Avikus, Forza X1, Inc. and Twin Vee PowerCats Co. Announce Plans for the Future of Recreational Boating with Autonomous A.I. Technology Partnership
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Insights
From a market perspective, the partnership between Forza X1, Inc., Avikus and Twin Vee PowerCats Co. is a significant step towards innovation in the recreational boating industry. By integrating autonomous navigation solutions into sport boats, the collaboration is poised to capture a niche market that prioritizes safety, convenience and modern technology. The recreational boating market has been experiencing growth and the introduction of AI and autonomous features could further expand the consumer base, attracting tech-savvy individuals and millennials who value such advancements.
Moreover, the timing of the product launch is strategic, aiming for the summer season when boating activities peak. The anticipation of additional models later in the year suggests a sustained product rollout, which could maintain consumer interest and media attention. However, the adoption rate of such technology-intensive boats will be crucial to monitor, as it may influence the stock performance of the companies involved. Market penetration will depend on factors such as product reliability, cost and consumer acceptance of AI in a traditionally manual and skill-based recreational activity.
Financially, this partnership could be a growth catalyst for Forza X1, Inc. and its collaborators. The integration of autonomous technology into recreational boats may command premium pricing, potentially increasing profit margins. Investors should look for increases in R&D expenditures as the companies invest in the technology, but also keep an eye on the sales and marketing costs associated with launching such a disruptive product. Long-term, if successful, the partnership could lead to market share gains and solidify the companies' positions as leaders in high-tech boating solutions.
It will be important to assess the initial sales figures once the product launches, as they will offer insights into market reception and potential revenue impact. The companies' financial statements in the quarters following the launch will be telling in terms of the partnership's success and its effect on the bottom line. Investors should also be aware of the risks associated with the high costs of developing and integrating new technologies, which could affect short-term profitability.
The introduction of autonomous boating technology raises several legal considerations. Regulatory compliance will be a key area to watch, as marine laws and safety standards will need to adapt to accommodate AI-assisted navigation. The companies involved must navigate a complex legal landscape to ensure that their products meet all safety regulations and industry standards. Potential liability issues associated with autonomous boats will also have to be addressed, particularly in the case of system malfunctions leading to accidents.
Furthermore, intellectual property rights will be of paramount importance, as the technology developed could be highly valuable. The companies must secure patents and protect their innovations to maintain a competitive edge. The legal framework surrounding autonomous vessels is likely to evolve as this technology becomes more prevalent and the companies' ability to adapt to these changes will be crucial for their long-term success.
SEOUL, SOUTH KOREA and FORT PIERCE, FL / ACCESSWIRE / January 11, 2024 / Forza X1, Inc. (NASDAQ:FRZA) ("Forza", the "Company"), a developer of electric sport boats, revealed yesterday that it entered a groundbreaking partnership with Avikus Co., Ltd. (a startup specializing in autonomous navigation solutions, was established in December 2020 by H.D. Hyundai, the world's No. 1 shipbuilder) and former parent company, Twin Vee PowerCats Co. (Nasdaq:VEEE) that is set to redefine the landscape of recreational sport boating. This partnership aims to create the world's first autonomously equipped recreational sport boat company.
Avikus, a trailblazer in advanced driver assistance systems and autonomous boat technology, along with Forza, Twin Vee, and AquaSport Boats, are embarking on an exhilarating journey to revolutionize the recreational boating experience. The fusion of Avikus' autonomous prowess and the Company's industry vision and market expertise is expected to pave the way for an entirely new era in aquatic adventures.
Avikus, Forza, Twin Vee, and AquaSport Boats plan to deliver a line of center and dual console recreational sport boats; each craft is meticulously designed, developed, and manufactured to provide an unparalleled boating experience incorporating advanced navigation assistance and autonomous functionality. The first models, equipped on boats built by Twin Vee's subsidiary, AquaSport Boats, are scheduled to debut this summer. Additional models are planned to be introduced in late 2024 under the Twin Vee, Forza X1, and AquaSport brands.
"This partnership is a testament to our shared commitment to innovation, technology, and the pursuit of excellence in the recreational boating industry," said Lim Dohyeong, CEO of Avikus. "Together, we are not just introducing a new product; we intend to unleash a new era of A.I.-assisted navigation on the open water."
