Forza X1, Inc. (NASDAQ:FRZA), a developer of electric sport boats aimed at promoting sustainable recreational boating, announced today that steel construction material has begun arriving to Forza's 11-acre property in Marion, North Carolina. This delivery marks a significant milestone in the construction of the Company's state-of-the-art manufacturing facility, which begins with the initial 60,000-square-foot factory with the capacity to build up to 550 boats annually. When all phases of the factory are eventually completed, Forza anticipates the manufacturing facility will be as large as 100,000 square feet with production capabilities for up to 1,000 boats annually.
"The arrival of steel for our new manufacturing facility represents another step forward in our plan to expand our operations and contribute to the local community," said Executive Chairman Joseph Visconti, who added, "This facility will not only enable us to build and deliver state-of-the-art electric boats across the country but also serve as a foundation for job creation and community development in McDowell County."
Once the state-of-the-art factory is fully operational, the Company plans to integrate cutting-edge closed-molded composite boat-building techniques and electric motor assembly processes. This integration aligns with Forza X1's dedication to creating, engineering, and producing electric boats that are inspiring and operate with a strong focus on sustainability and eco-friendliness. Additionally, the Company expects to invest over $10.5 million in land, buildings, fixtures, infrastructure, and equipment and create as many as 170 jobs in McDowell County, North Carolina.
FRZA shares moved upward two cents, or 2.8%, to 63 cents.
