Forza X1, Inc. Provides Update on Future Factory Site Clearing and Grading

Rhea-AI Summary

Forza X1, Inc. (Nasdaq: FRZA) provided an update on the progress of its future factory site in McDowell County, North Carolina. The company reported significant advancements in rough grading and clearing operations, owing to favorable weather conditions. Forza X1 aims to construct a 60,000-square-foot manufacturing plant capable of producing up to 600 electric sport boats annually. In July 2022, the North Carolina Department of Commerce approved a Job Development Investment Grant to incentivize this construction. The company anticipates receiving bids for the initial factory phase and plans to budget the project in the coming weeks, aiming for substantial progress throughout 2023.

Positive

• Significant progress on factory site clearing and grading due to favorable weather.
• Plans to construct a 60,000-square-foot plant capable of producing up to 600 boats annually.
• Received a Job Development Investment Grant from the North Carolina Department of Commerce.

Negative

• None.

FORT PIERCE, FL / ACCESSWIRE / January 20, 2023 / Forza X1, Inc. (Nasdaq:FRZA) ("Forza," the "Company"), a new developer of electric sport boats with a mission to inspire the adoption of sustainable recreational boating, today provided an update on the rough grading and clearing that is currently taking place at the future site of its factory in McDowell County, North Carolina. "Thanks to some good weather over the past few weeks, substantial progress has been made. Clearing and grading are going very well, and we're already looking forward to the next phase of our Forza factory project," says Joseph Visconti, Executive Chairman and Chief of Product Development for Forza X1, Inc. A recent video of the McDowell County site can be found here.

In July 2022, the North Carolina Department of Commerce approved a Job Development Investment Grant to incentivize Forza to construct its new manufacturing plant in McDowell County, NC. In addition to the investment grant the Company received to encourage its relocation to North Carolina, the McDowell County government offered to rough grade and clear the Forza factory construction site utilizing a Golden Leaf grant. The job was awarded in Q4 2022, and the clearing and grading to make the property ready for initial construction began shortly after that.

Currently, the Company operates out of its 8,800-square-foot industrial space in Old Fort, North Carolina, as well as Twin Vee PowerCats Co.'s factory in Fort Pierce, Florida. "As we continue to extensively test our 25-foot electric-powered FX1 catamaran as well as manufacture and refine our electric motors and control systems, we are working on finalizing the plans for our new factory," explains Visconti. Forza intends to build its factory in various phases, starting with a 60,000-square-foot plant that would have the capacity to manufacture up to 600 boats annually.

According to Visconti, the Company is focused on the next step in getting its manufacturing facility built. "I'm excited to say that we have begun receiving bids on the initial phase of our Forza factory. We will also be dialing in the full budget pricing for the project over the next several weeks. We expect to see great progress on our new home in 2023."

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 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 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's plans for its new factory in McDowell County, North Carolina, building the factory in various phases, starting with a 60,000-square-foot plant with the capacity to manufacture up to 600 boats annually, dialing in the full budget pricing for the project over the next several weeks and seeing great progress in 2023. 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 finalize the plans for its new factory in McDowell County, North Carolina as anticipated, the Company's ability to build a 60,000-square-foot plant with the capacity to manufacture up to 600 boats annually in the first phase of its project, the Company's ability to dial in the full budget pricing for the project over the next several weeks, the Company's ability to achieve great progress with the project in 2023, 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/736028/Forza-X1-Inc-Provides-Update-on-Future-Factory-Site-Clearing-and-Grading

FAQ

What are Forza X1's plans for their new factory in North Carolina?

Forza X1 plans to build a 60,000-square-foot manufacturing plant in McDowell County, North Carolina, capable of producing up to 600 electric sport boats annually.

When did Forza X1 start the clearing and grading of their factory site?

Clearing and grading of the factory site began shortly after the job was awarded in Q4 2022.

What financial support has Forza X1 received for the factory construction?

Forza X1 received a Job Development Investment Grant approved by the North Carolina Department of Commerce to incentivize its factory construction.

What capacity will Forza X1's new factory have?

The new factory will have the capacity to manufacture up to 600 electric sport boats annually.

What progress is Forza X1 expecting in 2023 regarding the factory?

Forza X1 expects to see substantial progress on the new factory construction throughout 2023.