USA – Electric truck builder, Workhorse Group Inc of Loveland, Ohio, has entered into an intellectual property licensing agreement (IPLA) with Lordstown Motors Corporation (LMC) - a private corporate entity founded by former Workhorse CEO, Steve Burns. LMC plans to acquire the General Motors (GM) manufacturing facility located in Lordstown, Ohio, and then to use the licence from Workhorse to manufacture electric pickup trucks in Lordstown.

Under the terms of the IPLA, Workhorse is granting LMC a three-year exclusive licence of certain intellectual property relating to the company's W-15 electric pickup truck (it 2.5tgvw vehicle with a 60kWh battery pack and range of up to 80 miles) in exchange for an initial equity stake of 10% in LMC, which will be anti-dilutive for two years. Workhorse says it is entitled to a licence fee equal to 1% of the gross sales price of each LMC truck sold, up to the first 200,000 units. LMC has agreed to pre-pay a portion of the licence fee in an amount equal to 1% of the aggregate debt and equity commitments LMC intends to raise. Once the pre-payment has been amortized over actual production, LMC will pay on a per unit shipped basis up to the 200,000 unit cap. Workhorse will receive an additional 4% commission on the gross sales price of trucks sold which fulfil the 6,000 pre-orders for the W-15 transferred from the company to LMC.