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Forza X1, Inc. (Nasdaq: FRZA) is a forward-thinking company dedicated to revolutionizing the recreational boating industry with its all-electric sport boats. Forza X1 aims to produce affordable electric boats without compromising on performance, speed, or comfort. With an ambitious vision to inspire the widespread adoption of sustainable recreational boating, Forza X1 designs and manufactures fully integrated electric boats, utilizing advanced electric vehicle (EV) technology to power and control its proprietary outboard electric motors.
Forza X1's initial offerings include the FX1 Dual Console and FX1 Center Console models, each spanning 24 feet in length and utilizing a catamaran hull to reduce drag and enhance runtime. These boats are meticulously designed to appeal to the mass market, combining style and affordability.
The company is currently in the process of constructing a state-of-the-art manufacturing facility on an 11-acre property in Marion, North Carolina. The facility is expected to cover 60,000 square feet and will have the capacity to produce up to 550 boats annually. This significant step in Forza X1's expansion plan underscores the company's commitment to contributing to both the local community and the broader goal of marine electrification.
Recent leadership changes have seen Joseph Visconti, who boasts nearly 30 years of experience in product development and market strategy, step into the role of Interim CEO, with Daniel Norton appointed as President. Both leaders bring vast expertise and strategic insight, aiming to drive the company through its next growth phase.
Despite industry challenges, such as economic uncertainties and slow adoption rates of electric vehicles, Forza X1 remains resilient. The company is actively improving its outboard motor designs, enhancing durability, optimizing cooling systems, and increasing manufacturing efficiency. Furthermore, Forza X1 is exploring strategic partnerships to offer its electrification technology as a service to other marine manufacturers.
Forza X1 continues to host regular conference calls and webcasts to discuss its financial results and development efforts, maintaining transparency and engagement with its investors. For more information about Forza X1, Inc., please visit www.forzax1.com.
Forza X1 (NASDAQ:FRZA) announced the successful launch and sea trial of its 25-foot FX1 electric-powered catamaran on November 1, 2022. CEO Jim Leffew highlighted the company's progress towards mass production of electric boats, emphasizing the significance of this successful trial. The FX1 dual console is entering water testing, with plans for additional models to follow in Q1 2023. Forza has leased an 8,800 square-foot facility in North Carolina for engine production, contributing to its manufacturing capabilities as it aims to lead the electrification of the marine industry.
Forza X1, Inc. (FRZA) will host a conference call and audio webcast on November 7, 2022, at 3:00 p.m. ET to discuss their third quarter 2022 financial results and research and development efforts. Financial results will be released before the call. Interested participants can join via toll-free number or through the audio webcast link, with a recording available for 90 days post-call. Forza aims to inspire sustainable boating by developing electric sport boats, integrating advanced vehicle technology and proprietary motors into their designs.
Forza X1, Inc. (NASDAQ:FRZA) announced its participation in The ThinkEquity Conference on October 26, 2022, at The Mandarin Oriental Hotel, New York. The event will feature executive presentations, panel discussions, and investor meetings focusing on various sectors, including EV technology. CEO Jim Leffew will present and conduct one-on-one meetings with investors. Forza aims to inspire sustainable recreational boating through the development of electric sport boats, adopting innovative vehicle technology.
Forza X1, Inc. (NASDAQ:FRZA) announced a new lease for 8,800 square feet in Old Fort, NC, to facilitate the production of electric sport boats. This location will serve for prototyping and testing while the company relocates operations from Fort Pierce, Florida. The North Carolina Department of Commerce has approved a Job Development Investment Grant potentially reimbursing up to $1.37 million for factory construction, contingent upon a $10.5 million investment and creation of 170 jobs. Forza targets a Q1 2024 completion date for a new facility with a capacity of 1,000 boats annually.
Forza X1, Inc. (FRZA) announced the development of the FX3, an electric pontoon boat, aimed at enhancing its lineup of sustainable recreational boating options. Collaborating with Matthew Blew of Blew Hatch Labs, the company seeks to leverage existing fiberglass hull technology from its FX1 models. The pontoon boat market is projected to exceed $4 billion by 2028, presenting significant revenue potential. Forza aims to cater to diverse customer needs across popular boating regions, promoting a shift towards electric marine options.
Forza X1, Inc. (Nasdaq:FRZA) is collaborating with Garmin to enhance user experience on its FX1 all-electric boat. This partnership focuses on integrating advanced technology, including Garmin's 22-inch GPSMAP 8622 multifunction display, which will centralize navigation and control features. Additionally, digital switching systems will streamline power distribution, reducing weight and costs. A customized graphical user interface will provide critical information like battery status, further enriching the boating experience. Forza aims to raise the standards of electric boating by leveraging Garmin's innovation.
Forza X1, Inc. (Nasdaq:FRZA) has updated its intellectual property (IP) roadmap and the status of its pending patents. The company currently has eight patents in process with the USPTO and aims to transition six provisional applications into full applications. In the next year, Forza plans to file at least ten new provisional applications, focusing on technologies that enhance electric boats maneuverability and efficiency. This investment in innovation is expected to increase the company's valuation and position it as a technology leader in the marine industry.
Forza X1 (NASDAQ:FRZA) has begun engineering a new electric outboard motor aimed at the marine industry, boasting up to 600 HP peak and 400 HP continuous performance. This initiative follows a report indicating growth in the outboard engine market for higher horsepower segments. The new motor is intended to expand Forza's product line and cater to the increasing demand for faster electric motors for larger boats. The company is simultaneously preparing for water testing of its first FX1 boat in Q4 2022.
Forza X1, Inc. (NASDAQ:FRZA) has announced the arrival of fiberglass molds for its first electric sport boat, the FX1, at Twin Vee PowerCats in Fort Pierce, Florida. Construction of the FX1 will commence next week, utilizing advanced infusion techniques to ensure high-quality consistency. The FX1 will feature a 104 kWh battery system, a 22-inch Garmin control center, and telematics via 'Osmosis.' The first prototype is expected to enter water testing by Q4 2022, with further prototypes to follow. The company anticipates full production after successful testing.
Forza X1, Inc. (NASDAQ:FRZA) has signed a development contract with Osmosis Telematics to integrate its telematics platform into its FX1 electric boats. This partnership will enable remote diagnostics, quicker feedback for product enhancements, and over-the-air software updates. Forza has ordered ten Osmosis units, enhancing customer experience by providing GPS tracking, battery levels, and performance data through a custom app. The integration aims to create a seamless service experience while prioritizing customer privacy and data security.
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