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Workhorse sells SureFly to Moog

by Michael Willoughby

Workhorse, an American technology company focused on providing sustainable and cost-effective electric-mobility solutions to the transportation sector, announced that it has completed two separate business transactions with Moog, a worldwide designer, manufacturer, and integrator of precision control components and systems, involving Workhorse’s SureFly assets and its HorseFly operating unit, respectively.

As part of the first completed transaction, Workhorse sold the assets of its SureFly electric vertical takeoff and landing (eVTOL) aircraft and related hybrid electric power system technology.

In the second completed transaction, Workhouse and Moog entered into a joint venture (JV) related to Workhorse’s HorseFly “last-mile delivery” aerial system. Under the terms of the agreement, Workhorse and Moog will each own 50% of the equity interests in the newly formed entity. Workhorse will contribute various assets related to HorseFly, and Moog will contribute complementary assets, intellectual property (IP) and technology. The purpose of the JV is centred around the sharing and advancement of technology and IP related to the development of unmanned aerial systems (UAS).

“Building strong relationships through partnerships and transactions with world-class operators like Moog has always been a key area of focus for our company,” said Workhorse CEO Duane Hughes. “In selling SureFly, we have been able to monetize a secondary asset, which will provide us with additional working capital for our core business, which is the manufacturing of electric last-mile delivery vehicles. Through our HorseFly JV, we’re looking forward to taking another existing Workhorse technology and leveraging the experience and resources of an established enterprise to tackle new markets and create outcomes there are greater than just the sum of the parts.”

The agreements were both finalized on October 1, 2019, with the closings taking place on November 27, 2019. For additional details regarding the transactions, please reference the Form 8-K filed with the U.S. Securities and Exchange Commission on December 4, 2019.

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