distributed energy resources.

Duke and Workhorse believe a seamless integrated solution will help reduce the