The partnership intends to advance the recreational sport boating market by harnessing the power of A.I., sensor fusion, and machine learning to provide a new level of safety, convenience, and confidence to both new and experienced boaters. Avikus' NeuBoat technology will bring the innovations we have seen in the automotive sector to the recreational marine market, such as 360-degree situational awareness, 3D cluster views, advanced route planning, "smart" autopilot navigation that can identify objects and avoid potential collisions, and most importantly, autonomous self-docking capability. These enhancements are expected to attract the next generation of boaters to the market and aid existing boaters with navigation and docking.
"We're thrilled to be a part of this incredible opportunity with Avikus to bring autonomous technology to the heart of recreational boating," said Joseph Visconti, Executive Chairman and Chief of Product Development of Forza X1, Inc. "This partnership is not just about creating boats; it's about creating unforgettable experiences for customers."
In a market that is constantly looking for ways to differentiate through innovation to capture the hearts and minds of customers, the innovative efforts of Avikus, Forza, Twin Vee, and AquaSport Boats are expected to serve as an example of what is possible for builders wishing to work with Avikus to bring the exhilaration of AI-powered autonomous boating solutions to their owners.
ThinkEquity served as an advisor to the Company.
About Forza X1, Inc.
Forza X1, Inc. is a recreational boat builder that manufactures stylish electric sport boats. We are focused on the creation, implementation and sale of electric boats utilizing our electric vehicle technology to control and power our boats and proprietary outboard electric motor. Our electric boats are designed as fully integrated electric boats including the hull, outboard motor and control system. For more information, please visit www.forzax1.com.
About Avikus
AVIKUS, a startup specialized in autonomous navigation solutions, was established in December 2020 by H.D. Hyundai, the world's No. 1 shipbuilder. The company's accolades include the successful completion of an autonomous operation demonstration of 12-seater cruise ship over the 10km Pohang Canal for 40 minutes without human intervention, as well as the world's first autonomous navigation cross the ocean with their HiNAS (Hyundai Intelligent Navigation Assistant System) Control AVIKUS presented its autonomous navigation technology at CES2022, and recently announced the successful completion of phase 2 of its autonomous navigation solution, HiNAS Control, in conjunction with winning the orders of 23 large ships from two of the world's major ship builders.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words "could," "believe," "anticipate," "intend," "estimate," "expect," "may," "continue," "predict," "potential," "project" and similar expressions that are intended to identify forward-looking statements and include statements regarding the future of recreational boating, the Company's autonomous A.I. technology partnership with Avikus, redefining the landscape of recreational sport boating, creating the world's first autonomously equipped recreational sport boat company, revolutionizing the recreational boating experience, the fusion of Avikus' autonomous prowess with the Company's industry vision and market expertise paving the way for an entirely new era in aquatic adventures, delivering a line of center and dual console recreational sport boats, each craft being meticulously designed, developed, and manufactured to provide an unparalleled boating experience that incorporates advanced navigation assistance and autonomous functionality, the first models making their debut this summer, additional models being introduced in late 2024 under the Twin Vee, Forza X1, and AquaSport brands, unleashing a new era of A.I.-assisted navigation on the open water, harnessing the power of A.I., sensor fusion, and machine learning to provide a new level of safety, convenience, and confidence to both new and experienced boaters, Avikus' NeuBoat technology bringing the innovations seen in the automotive sector to the recreational marine market, such as 360-degree situational awareness, 3D cluster views, advanced route planning, "smart" autopilot navigation that can identify objects and avoid potential collisions, and most importantly, autonomous self-docking capability, the enhancements attracting the next generation of boaters to the market and aid existing boaters with navigation and docking, creating unforgettable experiences for the Company's customers and the innovative efforts of Avikus, Forza, Twin Vee, and AquaSport Boats serving as an example of what is possible for builders wishing to work with Avikus to bring the exhilaration of AI-powered autonomous boating solutions to their owners. These forward-looking statements are based on management's expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the Company's ability to produce and deliver recreational sport boats as planned under the Twin Vee, Forza X1 and AquaSport brands with Avikus' A.I.-assisted navigation technology, the ability of Avikus' NeuBoat technology to bring the innovations seen in the automotive sector to the recreational marine market, the ability of the A.I. enhancements to attract the next generation of boaters to the market, aid existing boaters with navigation and docking and create unforgettable experiences for the Company's customers and the risk factors described in the Company's Annual Report on Form 10-K for the year ended December 31, 2022, the Company's Quarterly Reports on Form 10-Q, the Company's Current Reports on Form 8-K and subsequent filings with the SEC. The information in this release is provided only as of the date of this release, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events, except as required by law.
Contact:
Glenn Sonoda
investor@forzax1.com
SOURCE: Forza X1, Inc.
View the original press release on accesswire.com
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