Forza's 22-Foot Electric Boat Surpasses 40 MPH Milestone During Latest Water Test

Rhea-AI Summary

Forza X1, Inc. (Nasdaq:FRZA) has made significant strides in developing its 22-foot electric sport boat, achieving speeds of 40 miles per hour during testing. The boat operated efficiently for over six hours, returning with 25% battery life remaining. This model will be the company's first consumer offering, targeting the large single-engine monohull market segment. With a twin pack 104-kilowatt hour battery and a 150-horsepower outboard engine, the boat promises a user-friendly experience with quick planing and impressive performance. Production is ongoing, with consumer sales expected to commence by year-end, appealing particularly to price-conscious buyers. However, the company's future success hinges on its ability to deliver on these projections amidst potential market risks and uncertainties related to supply chains.

Positive

• Achieved testing speeds of 40 mph, demonstrating the performance potential of the electric sport boat.
• Operated for over six hours with 25% battery remaining, indicating efficiency and reliability.
• First product aimed at the large single-engine monohull market, enhancing market entry potential.
• Production is ongoing with consumer sales expected by the end of the year.

Negative

• Success is contingent on market acceptance and production capabilities, which pose uncertain risks.

FORT PIERCE, FL / ACCESSWIRE / April 25, 2023 / Forza X1, Inc. (Nasdaq:FRZA) ("Forza," the "Company"), a developer of electric sport boats aimed at promoting sustainable recreational boating, today announced that its 22-foot monohull reached speeds of 40 miles per hour (35 knots) during recent testing (Forza 22-Foot Monohull Video). "Our 22-foot center console monohull continues to perform beautifully in every capacity," remarks Joseph Visconti, Executive Chairman and Chief of Product Development for Forza X1, Inc. "We feel that we have designed, prototyped, and are currently testing the future of boating."

According to Visconti, the Company's most recent water test was one of the more rigorous examinations of the boat's capabilities. On the water from sunrise to sunset, Forza's 22-foot boat was taken to sand bars along the Treasure Coast, often loaded with eight or more adults onboard. "In addition to reaching speeds over 40 miles per hour, Forza's electric boat operated for over six hours throughout the day and returned to the dock with 25% remaining on its 104-kilowatt hour twin pack battery," says Visconti. "Additionally, our 150-horsepower outboard engine worked well, and there were no reports of any issues." Previous assessments also found that the 22-foot electric monohull was easy to use, got on plane quickly, and demonstrated significant single-engine performance.

Announced back in March 2023, Forza's 22-foot electrified monohull will be the first Forza product offered for consumer sale. "The market for similarly sized single-engine monohulls is one of the largest segments in the marine industry in terms of unit sales, which makes our 22-footer ideal for our debut offering," explains Visconti. Based on its findings thus far, Forza anticipates the 22-footer will be usable for up to five hours with normal run times and usage. Moreover, boats will be equipped with an onboard fast charger, which will allow owners to charge the batteries overnight so they can be back on the water the very next day.

The Company continues small batch production of its 22-footer during the testing phase before it commences consumer boat production. "We expect to begin building and distributing electric boats to end user consumers by the end of the year. Our team believes that the all-new 22-foot electric boats will excite the recreational marine market and appeal to the price-conscious consumer seeking value for their electric boat purchase," states Visconti.

For more images taken during Forza's most recent water test go to: https://tinyurl.com/forzawatertest

About Forza X1, Inc.

Forza X1, Inc.'s mission is to inspire the adoption of sustainable recreational boating by producing stylish electric sport boats. We are focused on creating, implementing, and selling electric boats utilizing our electric vehicle technology to control and power our boats and proprietary outboard electric motor. Our electric boats are being designed as fully integrated electric boats, including the hull, outboard motor, and control system. For more information, please visit forzax1.com.

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 Company having designed, prototyped, and currently testing the future of boating, the 22-foot electrified monohull being the first Forza product offered for consumer sale, the 22-footer being ideal for the Company's debut offering, the 22-footer being usable for up to five hours with normal run times and usage, beginning building and distributing electric boats to end user consumers by the end of the year, the all-new 22-foot electric boats exciting the recreational marine market and appealing to the price-conscious consumer seeking value for their electric boat purchase. 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 bring to market and manufacture the new 22-foot electrified center console monohull as planned, the Company's ability to excite the recreational marine market and appeal to the price-conscious consumer seeking value for their electric boat purchase, the duration and scope of the COVID-19 outbreak worldwide, including the impact to supply chains and state and local economies, and the risk factors described in the Company's Registration Statement on Form S-1 filed with the Securities and Exchange Commission and declared effective on August 11, 2022. 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 source version on accesswire.com:
https://www.accesswire.com/750999/Forzas-22-Foot-Electric-Boat-Surpasses-40-MPH-Milestone-During-Latest-Water-Test

FAQ

What speed did Forza's 22-foot electric boat reach during testing?

Forza's 22-foot electric boat reached speeds of 40 miles per hour during testing.

When will Forza X1 launch its 22-foot electric boat for consumer sales?

Forza X1 expects to begin consumer sales of its 22-foot electric boat by the end of the year.

What battery capacity does Forza's 22-foot electric boat have?

The 22-foot electric boat is equipped with a 104-kilowatt hour twin pack battery.

What market segment is Forza targeting with its 22-foot electric boat?

Forza is targeting the large single-engine monohull market segment for its 22-foot electric boat.

What is the anticipated usage time for Forza's electric boat?

The 22-foot electric boat is anticipated to be usable for up to five hours with normal run times.